US alternative investment manager I Squared Capital has raised over US$600 million from two deep-pocketed Middle Eastern sovereign wealth funds and other investors to invest in Transportation Equipment Network, North America’s second largest full-service trailer lessor.
The wealth funds are Doha-based Qatar Investment Authority (QIA), which managed over $500 billion of assets as of end-2023, and Dubai’s $302 billion Mubadala Investment.
The Qatari wealth fund and I Squared announced the fundraising in a joint statement on July 18, saying that the investment “demonstrates QIA’s commitment to the US as a long-term and supportive investor, actively investing in industry leaders and key sectors such as supply chain networks and logistics to boost efficiency”.
According to Mohammed Al-Sowaidi, QIA’s chief investment officer for the Americas, the move underscores the company’s strategy of investing in and partnering with leading companies in “critical sectors” such as supply chain networks, logistics and warehouses globally.
Florida-headquartered I Squared Capital managed $37 billion of assets as of June 2023.