Stonepeak Partners, a North America–focused infrastructure investment firm headquartered in New York, has held a $7.2 billion final close of Stonepeak Infrastructure Fund III, exceeded its $5 billion target. As of the final close date, the fund has already closed two investments.
The fund received commitments from more than 100 separate institutions in North America, Europe, Asia, the Middle East, Australia and Latin America. Some of these commitments include $100 million from the San Francisco City & County Employees’ Retirement System, $750 million from the Washington State Investment Board and $150 million from the Texas Municipal Retirement System, among others.
Fund III follows Stonepeak Infrastructure Fund II, which has a diversified portfolio of 11 investments in transportation, communication, midstream energy, power and utilities businesses. Fund II held a $3.5 billion final close in 2016.
“We focus foremost on downside protection, targeting businesses with sustainable competitive advantages and with the propensity to compound investment returns over the long term,” said Stonepeak co-founder Trent Vichie. “We target situations which we believe offer relative value and the potential for outperformance, to which we can bring our industrial experience, transaction structuring skills and hands-on asset management approach.”
