I Squared Capital (ISQ), the New York-based fund manager, has raised approximately $800 million so far for its debut infrastructure fund, which has a target of $2 billion, Infrastructure Investor was able to confirm on Monday.
The fund manager has raised almost half of its overall target just six months after launching the ISQ Global Infrastructure Fund, which will focus on energy, utilities and transportation with a greater emphasis on North America and Europe, and to a lesser extent on emerging markets, according to a source.
I Squared struck its first deal in December when it partnered with Veolia Energy North America to acquire the 256-megawatt Kendall Cogeneration Station in Cambridge, Massachusetts.
The deal was part of an industrial partnership whereby the two entities will deploy up to $1 billion in equity over the coming two years in combined heat and power (CHP) and district energy systems.
In January, the fund manager, along with Enduring Hydro, established Cube Hydro Partners, a joint venture focusing on the acquisition and modernisation of operating hydroelectric facilities as well as introducing and developing power at unpowered dams.
An independent infrastructure investment and management firm, I Squared specialises in energy, utilities, and transport in the US, Europe and select high-growth economies. It was founded in 2012 by former executives of Morgan Stanley Infrastructure (MSI) and currently employs 34 professionals.
Its managing director, Sadek Wahba, served as chief investment officer and global head of MSI before joining I Squared in July 2013.