The $74.2 billion Oregon Public Employees Retirement Fund has committed $400 million to Stonepeak Infrastructure Fund III, according to board meeting documents.
Stonepeak Infrastructure Fund III, which invests in mid-sized infrastructure deals in North America, is seeking $5 billion in aggregated capital commitments for the fund with a $7 billion hard cap, according to the document. The firm plans to hold a first close on or about Sept. 30, 2017, according to the document.
OIC staff believe that “Stonepeak III represents an opportunity to invest with an experienced manager in an attractive market” and that “Stonepeak is differentiated by their value-added strategy and middle-market focus.”
Oregon’s relationship with Stonepeak dates back to 2012, when the OIC committed $100 million to Stonepeak Infrastructure Fund I. A subsequent $400 million commitment was made to Stonepeak Infrastructure Fund II in 2015.
Additional commitments to the fund inclu