I Squared Capital’s second global infrastructure fund has raised $7bn (€6.05bn) at final close.
In June, IPE Real Assets reported that ISQ Global Infrastructure Fund II which set out to raise $5bn is expected to reach the hard cap target in the next couple of months.
Last year the fund attracted commitments from Texas Municipal Retirement System and New Mexico Educational Retirement Board.
This was followed by an investment from State of Connecticut Retirement Plans and Trust Funds as well as a commitment by Alameda County Employees’ Retirement Association.
As reported this year, the fund also received capital commitment from Alameda County Employees’ Retirement Association, a contribution from North Dakota State Investment Board and commitments from Texas Municipal Retirement System and New Mexico Educational Retirement Board
The global infrastructure investment manager said ISQ Fund II received commitments from over 100 institutional investors with oversubscribed demand and a re-up rate reaching over 80% from the previous fund.
The previous fund secured $3bn of commitments in 2014.
Sadek Wahba, a managing partner of I Squared Capital, said: “The fund is already 24% invested with portfolio companies in the US midstream sector; the leading trailer and trailer services provider in Europe and Canada; the second largest telecom fibre network in Hong Kong; and nearly 3,400 megawatts of power generation in nine countries across Latin America.
“We currently see opportunities globally with attractive risk-adjusted returns across different sectors including energy, telecom, transport, and utilities in the US and Europe as well as in high-growth economies including India, China and Latin America.”
I Squared Capital will focus on mid-market deals in the energy, utilities and transportation sectors.
ISQ Fund II will invest in value-add infrastructure assets predominantly in North America and Europe, with the potential to include some growth markets in Latin America and Asia.
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