By Jon Peterson2021-02-11T10:55:00+00:00 I Squared Capital’s $12bn fundraise for its third global infrastructure fund is expected to close next quarter, according to an investor. The Arkansas Teacher Retirement System said in a meeting document that it has approved a $50m commitment to ISQ Global Infrastructure Fund III, a fund planning to have a final close in the second quarter of this year. The predecessor fund raised $7bn in September 2018. The fund’s manager I Squared Capital is expected to be making a co-investment of not less than 2% of the total commitments. The fund will target gross internal rate of returns of 15% to 20% and it will seek to generate an annual cash yield of 6% by the end of the fund’s commitment period.