# I Squared Capital

I Squared Capital is an Asset Manager based in Miami, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Miami, United States
- **Region:** North America
- **Address:** Miami, FL, United States
- **Founded:** 2012
- **Assets under management:** Undisclosed
- **Website:** www.isquaredcapital.com
- **LinkedIn:** https://www.linkedin.com/company/i-squared-capital
- **Wikidata:** Q22080434

## Regulatory record

- **CRD number:** 168339
- **SEC file number:** 801-78269
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/168339

## About

I Squared Capital is an SEC-registered investment adviser in Miami, FL, registered since 2013. The firm manages $60.1 billion in assets, with $60.0 billion on a discretionary basis. It employs 331 staff, including 113 investment advisers.

## Sectors

- Infrastructure
- Energy Transition & Renewables

## Offices

- London
- Singapore
- Hong Kong
- Sydney
- New Delhi
- Taipei

## People

- Sadek Wahba — Chairman & Managing Partner
- Gautam Bhandari — Managing Partner
- Adil Rahmathulla — Managing Partner

## Questions

### Who runs investment decisions at I Squared Capital?

The investment committee is led by Chairman and Managing Partner Sadek Wahba, who founded the firm in 2012 after leading Morgan Stanley Infrastructure Partners. He is joined on the committee by Managing Partners Gautam Bhandari and Adil Rahmathulla, both co-founders who previously worked alongside Wahba at Morgan Stanley. The committee has expanded to include senior partners covering the firm's regional and sector mandates across the Americas, Europe, and Asia-Pacific. The group is intentionally compact to preserve the speed advantage I Squared claims over large platform-constrained competitors.

### What investment stages does I Squared Capital typically target?

I Squared targets mid-market to large-cap infrastructure assets and platforms across the risk spectrum, from operational utilities and transport assets with contracted cash flows to growth-stage infrastructure platforms that require capital for expansion. The Growth Markets strategy is more flexible on stage, backing development-stage platforms in India, Southeast Asia, and Latin America where greenfield construction risk is partly mitigated by government concessions or off-take agreements. The firm does not invest in seed-stage or early-stage technology companies.

### Which sectors does I Squared Capital explicitly avoid?

I Squared Capital is a pure-play infrastructure firm and does not invest outside the infrastructure asset class — it avoids venture capital, buyout, and growth equity in non-infrastructure sectors. Within infrastructure, the firm has not publicly disclosed specific exclusions, but its mandate is concentrated on energy transition and renewables, digital infrastructure including data centers and fiber, transport and logistics, and regulated utilities. It does not pursue operating businesses without contracted or regulated revenue streams, hotel or hospitality assets, or speculative real estate development.

### How is I Squared Capital related to Morgan Stanley?

I Squared Capital was founded in 2012 by Sadek Wahba, who previously built and led Morgan Stanley Infrastructure Partners, the bank's dedicated infrastructure investment group. He left Morgan Stanley to establish I Squared alongside colleagues Gautam Bhandari and Adil Rahmathulla. The firm is independent of Morgan Stanley, with no ownership linkage or exclusivity arrangement — it operates as a standalone partnership and competes directly with Morgan Stanley Infrastructure for deals and capital commitments.

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- [Is Private Equity](https://altss.com/profile/is-private-equity)
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Last updated: 2026-06-03T20:00:00.000Z

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