Mubadala participated in a US$600 million+ investment round in Transportation Equipment Network (TEN), one of North America’s largest trailer leasing platforms.

The investment was led by I Squared Capital, with participation from Mubadala, Qatar Investment Authority (QIA), and others. The platform operates more than 83,000 trailers across key logistics hubs.

TEN was recently formed through the merger of TIP Canada, TIP Group’s North American operations, and multiple trailer leasing companies including Star Leasing, Cooling Concepts, NETS, and Commercial Trailer Leasing. I Squared began building the platform in 2021, and since then, TEN has quadrupled in size through organic growth and strategic acquisitions.

TEN offers integrated services that include leasing, maintenance, fleet electrification, and advanced technology solutions, making it a critical enabler of flexible, last-mile logistics. Its presence spans numerous high-demand sectors and industry verticals, supporting complex supply chains with scalable capacity.

For Mubadala, the investment reflects a commitment to backing scalable logistics platforms that enhance supply chain resilience. TEN aligns with Mubadala’s strategy of supporting high-quality infrastructure assets that play a foundational role in economic systems.

By enabling efficient, flexible freight movement, this investment underscores Mubadala’s broader goal of building global future value chains and delivering long-term economic and operational impact.