Private company

ISQ Open Infrastructure Co LLC

ISQ Open Infrastructure Co LLC is an American finance services company based in Miami, incorporated in Delaware.2

Last updated Oct 20, 2026.

Overview

  • IndustryFinance Services2
  • HeadquartersWilmington, United States2
  • Incorporated inDE3
  • Business address600 Brickell Avenue, Miami, Fl 331313
  • Filer category, Emerging growth company3
  • Legal formLimited Liability Company2
  • LEI213800AB2H788R5G8Y052
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 100673952

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Corporate structure

ISQ Open Infrastructure Co LLC sits at the top of its group. 13 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

  • ISQ Open Infrastructure Co LLC Wilmington, Delaware, United States
    • ISQ OpenInfra (Entek) Holdings, LLC Subsidiary · Delaware, United States
    • ISQ Openinfra (Ten) Holdings, LLC Subsidiary · Delaware, United States
    • ISQ OpenInfra Bus Aggregator GP LLC Subsidiary · Delaware, United States
    • ISQ OpenInfra Company Holdings, LLC Subsidiary · Delaware, United States
    • ISQ OpenInfra Company Liquidity, LLC Subsidiary · Cayman Islands
    • ISQ OpenInfra Credit Holdings, LLC Subsidiary · Cayman Islands
    • ISQ OpenInfra Derby Aggregator GP, LLC Subsidiary · Delaware, United States
    • ISQ OpenInfra HedgeCo, L.P. Subsidiary · Cayman Islands
    • ISQ OpenInfra HedgoCo GP, LLC Subsidiary · Delaware, United States
    • ISQ OpenInfra Liquidity HoldCo, LLC Subsidiary · Cayman Islands
    • ISQ OpenInfra Spyder Aggregator GP LLC Subsidiary · Delaware, United States
    • ISQ OpenInfra Telluride Aggregator GP LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC. Each entity in the chart links to its source.

What it owns

What ISQ Open Infrastructure Co LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Properties, in its own words

Our corporate headquarters are located at 600 Brickell Avenue, PH, Miami, Florida 33131, and are provided by the Manager. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.

Item 2 of the 10-K filed Mar 31, 2026.5

Leadership

Who has led ISQ Open Infrastructure Co LLC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Walid A. Chammah2025–now

Chief operating officer

  1. Irina Zilbergleyt2025–now
Board members and other officers (7)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerDominic Spiri named Sep 18, 202612
  • Executive OfficerJacob Moussa named Sep 18, 202612
  • DirectorWilliam Lee named Sep 18, 202612

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • ISQ OpenInfra (Entek) Holdings, LLC Delaware4
  • ISQ OpenInfra Bus Aggregator GP LLC Delaware4
  • ISQ OpenInfra Company Holdings, LLC Delaware4
  • ISQ OpenInfra Company Liquidity, LLC Cayman Islands4
  • ISQ OpenInfra Credit Holdings, LLC Cayman Islands4
  • ISQ OpenInfra Derby Aggregator GP, LLC Delaware4
  • ISQ OpenInfra HedgeCo, L.P. Cayman Islands4
  • ISQ OpenInfra HedgoCo GP, LLC Delaware4
  • ISQ OpenInfra Liquidity HoldCo, LLC Cayman Islands4
  • ISQ OpenInfra Spyder Aggregator GP LLC Delaware4
  • ISQ OpenInfra Telluride Aggregator GP LLC Delaware4
  • ISQ Openinfra (Ten) Holdings, LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 2, 20268-K Unregistered sale of shares; Other events13
  2. Sep 2, 20268-K Unregistered sale of shares; Other events14
  3. Aug 5, 20268-K Unregistered sale of shares; Other events15
  4. Jul 2, 20268-K Unregistered sale of shares; Other events16
  5. Jun 17, 20268-K Entered a material agreement; New debt or obligation17
  6. Jun 2, 20268-K Unregistered sale of shares; Other events18
  7. May 5, 20268-K Unregistered sale of shares; Other events19
  8. Apr 2, 20268-K Unregistered sale of shares; Other events20
  9. Mar 10, 20268-K Unregistered sale of shares; Other events21
  10. Feb 5, 20268-K Unregistered sale of shares; Other events22
  11. Feb 5, 20268-K Other events23
  12. Jan 9, 20268-K Unregistered sale of shares; Other events24
  13. Jun 13, 2025New chief executive Walid A. Chammah becomes CEO6
  14. Jan 15, 2025Founded ISQ Open Infrastructure Co LLC is founded2

