Multicountry: ISQ Growth Markets Infrastructure Fund II (AIIB-001028)

Regions
  • East Asia and Pacific
  • Europe and Central Asia
  • Latin America and Caribbean
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 25, 2026
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Sectors
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 100.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ AIIB website

Updated in EWS Nov 12, 2026

Disclosed by Bank Mar 30, 2026

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank's website, the approved project aims to mobilize capital and contribute to the development of sustainable infrastructure and enhancement of regional connectivity in AIIB Members in Asia and Latin America (“Latam”). The Project proposes a USD50.5 million commitment (including USD0.5 million of estimated equalization interest) and co-investment sleeve of up to USD50 million into ISQ Growth Markets Infrastructure Fund II, L.P. (“GMF II”, the “Fund”). This is a re-up of ISQ Growth Markets Infrastructure Fund I ("GMF I") which AIIB invested in 2021. AIIB’s investments in GMF I has achieved both strong development impact and financial return, which led to the investment proposal for GMF II. GMF II is the successor fund to GMF I and leverages the same investment strategy and experienced investment team as GMF I. GMF II is an extension of ISQ Global Infrastructure Fund IV (“GIF IV”) due to the outsized investment opportunities across emerging markets in Asia and Latam. GMF II targets total fund size of USD3 billion and will primarily focus on mid-market infrastructure assets in sectors including renewable energy, digital infrastructure, transportation and urban infrastructure, industrial decarbonization, and utilities. The strategy focuses on a synergistic mix of growth markets across APAC and LATAM, including India, Southeast Asia, Latam and developed Asia. The Fund is managed by I Squared Capital (“ISQ”, the “Fund Manager”), a global infrastructure investor with assets under management (“AUM”) of over USD50 billion. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Proposed Approval Amount: USD100.5 million including USD50 million fund commitment, USD0.5 million estimated equalization interest, and co-investment sleeve up to USD50 million.  

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

I Squared Capital is a global infrastructure investment firm that builds, acquires, and scales essential infrastructure businesses across energy, utilities, transport, digital, environmental, and social infrastructure. Using global insight and local expertise, it develops investment platforms, supports sustainable growth, and delivers critical services to communities worldwide. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - I Squared Capital Advisors (US) LLC - ISQ Contractor Infrastructure

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project Team Leader: Danni Li 

Title: Investment Officer 

Email: danni.li@aiib.org 

Co Project Team Leader: Jingyi Zhang

Title: Senior Investment Officer 

Email: Jingyi.zhang@aiib.org 

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.aiib.org/en/contact/information-request/index.html

ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM). The PPM provides Òan opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIBÕs failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.Ó Two or more project-affected people can file a complaint. Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply. You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html

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How it works