Sidewalk Infrastructure Partners (SIP) was spun out of the Alphabet subsidiary and will focus its investments on technology-enabled infrastructure projects throughout North America. It will be investing in projects that require more than US$100 million of equity, as reported by The Wall Street Journal. The spinout was first mentioned in Sidewalk Labs’ Master Innovation and Development Plan, released in late June, though it did not say who its funding partners would be at the time.(The Logic)

Talking point: SIP is distinct from Sidewalk Labs, and its existence is not contingent on Sidewalk’s Quayside deal with Waterfront Toronto moving forward. But if the deal does proceed, it could be used to make “SIP financing available as a potential option to those companies or partners ultimately designated to take on advanced infrastructure systems as part of the Sidewalk Toronto project,” said Keerthana Rang, associate director of communications for Sidewalk Labs. Waterfront Toronto, which continues to negotiate the Quayside project with Sidewalk Labs, told The Logic it was made aware of Thursday’s announcement within the last month. This isn’t the first time OTPP has made a bet on Alphabet: in January, it participated in Alphabet subsidiary Verily’s US$1-billion investment round.