I Squared Capital announced a first close of just over $10 billion for its flagship ISQ Global Infrastructure Fund IV. The closing, reached last week, puts the vehicle on a trajectory toward a $15 billion target. Sovereign wealth funds and pension managers joined, drawn by inflation‑linked exposure. The fund launched toward the end of 2024, adding to the firm’s pipeline of large‑scale infrastructure investments.

The firm also reported a $2 billion first close for its Growth Markets Infrastructure Fund II, signaling appetite for emerging‑market assets. A second credit vehicle is nearing its final close, expected in the coming months. The $2 billion raise signals confidence in the firm’s emerging‑market sourcing. Together, these commitments reinforce I Squared’s position as a leading raiser of private‑infra capital amid rising investor demand for stable, long‑term returns.

Investors view the near‑$10 billion haul as validation of I Squared’s track record delivering operational improvements and steady cash flow across sectors such as transport, energy and social infrastructure. With the fund’s size now comparable to other mega‑infra vehicles, the capital raise could pressure competitors to scale up their own offerings, tightening the market for high‑quality project pipelines.