PIF, I Squared Capital explore up to $2B infrastructure investment

Logo of The Public Investment Fund (PIF) 

The Public Investment Fund (PIF) and I Squared Capital signed a memorandum of understanding (MoU) today, July 13, to explore up to $2 billion in investments in PIF-owned real estate and infrastructure assets.

According to a statement received by Argaam, the two parties, in collaboration with PIF's portfolio companies, will assess opportunities in digital infrastructure and district cooling systems, given their strategic importance to the development and growth of the real estate sector.

I Squared Capital intends to allocate up to $1 billion (SAR 3.75 billion) to each of the two sectors, with the potential to expand into other related areas within PIF's portfolio.

PIF said the MoU aligns with its 2026-2030 strategy, which focuses on partnering with global investors across investment opportunities within its portfolio while maximizing value for its portfolio companies.

The partnership is expected to accelerate project execution and delivery, while continuing to attract capital into a broad range of investment opportunities.

I Squared Capital has extensive global expertise in infrastructure investment management, with investments spanning energy infrastructure, utilities, transport and logistics, as well as digital, social, and environmental infrastructure.

PIF noted that any potential transactions arising from the non-binding MoU remain subject to satisfying several conditions, including the parties' evaluation of the opportunities and obtaining the necessary regulatory approvals.