5 linked company profiles · 5 dated disclosures in this directory.
About this investor
I Squared Capital is an infrastructure investment manager. This profile covers Arriva, Aggreko, TIP Group and Conrad Energy, plus the continental European terminal business Tepsa. [1][2][3][4][5]
These are selected investments, rather than a complete portfolio or legal parent register. A fund, its investors, an acquisition vehicle and the manager's own corporate ownership can be different relationships. Each card retains the date and individual or collective stake definition. Aggreko is a joint investment with TDR. TIP's minority sale agreement is not a completed stake change. Tepsa's stated terminal footprint is France, the Netherlands and Spain; a UK footprint is not established. [2][3][6]
Each card names the entity invested in. Linked companies and brands can sit below that entity. Stakes use the source’s definition and date; disclosures are selected and do not give a complete portfolio or investor register. Read the investor methodology.
Disclosed holdings & backing
Fund investment
Aggreko · Albion Acquisitions investment vehicle
Joint investment with TDR; exact split not supplied
Ownership evidence checked ·
TDR confirms completion on 17 August 2021 through Albion Acquisitions, the joint TDR Capital IV / I Squared vehicle. Aggreko remains in TDR’s portfolio. Neither partner’s individual percentage is established.
The acquisition completed on 3 June 2024. Individual rail operations and contracts need current checks: Chiltern Railways passenger services transferred from Arriva to DfT public ownership on 20 September 2026 and are not presented as a current Arriva brand here.
Chiltern Railways · 20 September 2026: passenger services transfer to DfT Operator Ltd
Accessed 9 Oct 2026
Fund investment
Conrad Energy platform
Disclosed portfolio investment; exact stake not supplied
Ownership evidence checked ·
The current company page establishes the portfolio relationship and UK energy activity. It does not provide the exact stake, full legal parent chain or co-investor percentages.
Conrad Energy · Current company page: I Squared portfolio company; UK flexible power generation, storage and supply
Accessed 9 Oct 2026
Fund investment
Tepsa terminal group
100% · disclosed I Squared investment ownership
Acquisition completed ·
The 17 October 2024 completion took the disclosed I Squared interest from 45% to 100%; a January 2026 company announcement confirms ownership. Formerly Rubis Terminal, the stated terminal footprint is France, the Netherlands and Spain. A UK operating footprint is not established.
Tepsa · 21 January 2026: owned by I Squared; terminal footprint in France, Netherlands and Spain
Accessed 9 Oct 2026
Fund investment
TIP Group equipment platform
Existing investment; proposed minority sale not confirmed
Company investment announcement dated ·
On 14 July 2026 TIP announced an agreement for IMCO and GCM Grosvenor to acquire a combined 25% minority, with I Squared remaining majority investor. Completion was not established, so the proposed 75% remainder is not assigned as a confirmed current stake.
TIP Group · 14 July 2026: proposed combined 25% sale to IMCO and GCM Grosvenor; I Squared would remain majority
Accessed 9 Oct 2026
Former holdings & portfolio changes
Energia Group
Ardian completed its acquisition from I Squared on 18 June 2026. Energia is a former investment despite its continued presence in I Squared's portfolio gallery. [7][8]
Chiltern Railways
Chiltern passenger services transferred from Arriva to DfT public ownership on 20 September 2026. They are not shown as a current Arriva brand here. [9]
TIP Group
The 14 July 2026 announcement describes an agreement for a combined 25% minority sale to IMCO and GCM Grosvenor. Completion is not verified; the proposed 75% remainder is not assigned as a current stake. [3]
Tepsa / Rubis Terminal
I Squared completed acquisition of the remaining 55% on 17 October 2024, taking the disclosed investment to 100%. Tepsa is the current name and Rubis Terminal a former name. [5][6]
About & portfolio changes: sources · 9
Research reviewed . Sources for individual investments are included on their disclosure cards.