# ISQ Openinfra Registered Advisor LLC

> ISQ Openinfra Registered Advisor LLC is an SEC-registered investment advisory firm in Miami, FL, registered since 2025, reporting $100 million to $500 million in regulatory assets under management in its Form ADV filing dated March 30, 2026.

- CRD: 332721
- Filed as: ISQ OPENINFRA REGISTERED ADVISOR LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Miami, FL
- Filing period: October 2026
- Form ADV filing dated: March 30, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/332721
- AdvisorCensus page: https://advisorcensus.com/firm/isq-openinfra-registered-advisor-llc-miami-fl-332721

## Quick answers

**How is ISQ Openinfra Registered Advisor LLC compensated?**
On its Form ADV (Item 5.E, October 2026), ISQ Openinfra Registered Advisor LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**How much does ISQ Openinfra Registered Advisor LLC charge?**
Its Form ADV Part 2A brochure dated March 30, 2026 states: Asset-based fee: 0.75% to 1.25% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is ISQ Openinfra Registered Advisor LLC located?**
ISQ Openinfra Registered Advisor LLC's principal office is in Miami, FL, according to its Form ADV; the April 2026 filing also lists 8 other offices (Schedule D, Section 1.F).

**Is ISQ Openinfra Registered Advisor LLC registered with the SEC or a state?**
ISQ Openinfra Registered Advisor LLC is an SEC-registered investment advisory firm, registered since 2025. Status as filed: Approved. CRD 332721.

**How much does ISQ Openinfra Registered Advisor LLC manage?**
ISQ Openinfra Registered Advisor LLC reports $348,117,613 in regulatory assets under management in its Form ADV filing dated March 30, 2026 (100% discretionary).

**How have ISQ Openinfra Registered Advisor LLC's assets and staff changed since 2025?**
In the Form ADV data for ISQ Openinfra Registered Advisor LLC: Total employees: 268 in October 2025 and 331 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does ISQ Openinfra Registered Advisor LLC serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (4).

**Does ISQ Openinfra Registered Advisor LLC report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/332721

**What changed in ISQ Openinfra Registered Advisor LLC's recent Form ADV filings?**
In the April 2026 filing data: Changed its legal name from I Squared Capital Registered Advisor LLC to ISQ Openinfra Registered Advisor LLC. Employees performing advisory functions went from 196 to 113. Added an office in Abu Dhabi.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 30, 2026)

- Asset-based fee: 0.75% to 1.25% a year (a range, as the brochure states it)

> Typically, ISQ charges management fees at an annual rate between 0.75% and 1.25% per annum (the Management Fee Rate”) of the month-end NAV

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $348,117,613
- Discretionary: $348,117,613
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 4 | $348,117,613 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | Not reported |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2025 (1 year)
- Employees: 331 total, 113 performing advisory functions
- Wrap fee program participation: No
- States registered or notice-filed: FL
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Abu Dhabi
- London
- Munich
- New Delhi
- Sao Paulo, Sp
- Singapore
- Sydney
- Taipei City

### Websites listed on Form ADV (Item 1.I)
- isquaredcapital.com
- LinkedIn @i-squared-capital

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2025 | Not reported | 268 | January 16, 2025 |
| October 2026 | $348,117,613 | 331 | March 30, 2026 |

Total employees: 268 in October 2025 and 331 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Changed its legal name from I Squared Capital Registered Advisor LLC to ISQ Openinfra Registered Advisor LLC.
- Employees performing advisory functions went from 196 to 113.
- Added an office in Abu Dhabi.

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. ISQ Openinfra Registered Advisor LLC (CRD 332721): Form ADV filing data as of October 2026.