October 22, 2026
Bloomberg: I Squared Capital Plans Up to $15 billion of New Investment in Japan
Chief Investment Officer Gautam Bhandari tells Bloomberg the firm sees more than $6 billion of potential deals as it opens a Tokyo office and expands its local team.
I Squared Capital plans to invest between $10 billion and $15 billion in Japan in the near term, focusing on infrastructure linked to AI and energy demand. Gautam Bhandari, Co-founder and Chief Investment Officer, told Bloomberg in an interview in Tokyo that Japan now offers enough deals and attractive opportunities to support that commitment. The firm already has a pipeline of more than $6 billion.
Target sectors include digital infrastructure such as fiber and data centers, renewable energy, recycling and waste management, and logistics. Energy deals will come partly through Hexa Renewables, a portfolio company. In Japan, Hexa plans to acquire solar plants from Marubeni and is co-developing a large battery storage facility with PowerX. For large deals, the firm would consider equity investments of $3 billion to $4 billion in businesses with enterprise values up to about $10 billion, possibly alongside co-investors.
The plans align with Japan’s industrial policy. Prime Minister Sanae Takaichi’s government has named AI and semiconductors as strategic sectors and is seeking about ¥370 trillion of public and private investment in data centers, networks and power by 2040. Gautam said I Squared can contribute meaningfully to that effort.
I Squared has invested in Japan for more than a decade and has invested over $9 billion across Asia-Pacific since 2014. The new Tokyo office is the firm’s ninth outside its Miami headquarters. Go Suzuki joins as Principal and will work with Yuko Shah, Managing Director. The firm plans to grow its Tokyo investment team from two people to about 15 over the next two to three years.
Read more in Bloomberg Japan (日本語) >
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