I Squared Capital and Saudi PIF to invest $2 billion in digital infrastructure

PIF and I Squared Capital (“I Squared”), a leading independent global infrastructure investment manager, signed an Memorandum of Understanding (“MoU”) for I Squared to pursue the deployment of up to $2 billion in real estate and infrastructure assets owned by PIF and its portfolio companies including investment in digital infrastructure and district cooling.

The MoU aligns with PIF’s strategy to partner with global investors on opportunities in its portfolio and to maximize value for PIF portfolio companies. The two entities will identify opportunities in both digital infrastructure and district cooling projects which are critical to real estate sector.

I Squared will target allocating up to $1 billion in each of these areas with the option to scale across additional related business themes. The MoU aligns with PIF’s 2026-2030 strategic objectives to partner with global investors on opportunities within its portfolio and maximize value of PIF portfolio companies. The collaboration is expected to further accelerate project delivery and increase the contribution of third‑party capital into opportunities across the portfolio.

Saad Alkroud, Head of Local Real Estate Investments at PIF, noted that PIF presents an unprecedented pipeline of real estate and infrastructure projects in the modern world, projects that continue to attract leading investors, foster sustainable value creation and generate commercially attractive returns. He explains, “This MoU brings together PIF’s capabilities, scale and ecosystems, alongside I Squared’s operational expertise and proven record in the infrastructure sector.”

Sadek Wahba, Chairman and Managing Partner of I Squared Capital, added “With this MoU, we are evolving from partnership to action, with a shared conviction that PIF’s and Saudi Arabia’s infrastructure story is one of the most compelling in the world, and we look forward to contributing our global expertise alongside PIF in the Kingdom.”