Filings

49 filings to the SEC since October 2021: 1 annual reports, 4 quarterly reports, 17 major events, 12 insider forms, 3 private raises, 12 other. The latest 20:

  1. Oct 2, 20268-K CURRENT REPORT EDGAR
  2. Sep 18, 2026D/A EDGAR
  3. Sep 2, 20268-K CURRENT REPORT EDGAR
  4. Aug 14, 202610-Q QUARTERLY REPORT EDGAR
  5. Aug 5, 20268-K CURRENT REPORT EDGAR
  6. Jul 2, 20268-K CURRENT REPORT EDGAR
  7. Jun 17, 20268-K CURRENT REPORT EDGAR
  8. Jun 2, 20268-K CURRENT REPORT EDGAR
  9. May 15, 202610-Q QUARTERLY REPORT EDGAR
  10. May 5, 20268-K CURRENT REPORT EDGAR
  11. Apr 2, 20268-K CURRENT REPORT EDGAR
  12. Mar 31, 202610-K ANNUAL REPORT EDGAR
  13. Mar 10, 20268-K CURRENT REPORT EDGAR
  14. Feb 5, 20268-K CURRENT REPORT EDGAR
  15. Feb 5, 20268-K CURRENT REPORT EDGAR
  16. Jan 27, 2026UPLOAD EDGAR
  17. Jan 9, 20268-K/A AMENDMENT NO. 1 TO FORM 8-K EDGAR
  18. Jan 6, 20268-K CURRENT REPORT EDGAR
  19. Dec 17, 20258-K CURRENT REPORT EDGAR
  20. Dec 8, 20254 EDGAR

The 49 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

5 open-market trades by officers, directors and large owners since October 2021: 5 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 28, 2025Collett BrianChief Investment OfficerBuy9,109$27.44$250.0KForm 4
Nov 28, 2025Zilbergleyt IrinaChief Operating OfficerBuy10,931$27.44$299.9KForm 4
Oct 1, 2025Miller Trisha ADirectorBuy620$25.00$15.5KForm 4
Oct 1, 2025Olson Terrence W.DirectorBuy620$25.00$15.5KForm 4
Oct 1, 2025Lee William D.DirectorBuy620$25.00$15.5KForm 4

From Forms 4 filed with the SEC.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Sep 2, 2025Raised $339.3 million in a private offering of securities Form D: 1,384 investors so far Form D

SEC filer profile

How ISQ Open Infrastructure Co LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARISQ Open Infrastructure Co LLC1
  • CIK0002059924
  • Employer ID (EIN)33-28762845
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6199 Finance Services1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address600 Brickell Avenue, Miami, FL 331311
  • Phone786-693-57391
  • Shares outstanding337,317 Class FSTE Shares, ISQ Open Infrastructure Company LLC Series I shares; 401,563 Class FDTE Shares, ISQ Open Infrastructure Company LLC Series I shares; 54,970 Class FITE Shares, ISQ Open Infrastructure Company LLC Series I shares; 663,483 Class FJTE Shares, ISQ Open Infrastructure Company LLC Series I shares; 110 Class STE Shares, ISQ Open Infrastructure Company LLC Series I shares; 110 Class DTE Shares, ISQ Open Infrastructure Company LLC Series I shares; 110 Class ITE Shares, ISQ Open Infrastructure Company LLC Series I shares; 110 Class JTE Shares, ISQ Open Infrastructure Company LLC Series I shares; 80 Class ETE Shares, ISQ Open Infrastructure Company LLC Series I shares; 627,403 Class FS Shares, ISQ Open Infrastructure Company LLC Series II shares; 276,098 Class FI Shares, ISQ Open Infrastructure Company LLC Series II shares; 3,634,961 Class FJ Shares, ISQ Open Infrastructure Company LLC Series II shares; 412,345 Class E Shares, ISQ Open Infrastructure Company LLC Series II shares as of Mar 3, 20265
  • Public float$0 as of Jun 30, 202525
  • AuditorPricewaterhouseCoopers LLP, New York, New York PCAOB ID 238; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceApr 14, 20251
  • Filings49 in all: 8-K (16), 3 (7), 4 (5), CORRESP (5), 10-Q (4), UPLOAD (4), 10-12G/A (2), D/A (2)1
    All 12 form types

    10-12G (1), 10-K (1), 8-K/A (1), D (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Latest 8-K (8-K) Oct 2, 2026

Risk factors and legal proceedings

The risks ISQ Open Infrastructure Co LLC names in Item 1A of its 10-K filed Mar 31, 2026: 76 risks under these headings, as written.5

