ISQ Growth Markets Infrastructure Fund II (UST), L.P. (ADB-58155-001)

Regions
  • East Asia and Pacific
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
  • Indonesia
  • Malaysia
  • Philippines
  • Thailand
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
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
U
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
Dec 12, 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.
Sectors
  • Communications
  • Education and Health
  • Energy
  • Finance
  • Industry and Trade
  • 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)
$ 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.
Other Related Projects
Primary Source

Original disclosure @ ADB website

Updated in EWS Jan 22, 2026

Disclosed by Bank Dec 12, 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 information provided on the project disclosure page,  the ADB is proposing an equity investment of up to (i) $50 million in ISQ GM II, and (ii) $25 million in an ISQ GM II co-investment sleeve. ISQ GM II is a $3 billion global fund targeting investments in energy transition, resilient urban and transport infrastructure, and digital infrastructure. Within these themes, the fund will focus on sub-sectors such as energy, renewables, utilities, transportation and logistics, digital infrastructure, environmental infrastructure, and social infrastructure.

ISQ GM II will invest in a diversified portfolio. Target investees will primarily operate in non-OECD countries in the Asia-Pacific and Latin America, as well as Australia, Chile, Colombia, Japan, Mexico, and the Republic of Korea. ADB's participation will be limited to investments with significant operations or demonstrated linkages to eligible DMCs, including India, Indonesia, Malaysia, the Philippines, Thailand, and Viet Nam. Further, ADB will support ISQ Capital's capacity development in infrastructure development and management best practices through the conduct of knowledge events.

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

As stated by the IFC, a co-investor in the ISQ Growth Markets Infrastructure Fund II (UST), L.P., 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.

ADB Team Leader:

Caroline S. Vergara
Email: csvergara@adb.org 

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.adb.org/forms/request-information-form

ADB has a two-stage appeals process for requesters who believe that ADB has denied their request for information in violation of its Access to Information Policy. You can learn more about filing an appeal at: https://www.adb.org/site/disclosure/appeals

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main.

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How it works