I Squared Capital announced on Tuesday the closing of its ISQ Global Infrastructure Fund II at $7 billion, meeting its hard cap and exceeding its initial $5 billion target.
The global infrastructure fund focuses on middle-market investments in the energy, utilities and transportation sectors.
"The fund is already 24% invested with portfolio companies in the U.S. midstream sector; the leading trailer and trailer services provider in Europe and Canada; the second-largest telecom fiber network in Hong Kong; and nearly 3,400 megawatts of power generation in nine countries across Latin America," said Sadek Wahba, managing partner of I Squared Capital, in a news release.
The firm closed its first infrastructure fund at $3 billion in April 2015.
Investors in the latest fund include the Washington State Investment Board, Olympia, which oversees $129.1 billion in assets including $100.4 billion in defined benefit plan assets; $30.2 billion Texas Municipal Retirement System, Austin; $34 billion Connecticut Retirement Plans & Trust Funds, Hartford; $16.5 billion Hawaii Employees' Retirement System, Honolulu; $12.9 billion New Mexico Educational Retirement Board, Santa Fe; $9.2 billion Sacramento County (Calif.) Employees' Retirement System; Rhode Island State Investment Commission, Providence, which manages the $8.3 billion Rhode Island Employees' Retirement System; $8.1 billion Alameda County Employees' Retirement Association, Oakland, Calif.; $7.6 billion Missouri Local Government Employees Retirement System, Jefferson City; North Dakota State Investment Board, Bismarck, on behalf of its $5.7 billion pension trust; and the $821 million Merced County (Calif.) Employees' Retirement Association.