  • Risks Related to the Company Generally
  • There is no guarantee or representation can be made that the Company will achieve its objectives.
  • The past performance of the other I Squared Vehicles and the investments that they have made provides no assurance of future returns or results of such other I Squared Vehicles or their investments.
  • In the event of unforeseen catastrophic events, the Manager will initiate its business continuity plan, which may be insufficient to continue operating the Manager’s business as usual.
  • Some of the Infrastructure Assets will be subject to commodity price risk.
  • Changes in the rate of inflation could affect the forecasted profitability of the Infrastructure Assets and, therefore, inflation could directly adversely affect the Infrastructure Assets.
  • The Company could incur costs related to currency risk.
  • Economic growth and prosperity in the countries in which the Company could acquire assets will vary, which could impact the Company’s ability to realize a return on an Infrastructure Asset in certain countries and could impact the prospects of certain Infrastructure Assets.
  • Acquisitions of Infrastructure Assets made around the world could present risks.
  • The Company could acquire significant strategic assets that could expose it to a greater risk of being the subject of a terrorist attack than other assets or businesses.
  • The public markets are currently experiencing significant volatility.
  • Pandemics and other widespread public health emergencies have resulted, and are resulting, in market volatility and disruption, which could result in significant losses to the Company.
The other 65 risks
  • Risks Related to Our Infrastructure Assets
  • The Company’s Infrastructure Assets may not be profitable or generate cash flow sufficient to service their debt or provide a return on or recovery of amounts invested in such Infrastructure Asset.
  • The Company’s assets consist and are expected to continue to consist primarily of interests in our Infrastructure Assets, which can result in substantial losses.
  • The operation and maintenance of Infrastructure Assets involve significant capital expenditures and various risks, many of which will not be under the control of the owner/operator.
  • Infrastructure Assets are typically subject to numerous statutes, rules and regulations relating to environmental, health and safety risks.
  • Sustainability matters provide new and evolving risks to the Company.
  • The Infrastructure Assets in which the Company is permitted to acquire could include renewable power companies and energy transition companies, which will subject the Company to risks applicable to renewable power companies and energy transition companies.
  • Climate risks could have a material adverse effect on an Infrastructure Asset or the Company itself.
  • The Company has the ability to acquire securities that are publicly traded and are, therefore, subject to the risks inherent in acquiring public securities.
  • Many of the Infrastructure Assets will involve private securities and, therefore, subject the Company to the risks inherent in acquiring private securities.
  • The Company’s exercise of control over an Infrastructure Asset could expose the Company to claims by such Infrastructure Asset, its security holders and its creditors including claims that the Company is a controlling person and thus is liable for certain violations of an Infrastructure Asset.
  • The Company could acquire minority equity stakes in Infrastructure Assets where it might have limited influence.
  • The Company could acquire companies involved in (or the target of) acquisition attempts, tender offers or hostile transactions or in companies involved in or undergoing work-outs, liquidations, spin-offs, reorganizations, bankruptcies or other catalytic changes or similar transactions, and therefore, be subject to risks applicable to any such type of special situation.
  • The use of Infrastructure Assets could be interrupted or otherwise affected by unforeseen events and uninsured losses.
  • The successful development of new or expansion infrastructure projects entails a variety of risks.
  • Some or all of the Company’s Infrastructure Assets will likely be subject to the risks inherent in owning the debt of companies that are in the business of owning and operating assets or businesses which derive a substantial amount of their value from real estate and real estate-related interests.
  • The Company faces various risks related to land title and construction.
  • Exposure to energy sector and utility industry pose certain risks to the Company.
  • There are regulatory and legal risks related to Infrastructure Assets, which could subject the Company to monetary penalties among other risks.
  • We or I Squared may be subject to claims, investigations and adverse publicity.
  • The long-term profitability of the assets in which the Company acquires will be dependent upon the efficient operation and maintenance of such assets.
  • The valuations of the Company’s holdings could involve uncertainties and judgmental determinations.
  • The Company acquires assets with demand, usage and throughput risk, which can affect the performance of such assets.
  • The Company’s bridge financings may not be able to be refinanced.
  • Movements in interest rates could also affect the appropriate discount rate to be used to value Infrastructure Assets, resulting in fluctuations in valuation.
  • The valuation of the Company’s assets is a difficult task that relies heavily on I Squared’s business judgment.
  • The Company expects to acquire assets outside of the United States, which entails additional risks.
  • The Company acquires assets in emerging markets where corruption, security and economic sanctions may be prevalent.
  • The Company may acquire directly or indirectly state-owned enterprises that have been or will be transferred from government to private ownership and there can be no assurance that any privatizations will be undertaken or, if undertaken, that such plans will be successfully completed or even completed at all.
