I Squared Capital
I Squared Capital is a private-equity firm specializing in infrastructure investments across energy, utilities, transport, telecommunications, and related essential services.
Last updated August 31, 2026
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Overview
I Squared Capital is a privately held global infrastructure investment firm headquartered in Miami, Florida. It was established in 2012 by former Morgan Stanley senior executives Sadek Wahba, Adil Rahmathulla, and Gautam Bhandari. The firm invests in infrastructure assets and operating businesses whose revenues or strategic importance are linked to essential services, including power generation, renewable energy, utilities, transportation, telecommunications, digital infrastructure, and logistics. The firm began building its platform through a global infrastructure strategy rather than through a single-country or single-sector specialization. Its early investments included toll roads and hydroelectric facilities, followed by acquisitions and growth investments in solar, wind, conventional power, gas infrastructure, telecommunications networks, data-center and subsea-fiber infrastructure, passenger transport, vehicle rental, and school-bus operations. This approach has given I Squared exposure to both regulated or contracted infrastructure and businesses that require operational development and consolidation. I Squared's first flagship vehicle, ISQ Global Infrastructure Fund LP, closed in 2015 with approximately $3 billion in commitments. The firm subsequently raised ISQ Global Infrastructure Fund II at approximately $7 billion in 2018, above its initial $5 billion target, and closed ISQ Global Infrastructure Fund III at approximately $15.5 billion in 2022. The firm has also used separate transactions, partnerships, and sector platforms to assemble operating companies, including Cube Hydro Partners, EXA Infrastructure, and investments in renewable-energy and transportation businesses. Originally based in New York, I Squared moved its headquarters to Miami in 2018. Its international network has included offices in Miami, London, Singapore, Sydney, Taipei, New Delhi, Abu Dhabi, Munich, and São Paulo. The firm's investment geography spans the Americas, Europe, Asia-Pacific, and selected Middle Eastern markets. Its portfolio-building model typically combines acquisition financing, infrastructure development, operational management, and eventual divestment or platform-level transactions. A significant ownership development occurred in December 2023, when Blue Owl Capital acquired a larger interest in I Squared through the purchase of part of co-founder Adil Rahmathulla's stake. This transaction did not turn I Squared into a publicly listed company, but it changed the ownership structure of the private investment manager. As reported in the supplied reference material, the firm employed about 300 people in January 2025 and controlled more than $50 billion in assets under management by November 2025. Those figures are time-specific and may change as fundraising, asset sales, and valuation changes occur. I Squared Capital's brand positioning rests on global infrastructure expertise, thematic investing, and the ownership and development of operating platforms. Unlike a consumer-facing brand, it primarily serves institutional investors and other capital providers while presenting portfolio companies as the public-facing operators of infrastructure assets. Its portfolio has included energy and renewable-power businesses, roads, mobile and fixed-line communications, fiber networks, data centers, public transportation, equipment rentals, and school-bus services.
