I Squared Capital has raised almost $10bn in the first nine months of fundraising for its latest flagship infrastructure fund, roughly two-thirds of its $15bn target, according to a report by Bloomberg citing a recent letter sent to investors.
The firm, founded by former Morgan Stanley executives, is competing with other private equity managers for stakes in energy, transport, and data centre assets.
Across its various strategies I Squared is reportedly approaching $17bn in total fundraising. This includes $2bn towards a targeted $3bn fund for infrastructure projects in high-growth markets, and $2.5bn for credit investments, exceeding its initial $1.5bn goal. The firm has already deployed capital from its flagship fund into projects including Indian toll roads and a North American tyre recycling business.
Private infrastructure funds globally raised a record $208 billion in 2025, more than double the amount raised two years prior, according to BlackRock’s Preqin data.
