Riyadh - Sharikat Mubasher: I Squared Capital, a leading independent global infrastructure investment manager, signed a memorandum of understanding with the Public Investment Fund (PIF) to invest up to $2 billion in real estate and infrastructure assets owned by PIF and its portfolio companies.

Under the MoU, the PIF and I Squared will work closely with PIF portfolio companies to explore opportunities in both digital infrastructure and district cooling, both critical enablers of the real estate sector, according to the official statement released yesterday.

I Squared will allocate up to $1 billion in each of these areas with the option to scale across additional related business themes.

Saad Alkroud, Head of Local Real Estate Investments at PIF, stated that the MoU combines PIF’s capabilities, scale and ecosystems, with I Squared’s operational expertise and proven record in the infrastructure sector.

For his part, Sadek Wahba, Chairman and Managing Partner of I Squared Capital, commented: “With this MoU, we are evolving from partnership to action, with a shared conviction that PIF’s and Saudi Arabia’s infrastructure story is one of the most compelling in the world, and we look forward to contributing our global expertise alongside PIF in the Kingdom.”

This collaboration is expected to accelerate project delivery and increase the contribution of third‑party capital into opportunities across the portfolio.

It also aligns with PIF’s 2026-2030 strategic objectives to partner with global investors on opportunities within its portfolio and maximize the value of PIF portfolio companies.