The $18.5 billion Teachers’ Retirement System of Louisiana has committed $50 million to Stonepeak Infrastructure Fund III, according to Lisa Honoré, public information director for the pension fund.
Stonepeak Infrastructure Partners is a North America–focused private equity firm with an opportunistic approach to infrastructure investing. Stonepeak invests in businesses comprised of hard assets with leading market positions primarily in energy, power and renewables, transportation, utilities, water, and communications.
Stonepeak Infrastructure Fund III has also received commitments from the Maine Public Employees Retirement System and the New Mexico Educational Retirement Board.
The fund’s predecessor, Stonepeak Infrastructure Partners II, held a $3.5 billion final close in 2015, reaching its maximum fundraising target. The majority of the capital commitments to Fund II came from investors who also participated in Fund I.
Stonepeak’s investment portfolio includes a joint venture with Cogent Energy Solutions and Granite Peak Development to jointly develop, construct and operate crude oil rail infrastructure in Casper, Wyo.; a diversified, growth-oriented master limited partnership formed by its parent company, Marathon Petroleum Corporation, to own, operate, develop and acquire midstream energy infrastructure assets; and a master limited partnership formed by the investment-grade utility Dominion Resources Inc., to grow a portfolio of natural gas terminaling, processing, storage, transportation, and related assets.
As of Dec. 31, 2016, Stonepeak managed $7.3 billion of capital for its investors.