I Squared Capital has opened a new office in Tokyo, expanding the global infrastructure investment firm’s presence in Japan as it targets opportunities across energy, digital infrastructure, and other essential infrastructure sectors.
The expansion builds on more than a decade of investment activity across Asia-Pacific. Since completing its first regional investment in 2014, I Squared has deployed more than $9 billion across the region and currently has 26 portfolio companies operating in 17 Asia-Pacific markets.
I Squared manages $60 billion in assets globally and sees Japan as an increasingly important market as the country modernizes infrastructure, strengthens energy security, and expands digital infrastructure. The permanent Tokyo presence is expected to support the firm’s ability to identify, develop, and scale investment opportunities in the country.
I Squared has already been active in Japan through relationships with institutional investors, co-investors, and portfolio companies. One example is Hexa Renewables, the firm’s pan-Asian renewable energy platform, which has developed a significant battery energy storage system business in Japan.
Hexa Renewables secured 11 battery energy storage system contracts in Japan’s 2024 Long-Term Decarbonization Capacity Auction, making it the largest single winner in the auction, according to I Squared. The company subsequently secured two additional contracts in the 2026 round. Including projects outside the LTDA program, Hexa Japan now has approximately 3 GWh of contracted capacity.
As part of the Tokyo expansion, I Squared has appointed Go Suzuki as Principal. Suzuki brings more than two decades of financial industry experience, including roles at Global Infrastructure Partners, now part of BlackRock, Macquarie Asset Management, and UBS.
Suzuki will work alongside Managing Director Yuko Watanabe Shah, who leads I Squared’s investor relations activities in Japan and has helped develop the firm’s relationships with Japanese institutional investors and corporate partners.
Across Asia-Pacific, I Squared also works with governments, development finance institutions, and corporate partners on infrastructure projects. These relationships include a $3 billion platform with the U.S. International Development Finance Corporation supporting energy infrastructure across South and Southeast Asia, along with partnerships with JOIN in Japan and GS E&C in South Korea.
Founded in 2012 and headquartered in Miami, I Squared invests across power and utilities, transportation and logistics, digital infrastructure, environmental infrastructure, and social infrastructure. Its global portfolio includes more than 100 companies operating across over 115 countries.
KEY QUOTES:
“Japan is entering a significant infrastructure investment cycle as it modernizes essential infrastructure, strengthens energy security, and builds the digital infrastructure needed for future growth. Opening our Tokyo office reflects our conviction in that opportunity and is a natural next step as we continue to scale our global platform.”
Sadek Wahba, Chairman, Founder And Managing Partner Of I Squared Capital
“Asia-Pacific continues to be one of the most dynamic infrastructure markets globally, and we expect Japan to become an increasingly important part of our investment activity in the region. We see significant opportunities across energy, digital and other essential infrastructure sectors. I Squared’s operational expertise and platform building experience are well suited to capture this growth.”
Gautam Bhandari, Co-Founder, CIO And Managing Partner Of I Squared Capital
