I Squared Capital has launched its second growth markets infrastructure fund, two sources familiar told Infralogic.

The Miami-headquartered manager opened a data room for potential limited partners in mid-July, the sources said, with one adding that it targets to raise USD 3bn. It aims to exceed the amount raised for the predecessor vehicle, which last year closed at around USD 2bn, both sources said.

The first vehicle, ISQ Growth Markets Infrastructure Fund, raised USD 1.78bn from 15 LPs, according to an SEC document dated 23 June 2023. These do not necessarily reflect the full extent of the fundraise.

Fund I investors include the Asian Infrastructure Investment Bank, Florida State Board of Administration, Employees Retirement System of Texas, and Teachers’ Retirement System of Texas (TRS).

The new fund will target energy, utilities, telecommunications, social infrastructure and transportation assets in Asia Pacific and Latin America.

The growth markets strategy is an extension of I Squared’s Global Infrastructure Fund III.

I Squared declined to comment.