History
I Squared Capital was founded in 2012 by Sadek Wahba, Adil Rahmathulla, and Gautam Bhandari, all of whom had previously held senior positions at Morgan Stanley. The new firm was created as a dedicated infrastructure investor, targeting assets and operating companies in sectors such as energy, utilities, transportation, and communications. Its strategy was international from the outset, with investment activity extending across the Americas, Europe, and Asia. The firm established its initial institutional base through ISQ Global Infrastructure Fund LP, which closed in 2015 with approximately $3 billion in commitments. Early transactions demonstrated the breadth of the strategy. In India, I Squared acquired the Jaipur Mahua Tollways project, a 109-kilometer road on National Highway 11 in Rajasthan. In the hydroelectric sector, it partnered with Enduring Hydro to create Cube Hydro Partners and subsequently acquired run-of-the-river plants in Pennsylvania, Virginia, and West Virginia. By 2016, the hydro platform controlled 19 facilities on 10 rivers in five U.S. states. I Squared expanded into renewable energy and midstream infrastructure during the same period. It invested $150 million in Indian rooftop-solar company Amplus Energy Solutions in 2015, acquired a 350-kilometer gathering pipeline system from WPX Energy in New Mexico, and purchased North American wind developer Lincoln Clean Energy in 2016. Lincoln Clean Energy was later sold to Ørsted for $580 million in 2018. The firm also acquired Irish power company Viridian in 2016 and agreed to purchase Duke Energy's power-generation operations in several Latin American countries in the same year. Fundraising accelerated as the platform matured. ISQ Global Infrastructure Fund II closed in 2018 with approximately $7 billion, above its original target of $5 billion. That year the firm also moved its headquarters from New York to Miami. The geographic shift accompanied the development of a broader office network covering Europe, Asia-Pacific, the Middle East, and Latin America. Telecommunications became another major investment theme. In 2017, I Squared acquired Hutchison Global Communications, a fixed-line communications business with extensive fiber infrastructure and Wi-Fi operations. In 2020, it agreed to acquire the infrastructure division of GTT Communications for approximately $2.15 billion. The acquired assets were subsequently organized as EXA Infrastructure, a standalone London-based company operating a large terrestrial and subsea fiber network connecting cities and data centers across Europe and North America. The firm continued to build transportation and essential-services platforms in the 2020s. In 2021, I Squared and TDR Capital agreed to acquire mobile-power company Aggreko in a transaction reported at approximately £2.3 billion. In 2023, I Squared agreed to acquire UK transportation company Arriva from Deutsche Bahn; the transaction completed in June 2024 after European regulatory approval. Other later investments included Australian truck and trailer rental company Rentco Transport Equipment Rentals, Brazilian renewable-energy company Órigo Energia, and North American school-bus operators Durham School Services and Stock Transportation. In December 2023, Blue Owl Capital acquired a larger interest in I Squared by purchasing part of Adil Rahmathulla's ownership stake. I Squared remained a private infrastructure investment manager. The firm closed ISQ Global Infrastructure Fund III at approximately $15.5 billion in 2022 and, according to the supplied reference material, had more than $50 billion in assets under management by November 2025. It reportedly employed approximately 300 people in January 2025. The firm's current platform combines fund management with direct ownership and development of businesses in energy, renewables, digital connectivity, transportation, and other infrastructure-related services.
- 2024
Arriva acquisition is completed
[1]I Squared completes its acquisition of UK transportation company Arriva after European regulatory approval.
- 2023
Blue Owl increases its ownership interest
[1]Blue Owl Capital purchases part of co-founder Adil Rahmathulla's stake in I Squared.
- 2022
Fund III closes
[1]ISQ Global Infrastructure Fund III closes at approximately $15.5 billion.
- 2021
EXA Infrastructure is formed
[1]Assets acquired from GTT are organized into EXA Infrastructure, a standalone digital-infrastructure platform.
- 2020
GTT infrastructure acquisition is announced
[1]I Squared agrees to buy GTT Communications' infrastructure division, including fiber, subsea-network, and data-center assets.
- 2018
Fund II closes and headquarters move to Miami
[1]The second global infrastructure fund closes at approximately $7 billion, and the firm relocates its headquarters from New York to Miami.
- 2016
Lincoln Clean Energy is acquired
[1]I Squared acquires North American wind developer Lincoln Clean Energy.
- 2015
First global infrastructure fund closes
[1]ISQ Global Infrastructure Fund LP closes with approximately $3 billion in commitments.
- 2012
I Squared Capital is founded
[1]Sadek Wahba, Adil Rahmathulla, and Gautam Bhandari establish the infrastructure investment firm after careers at Morgan Stanley.
Products and positioning
A global private-equity infrastructure specialist focused on acquiring, developing, and operating essential-service businesses across energy, utilities, transport, telecommunications, and digital infrastructure.
