I Squared Capital

About I Squared Capital

I Squared Capital operates as a diversified global infrastructure investor rather than a traditional data center operator. Founded in 2012 and headquartered in Miami, the firm manages over $50 billion in assets under management across energy, utilities, transport, telecom, and digital infrastructure sectors worldwide. Blue Owl Capital serves as the principal sponsor behind the organization, which maintains a focused team of approximately 300 employees.

The company's strategic positioning within data centers represents one component of a broader infrastructure platform approach. Unlike dedicated colocation or hyperscale operators, I Squared Capital functions as a financial sponsor and owner, investing in digital infrastructure assets as part of a larger portfolio of critical infrastructure plays. This model allows the firm to apply consistent operational and financial disciplines across multiple infrastructure verticals while maintaining flexibility to either build positions from smaller beginnings into significant market players or acquire established operations globally.

The operator's data center involvement remains secondary to its wider infrastructure mandates, meaning its competitive position differs fundamentally from pure play colocation operators or vertically integrated hyperscalers. This structure provides access to substantial capital for opportunistic acquisitions and platform development, though returns are evaluated within the context of broader infrastructure investing rather than data center sector metrics alone. The global scope and financial backing position the firm as a significant but understated participant in worldwide data center consolidation trends.

I Squared Capital is a global infrastructure investment firm that invests in digital infrastructure and telecommunications projects across multiple sectors worldwide.

Company Overview

Recent Activity

• AnnouncedAug 21, 202653 MW

  Saragon launches with 10 U.S. data centers and $1B backing from I Squared Capital

  I Squared Capital announced the launch of Saragon, a new U.S. data center operator, with 10 facilities across nine markets (Chicago, Atlanta, Phoenix, Los Angeles, Kansas City, Baltimore, Houston, Nashville, and Stockton). The facilities, acquired from Cogent Fiber, offer 53 MW of installed power capacity and 259,000 square feet of colocation space, supported by $1 billion in committed capital. Saragon plans to target colocation, high-density computing, and AI inference infrastructure, with expansion plans across additional U.S. markets.

• InvestmentJul 16, 2026$1B

  I Squared Capital to invest $1bn in digital infrastructure with Saudi PIF

  I Squared Capital and Saudi Arabia's Public Investment Fund (PIF) have announced a $1 billion investment partnership focused on digital infrastructure development. The joint initiative targets expansion of data center and related digital assets, leveraging both parties' expertise in infrastructure investment. This partnership represents a significant capital commitment to the digital infrastructure sector in the Middle East region.

• AcquisitionMay 26, 2026$225M

  Cogent Communications Announces Definitive Agreement to Sell 10 Data Center Facilities for $225 Million

  Cogent Communications Holdings, Inc. announced it has entered into a definitive agreement to sell 10 data center facilities for $225 million in cash to an entity sponsored by I Squared Capital. The transaction is expected to close on or after June 12, 2026.

• FinancingNov 1, 2021$2.8B

  GTT Communications Files for Chapter 11 to Implement Prepackaged Plan

  GTT Communications, Inc. has commenced prepackaged Chapter 11 cases in the U.S. to implement a deleveraging plan. This move, following the sale of its infrastructure division, aims to reduce the company's debt by approximately $2.8 billion. The plan has received strong support from lenders and noteholders, and GTT expects to emerge from the process after necessary regulatory approvals. The company's global business operations continue without interruption.

• AcquisitionSep 17, 2021

  GTT Communications Completes Sale of Infrastructure Division to I Squared Capital

  GTT Communications announced the completion of the sale of its infrastructure division to I Squared Capital on September 17, 2021. This division includes pan-European, North American, and subsea fiber networks and data center assets. The sale marks a strategic shift for GTT, allowing it to focus on cloud networking and managed solutions for the enterprise market, while I Squared Capital plans to invest in and expand these digital infrastructure assets under the new name EXA Infrastructure.

• FinancingSep 2, 2021$2.8B

  GTT Communications Enters Restructuring Support Agreement to Improve Capital Structure

  GTT Communications announced it has entered into a Restructuring Support Agreement (RSA) with key stakeholders, including debt holders and I Squared Capital. This agreement aims to improve the company's capital structure and execute its business strategy. The RSA is expected to facilitate the completion of the infrastructure division sale to I Squared Capital and a subsequent prepackaged chapter 11 filing in the U.S. to reduce debt by approximately $2.8 billion. The company's global operations will continue without interruption.