Stonepeak Infrastructure Partners has raised approximately $1.2 billion in equity commitments for its debut Stonepeak Infrastructure Fund, according to a filing with the Securities and Exchange Commission. The global fund launched in 2011 and held a $740 million first close in October 2012.
Stonepeak is targeting infrastructure investments in the North American middle market, primarily in the water and utilities (electric utilities, water and wastewater), energy (midstream pipelines, alternative energy), and transportation (rail, barges, airports, roads) sectors. Stonepeak will focus on long-lived opportunities with relatively low leverage where there are significant add-on growth opportunities that can provide accretive investments at higher IRRs. Through its operating partners, Stonepeak intends to intensively manage the portfolio companies.
New York City–based Stonepeak, an independent firm that spun out of The Blackstone Group, focuses on investments in sectors including power, renewable energy, utilities, transportation and water.