Infrastructure private-equity fund · 2015
ISQ Global Infrastructure Fund
I Squared Capital's first major global infrastructure fund, closed in 2015 with approximately $3 billion in commitments. The vehicle invested across infrastructure sectors and geographies, including roads, hydroelectric power, renewable energy, and other essential-service assets.
Infrastructure private-equity fund · 2018
ISQ Global Infrastructure Fund II
The firm's second global infrastructure fund closed in 2018 at approximately $7 billion, exceeding its initial $5 billion target. It supported investments in energy, utilities, telecommunications, transport, and related infrastructure platforms.
Infrastructure private-equity fund · 2022
ISQ Global Infrastructure Fund III
The third global infrastructure fund closed in 2022 at approximately $15.5 billion. It extended I Squared's strategy of acquiring and developing infrastructure businesses across multiple regions and sectors.
Digital infrastructure platform · 2021
EXA Infrastructure
EXA Infrastructure was created from assets acquired from GTT Communications' infrastructure division. The platform operates terrestrial and subsea fiber infrastructure connecting cities and data centers in Europe and North America.
Brand decisions
2024
Completion of Arriva acquisitionM&ABackground
I Squared agreed to acquire UK transportation company Arriva from Deutsche Bahn in a transaction requiring European regulatory review.
Action taken
The acquisition was completed in June 2024 after ratification by the European Commission.
Aftermath
Arriva became part of I Squared's transportation infrastructure portfolio.
2023
Blue Owl ownership transactionM&ABackground
I Squared remained a privately held investment manager with ownership shared among its principals and financial partners.
Action taken
Blue Owl Capital acquired a portion of co-founder Adil Rahmathulla's stake, thereby increasing its interest in I Squared.
Aftermath
The transaction changed the firm's ownership structure without making I Squared a listed company.
2021
Joint acquisition of AggrekoM&ABackground
I Squared and TDR Capital pursued a platform investment in mobile power and temperature-control services.
Action taken
The two firms submitted a joint bid for British mobile-power company Aggreko, which was accepted in March 2021.
Aftermath
The transaction expanded I Squared's exposure to distributed and temporary power infrastructure.
Reported transaction value. Approximately £2.3 billion (2021 announcement)
2020
Acquisition of GTT Communications' infrastructure divisionM&ABackground
I Squared sought to expand its digital-infrastructure portfolio through ownership of fiber, subsea-network, data-center, and related communications assets.
Action taken
The firm agreed to acquire GTT Communications' infrastructure division for approximately $2.15 billion.
Aftermath
The acquired assets were later organized as EXA Infrastructure, a standalone digital-infrastructure company.
Reported acquisition value. US$2.15 billion (2020 announcement)
2018
Relocation of headquarters to MiamiStrategyBackground
I Squared had originally been headquartered in New York while expanding its global infrastructure investment platform.
Action taken
The firm moved its headquarters to Miami and continued developing offices in other international financial and infrastructure centers.
Aftermath
Miami became the firm's principal headquarters as its operations expanded across the Americas, Europe, Asia-Pacific, and the Middle East.
Recent events
- 2024
I Squared completes acquisition of Arriva[1]
M&A · Other
The acquisition of UK transportation company Arriva from Deutsche Bahn was completed after European Commission approval.
- 2023
Blue Owl acquires a larger stake in I Squared Capital[1]
M&A
Blue Owl Capital bought part of co-founder Adil Rahmathulla's stake, increasing its ownership interest in I Squared Capital.
- 2018
I Squared Capital relocates headquarters to Miami[1]
Other
The firm moved its headquarters from New York to Miami as it expanded its international investment platform.
- 2018
I Squared closes second global infrastructure fund above target[1]
Other
ISQ Global Infrastructure Fund II closed at approximately $7 billion, exceeding its initial $5 billion target.
- 2015
I Squared Capital closes first global infrastructure fund[1]
M&A · Other
The firm's first global infrastructure fund closed with approximately $3 billion in commitments.
Sources3 sources
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