The Seattle City Employees' Retirement System (SCERS) has approved a follow-on commitment of up to $20 million to Stonepeak’s fourth flagship renewables infrastructure fund, a spokesperson for the pension fund confirmed in an email.
Stonepeak Infrastructure Fund IV is targeting $10 billion in equity commitments and will follow the strategy of its predecessors in investing in energy, transport, renewables, telecommunications, utilities and water. Stonepeak Infrastructure Fund IV is expecting to hold a first close by April 2020.
The fund’s direct predecessor, Stonepeak Infrastructure Fund III, closed in July 2018 with $7.2 billion in capital commitments, exceeding its fundraising target of $5 billion. The fund’s diversified portfolio includes 11 investments in transportation, communication, midstream energy, power and utilities businesses.
SCERS previously committed $15 million to Stonepeak Infrastructure III and $8 million to Stonepeak Infrastructure II.