Miami · Growth · 12 people tracked
Also known as I SQUARED CAPITAL ADVISORS (US) LLC · ISQ OPENINFRA REGISTERED ADVISOR LLC
Investment thesis
I Squared Capital pursues a platform-development approach to global infrastructure investing, starting small and scaling businesses using global insights combined with deep local intelligence. It operates several strategies: Global Equity, targeting a diversified mid-market and larger portfolio with low asset-class correlation, downside protection, and risk-adjusted returns; Growth Markets, acquiring critical infrastructure in high-growth economies; Energy Transition, developing sustainable, low-carbon energy infrastructure; Infrastructure Credit, offering custom financing focused on current cash yield and downside protection; and InfraTech, backing growth-stage companies with proven technology and commercial applicability in infrastructure. Its investments span energy, utilities, transport and logistics, digital, social, and environmental infrastructure.
Source: firm website, verified Aug 25, 2026.
Team · 12 people
from the firm's website
What they invest in
from 5 of 12 portfolio companiesEnergy ×3Cleantech ×2Climate Tech ×2Deep Tech ×2Hardware ×2IoT ×2Defense Tech ×1SaaS ×1
HQs:United States×3Brazil×1
Investments · 12 tracked
founders shown can be your intro pathBy year:2024 · 22016 · 13 dated
Renewables 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.
Indonesian industrial logistics and cold storage platform acquired by I Squared Capital.
Highways infrastructure trust that achieved a public listing with I Squared Capital's backing.
Hydropower platform, first investment of Global Infrastructure Fund I (grew from zero to 385 MW between 2014 and 2018).
GridPoint develops building energy management and optimization technology for commercial buildings, aimed at reducing energy consumption, decarbonizing facilities, and supporting grid modernization.
CleantechClimate TechEnergyIoTSaaS
Mark Danzenbaker(Former CEO (2016-2025))inPeter Corsell(Founder & Chairman (former CEO))Derek Booth(Chief Executive Officer)Krupa Amlani(Fractional Chief Financial Officer)Tom Nelson(General Counsel & Senior Vice President)inKate Gardella(SVP of Enterprise Growth & Success)
Co-investorsKensington Capital Partners LimitedMarunouchi Innovation PartnersNew Enterprise Associates (NEA)Samos Investments
Muon Space designs, builds, and operates satellite constellations using its proprietary Halo technology stack, which integrates spacecraft platforms, payload integration, and software-defined orchestration to deliver data and enable real-time computation in space.
Deep TechHardwareSpace TechSilicon Valley, US
Jonny Dyer(Founder & CEO)inDaniel McCleese(Executive Officer, Director)Paul Day(Executive Officer, Director)inPascal Stang(Founder)in
BoardJohn Cowgill(Director)inRob Toews(Director)in
Co-investorsACME CapitalACTIVATE CAPITAL PARTNERSAir Street CapitalCarbonClimacticCongruent Ventures+6 more
Cruise port investment made by the ISQ Infrastructure Credit Fund.
Minnesota-based solar developer; first investment of Infrastructure Credit Fund II.
EnergyRochester, US
Cliff Kaehler(Executive Officer, Director, Promoter)Mark Margiotta(Executive Officer, Director)
BoardRalph Kaehler(Director)
Órigo Energia is a Brazilian distributed solar energy company that lets homes, apartments (including rented), businesses, and shops subscribe to solar energy without installing panels, applying credits from its 200+ solar farms to reduce customers' electricity bills.
CleantechClimate TechEnergy
Co-investorsBlue like an Orange Sustainable CapitalAugment InfrastructureMitsui & CoMOV Investimentos
ThayerMahan is a U.S.-headquartered maritime solutions provider offering autonomous sensing systems and services centered on passive acoustic technologies for maritime domain awareness, critical infrastructure protection, and seabed intervention.
Deep TechDefense TechHardwareIoTMystic, US
Michael J Connor(Executive Officer, Director)Richard Hine(Executive Officer, Director)
BoardMordecai Schaja(Director)John Kao(Director)
Co-investorsAE Industrial PartnersBoeing HorizonX VenturesConnecticut InnovationsRiverPark VenturesHanwha Asset Management
Pan-European and Canadian trailer leasing and services company; early investment of Global Infrastructure Fund II.
Portfolio news
latest coverage across their companiesMuon Space · axios.com · Jun 24, 2026
Órigo Energia · en.clickpetroleoegas.com.br · Apr 7, 2025
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
- How many investments has I Squared Capital made?
- I Squared Capital has 10 tracked investments.
- 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 Circular Economy, Cleantech, Climate Tech, Data & Infrastructure, Energy, Impact & Social Good, Logistics & Supply Chain, Mobility & Transportation.
- Where is I Squared Capital located?
- I Squared Capital is headquartered in Miami, US.
- Who does I Squared Capital co-invest with?
- I Squared Capital most often shares deals with Congruent Ventures, New Enterprise Associates (NEA), Radical Ventures, among 13 tracked co-investors.
Media · Podcasts & interviews
featuring the teamInfrastructure Investing with Gautam Bhandari, I Squared Capital - YouTube
CAIA Association · Gautam Bhandari
Sadek Wahba, I Squared Capital: How to invest in infrastructure
Sadek Wahba · cnbc.com
I Squared Capital Sadek Wahba talks investment ideas to help the earth in crisis - YouTube
CNBC Events · Sadek Wahba
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