The Saudi Public Investment Fund (PIF) and I Squared Capital, a global infrastructure investment manager, announced the signing of a memorandum of understanding to study investment opportunities for I Squared Capital in real estate and core infrastructure assets owned by the fund and its portfolio companies.

The two parties, in collaboration with the fund's portfolio companies, intend to study several opportunities in digital infrastructure and district cooling systems, given their pivotal importance for real estate development and growth.

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I Squared Capital seeks to allocate investments of up to $1 billion (equivalent to 3.75 billion riyals) each, with the potential to expand to other related areas within the fund's portfolio.

The memorandum of understanding aligns with the objectives of the PIF's 2026-2030 strategy, which focuses on partnering with global investors in various opportunities within the fund's portfolio and maximizing value for its companies. The partnership will accelerate project completion and delivery, and continue to attract capital across different investment opportunities.

Saad Al-Khroud, Head of the General Department of Local Real Estate Investments at PIF, said: "PIF has an unprecedented portfolio of real estate and infrastructure projects in modern times, which helps attract major global investors, maximize value, and achieve sustainable returns. The MOU combines the fund's expertise and distinctive investment ecosystem with I Squared Capital's capabilities and long experience in the infrastructure sector."

Sadek Wahba, Chairman and Managing Partner of I Squared Capital, said: "The MOU reflects the mutual trust between I Squared Capital and PIF, and supports our transition to actively contributing to infrastructure development and the Kingdom's and the fund's success journey in this field, which is one of the most prominent successful global experiences."

I Squared Capital has leading global expertise in managing infrastructure investments, and its investments cover many sectors including energy infrastructure, utilities, transportation and logistics, and digital, social, and environmental infrastructure.

PIF is one of the most influential global investors, working within a long-term strategy aimed at leading the economic transformation in the Kingdom and achieving sustainable returns.

The potential deals resulting from the non-binding MOU announced today are subject to meeting a set of requirements, including studying the opportunities by the parties and obtaining necessary regulatory approvals.

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