I Squared Capital
Private equityMiami · Growth · 12 people tracked
Investment thesis
I Squared Capital focuses on building and transforming infrastructure worldwide, combining global reach with local knowledge and proprietary risk models. Its portfolio spans energy and renewables, power generation and distribution, transmission, transportation (toll roads, intermodal, ports), digital infrastructure (fiber networks, cellular sites, data centers, Wi-Fi), and utilities such as water, wastewater, waste processing, and elderly care. The firm emphasizes disciplined, analytical, and collaborative investing to create long-lasting, sustainable infrastructure and generate value across markets. It positions itself as a transformational investor aiming to solve complex challenges and deliver practical, results-driven solutions for a more sustainable future.
Source: firm website, verified Aug 6, 2026.
Team · 12 people
from the firm's websiteWhat they invest in
from 1 of 8 portfolio companiesEnergy ×1
HQs:United States×1
Investments · 8 tracked
founders shown can be your intro pathRenewables developer in Italy; first investment of the Energy Transition Infrastructure Fund.
Natural gas provider serving 80 million customers in India; first investment of Growth Markets Fund I.
Hydropower platform, first investment of Global Infrastructure Fund I (grew from zero to 385 MW between 2014 and 2018).
Energy efficiency platform for commercial buildings; first investment of the Global Infratech Fund.
Cruise port investment made by the ISQ Infrastructure Credit Fund.
EnergyRochester, US
Cliff Kaehler(Executive Officer, Director, Promoter)Ralph Kaehler(Director)Mark Margiotta(Executive Officer, Director)
Pan-European and Canadian trailer leasing and services company; early investment of Global Infrastructure Fund II.
Fund performance · per public LP disclosures · 11
as of Sep 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| ISQ Global Infrastructure Credit Fund II (Onshore)LPs: Pennsylvania Public School Employees' Retirement System | 2024 | — | — | 0.76x | — |
| ISQ Global Infrastructure Fund IIILPs: Pennsylvania Public School Employees' Retirement System, Employees' Retirement System of Rhode Island, Hawaii Employees' Retirement System +3 more | 2021 | — | 13.5% | 1.24x | 0.01x |
| ISQ Global Infrastructure Fund III (UST), L.P.LPs: Empire State Development – New York Ventures, Connecticut Retirement Plans and Trust Funds, Texas Municipal Retirement System +1 more | 2020 | — | 12.8% | 1.29x | 0.10x |
| ISQ Global Infrastructure Fund IILPs: Hawaii Employees' Retirement System, Sacramento County Employees' Retirement System, Employees' Retirement System of Rhode Island +2 more | 2018 | — | 12.1% | 1.50x | 0.54x |
| ISQ Global Infrastructure Fund II (UST), L.P.LPs: Texas Municipal Retirement System | 2018 | — | 11.7% | 1.76x | 0.86x |
| ISQ Global Infrastructure Fund II (USTE), LPLPs: Empire State Development – New York Ventures | 2018 | — | — | 1.50x | 0.54x |
| ISQ Global Infrastructure Fund II (UST), L.P. (2020)LPs: Connecticut Retirement Plans and Trust Funds | 2017 | — | 13.4% | 1.46x | 0.43x |
| ISQ Global Infrastructure Fund ILPs: Employees' Retirement System of Rhode Island | 2015 | — | 12.9% | 1.52x | 1.05x |
| ISQ Global Infrastructure Fund, L.P.LPs: Employees' Retirement System of Rhode Island, Hawaii Employees' Retirement System | 2015 | — | 15.0% | 1.10x | 0.30x |
| 2017 ISQ Global Infrastructure Fund II (UST), L.P. (2020)LPs: Connecticut Retirement Plans and Trust Funds | — | — | 13.4% | 1.46x | 0.43x |
| ISQ GLOBAL INFRASTRUCTURE CREDIT FUNDLPs: West Yorkshire Pension Fund | — | — | — | 1.14x | 0.48x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- What stage does I Squared Capital invest at?
- I Squared Capital invests at the Growth stage.
- What sectors does I Squared Capital focus on?
- I Squared Capital focuses on Cleantech, Climate Tech, Data & Infrastructure, Energy, Logistics & Supply Chain, Mobility & Transportation.
- Where is I Squared Capital located?
- I Squared Capital is headquartered in Miami, US.