  • Restrictions and controls on foreign Infrastructure Assets could increase the costs and expenses of the Company.
  • The Company may face difficulties bringing suit or foreclosure in non-U.S. countries.
  • The Company could face significant environmental risk in connection with its Infrastructure Assets in the emerging markets.
  • The quantity and quality of generally available business information in emerging markets countries could be below international standards and could lead to material differences.
  • Certain of the Company’s transactions could be undertaken through local brokers, banks or other organizations, and the Company could be subject to the risk of default, insolvency or fraud of such organizations.
  • The Company could utilize derivative and swap transactions, which can be highly volatile, can involve certain special risks.
  • The Company could acquire interests in companies that construct or maintain and operate infrastructure assets in a highly competitive environment.
  • It will primarily be the responsibility of each Infrastructure Asset’s management team to operate the Infrastructure Asset on a day-to-day basis.
  • Infrastructure Assets could involve a high degree of business and financial risk.
  • The Company is expected to focus its business in certain economies and sectors, which will expose the Company to disproportionate risk.
  • Our Infrastructure Assets may be subject to more laws than other kinds of assets, including corruption and bribery laws, economic sanctions laws and other border control regulations.
  • The manner in which Sustainability Risks28 are integrated into business decision-making could have a material negative impact on the Company’s business.
  • There can be no assurance that all such Sustainability Risks will be successfully identified and mitigated in whole or part, in each case, prior to the date that the risk materializes.
  • Compliance with current and future privacy, data protection and information security laws and regulations could increase costs for the Company and/or Infrastructure Assets.
  • General fluctuations in financial markets, market prices of securities or interest rates could adversely affect the value of the Company’s Infrastructure Assets.
  • The Company is exposed to the risk that third parties that could owe the Company or its acquired businesses, securities or other assets will not perform their obligations.
  • The success of the Company depends in substantial part upon the skill and expertise of the members of the I Squared team and others providing business advice with respect to the Company and the loss of key personnel could have a material adverse effect on the Company.
  • There is enhanced scrutiny and certain effects of potential regulatory changes on the private credit industry.
  • Lack of access to information that is confidential could adversely affect interests in Infrastructure Assets that in some cases could have been avoided had the Company or I Squared had such information.
  • There are substantial business and regulatory risks of Company’s holding alternative assets.
  • The Company has a lack of operating history.
  • The success of the Company will depend on the ability of the Manager to identify and recommend suitable opportunities to acquire Infrastructure Assets, to negotiate and arrange the closing of appropriate transactions, and to arrange the timely disposition of Infrastructure Assets.
  • Acquisition analyses and decisions by I Squared could frequently be required to be undertaken on an expedited basis to take advantage of acquisition opportunities.
  • I Squared and the Company could be vulnerable to security breaches and identity theft.
  • The Company’s acquisitions could be subject to the Broken Deal Expenses.
  • Non-compete arrangements could have the effect of restricting the ability of the Company to pursue certain opportunities which could otherwise have been considered as potentially suitable for the Company.
  • There are various conflicts of interest in our relationship with I Squared, including with our Manager and in the allocation of management resources to I Squared Vehicles and us, which could result in decisions that are not in the best interests of our Shareholders.
  • I Squared has various Operational Service Costs.
  • I Squared may outsource certain services, which could have additional costs to the Company.
  • Advisory professionals will have conflicts of interest pursuing the interests of the Company and such other I Squared Vehicle simultaneously.
  • The Company will have conflicts with the allocations of opportunities with other I Squared Vehicles and conflicting fiduciary duties to other I Squared Vehicles.
  • There may be overlapping Infrastructure Asset and transactions with portfolio companies, and Infrastructure Asset in portfolio companies also held by other I Squared Vehicles.
  • Risks Related to Our Debt Investments
  • The nature of the debt securities and other interests in which the Company acquires could lead to the Company’s rate of return objectives not being realized.
  • The Company will have a lack of liquidity for certain of its Infrastructure Assets, including credit investments.
  • The Company could engage in the origination of debt, as well as acquire certain types of securities, each of which contains risks.
  • Risks Related to the Energy Industry
  • The clean energy industry can be significantly affected by various factors, which could have a negative impact on the Company.
  • The Company will indirectly be subject to the risks associated with the utility and energy sectors.

Legal proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our Infrastructure Assets. We may also be subject to regulatory proceedings.

The opening of Item 3, Legal Proceedings.5

Sources

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    SEC EDGAROther events
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