ISQ Growth Markets Infrastructure Fund II (UST), L.P. (IFC-50462)

Regions
  • East Asia and Pacific
  • Latin America and Caribbean
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
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
A
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
May 8, 2025
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.
Borrower
ISQ Growth Markets Infrastructure Fund II (UST), L.P.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
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)
$ 75.00 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.
Project Cost (USD)
$ 3,000.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 14, 2025

Disclosed by Bank Mar 5, 2025

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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 the Bank’s website, the proposed project comprises a US$75 million equity investment in ISQ Growth Markets Infrastructure Fund II (“the Fund”), an infrastructure fund established by I Squared Capital (“ISQ”). The Fund will generally focus on the key sectoral themes of Digital, Energy Transition, Transportation and Logistics, Environmental (waste management and sustainable water), and Social infrastructure in certain jurisdictions that are not member states of the Organization for Economic Co-operation and Development (the “OECD”), as well as the following members of the OECD: as determined by the General Partner in its sole discretion, certain Asia Pacific jurisdictions, including Australia, the Republic of Korea and Japan, and certain Latin American jurisdictions, including Chile, Colombia and Mexico (collectively, the “Target Jurisdictions”).

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The proposed project entails an IFC investment in the Fund. The sectors that the Fund plans to invest in are technology and telecom (towers, fiber optic cables, internet service providers, data centers), transportation (e-mobility, airport services, port and maritime logistics), renewable energy, industrial waste management facilities and cold storage facilities. While the Fund plans to invest mainly in projects with limited E&S risks and impacts, it is possible that some investees may have significant adverse E&S risks and potential impacts. Thus, the project has been categorized as FI-1 according to IFC’s Policy on Environmental and Social Sustainability. 

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

The Fund aims to raise US$3.0 billion. IFC’s proposed investment is for up to a total equity investment of US$75 million in the Fund.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
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.

The Fund will be managed by ISQ, which is an independent fund manager specialized in investing and managing infrastructure assets globally. Established in 2012, ISQ is headquartered in Miami, and operates across more than 70 countries via offices in Abu Dhabi, London, Munich, New Delhi, Sao Paolo, Singapore, Sydney and Taipei.


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.

I Squared Capital
Dominic McMullan
Principal, Global Communications and External Affairs
786-693-5700
Info@isquaredcapital.com
600 Brickell Avenue, Miami, Florida 33131, USA
isquaredcapital.com

ACCESS TO INFORMATION

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If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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