Miami · Growth · 16 people tracked
Also known as I SQUARED CAPITAL ADVISORS (US) LLC · ISQ OPENINFRA REGISTERED ADVISOR LLC
Find your way into I Squared Capital
3,812 people in our graph share verified history with the I Squared Capital team — schools, employers, funds. One of them is your warm intro.
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 Sep 6, 2026.
Team · 16 people
from the firm's website & curated
What they invest in
from 10 of 19 portfolio companiesEnergy ×4Cleantech ×3Climate Tech ×3Enterprise Software ×3Deep Tech ×2Hardware ×2IoT ×2SaaS ×2
HQs:United States×6Brazil×1Canada×1Germany×1France×1
Investments · 19 tracked
founders shown can be your intro pathBy year:2025 · 12024 · 32023 · 22022 · 22016 · 19 dated
1NCE provides cellular IoT connectivity and software services for connected products across the IoT supply chain, offered under a single global "Lifetime Flat" plan in over 170 countries.
Enterprise SoftwareIoTSaaSCologne, DE
Co-investorsDTCPSoftBank GroupKensington Capital Partners LimitedVicenda Group AG
Cloud Kinetics is a cloud and data transformation managed services partner that helps enterprises migrate to and optimize hybrid and multi-cloud environments using AI and data expertise.
AI & Machine LearningCloud ComputingData & InfrastructureEnterprise SoftwareNot explicitly stated on this page
JP McMullanin
Co-investorsFIRSTFLOOR CAPITAL
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.
EnergyMill Valley, US
Bates Marshall(Executive Officer, Director)Chris Hill(Director)
BoardSasha Brown(Director)
Co-investorsAt One VenturesEcosystem Integrity FundFine Structures VenturesRegeneration.VCHelios Climate VenturesTrinity Capital
Indonesian industrial logistics and cold storage platform acquired by I Squared Capital.
CheckSammy provides waste diversion and recycling services with a technology platform that tracks materials from pickup to final destination, connecting businesses to a network of recycling and sustainability facilities.
Circular EconomyCleantechClimate TechEnterprise SoftwareLogistics & Supply ChainVancouver, CA
Sam Scoten(Executive Officer, Director)inFraser Reid(Executive Officer, Director)inRyan Hatch(Director)Tirta Liu(Director)
Co-investorsFirePower CapitalKensington Capital Partners LimitedZero Infinity PartnersPaceZero Capital PartnersTriplePoint 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).
Domidep is a French company focused on welcoming and caring for dependent persons, providing care services for vulnerable populations.
Healthtech
Co-investorsAndera PartnersUI Investissement
GridPoint develops building energy management and optimization technology for commercial buildings, aimed at reducing energy consumption, decarbonizing facilities, and supporting grid modernization.
CleantechClimate TechEnergyIoTSaaS
Peter Corsell(Founder & Chairman (former CEO))Derek Booth(Chief Executive Officer)inKrupa Amlani(Fractional Chief Financial Officer)Tom Nelson(General Counsel & Senior Vice President)inMark Danzenbaker(Former CEO (2016-2025))inKate Gardella(SVP of Enterprise Growth & Success)
Co-investorsKensington Capital Partners LimitedMarunouchi Innovation PartnersNew Enterprise Associates (NEA)Samos InvestmentsFortress Investment GroupGoldman Sachs+1 more
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)Pascal Stang(Founder)inPaul Day(Executive Officer, Director)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)inMark 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
San Francisco, US
Christopher Gooley(Executive Officer, Director)Ujjal Kohli(Executive Officer, Director)
BoardKaran Mehandru(Director)Prakash Ramamurthy(Director)Chuck Dietrich(Director)
Co-investorsElev8.vcKibo VenturesSony Ventures CorporationLuminate
Herndon, US
Paul. Drysch(Executive Officer)inKurt Brendley(Executive Officer)Keith Brendley(Executive Officer, Director)
Co-investorsClean Energy VentureElev8.vcLuminateStargazer Ventures
ThayerMahan develops autonomous maritime surveillance and ocean intelligence systems for undersea and offshore monitoring, serving national security and commercial offshore operations.
Deep TechDefense TechHardwareMystic, US
Michael J Connor(Executive Officer, Director)Richard Hine(Executive Officer, Director)in
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
1NCE · thefastmode.com · May 1, 2025
Órigo Energia · en.clickpetroleoegas.com.br · Apr 7, 2025
GridPoint · finsmes.com · Mar 31, 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 teamI Squared Capital Founder, Chairman, and Managing Partner Sadek Wahba from Semafor World Economy
Semafor · Sadek Wahba
Infrastructure 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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