I Squared Capital is targeting the biggest infrastructure fundraise since Global Infrastructure Partners $15.8bn January fund close, and has already received significant commitments.
According to Reuters sources, the firm is aiming to raise up to $6.5bn in a global fund. Two people close to the matter said the firm already has enough demand to meet the initial $5bn target for the fund.
AltAssets reported in 2015 that the firm held a $3bn close of its maiden capital fund on $3bn. The fund was used to invest in infrastructure companies and was said to have exceeded its target of a huge $1bn.
The firm, started by former Morgan Stanley execs, acquired Hutchison Telecommunications Hong Kong Holdings’ fixed-line assets for $1.9bn.
One of Reuters sources said half of the deal value would be paid with the new fund, the other half through bank debt.
I Squared is also rumoured to be interested in buying Equis Energy, said to be Asia’s largest independent renewable energy producer and valued at $5bn.
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