Stonepeak is looking to hold an initial second-quarter close for its fifth flagship infrastructure fund targeting $15B in total capital commitments, Infrastructure Investor reported February 10.
Stonepeak Infrastructure Fund V is already close to hitting $10B in the current fundraise, according to the report. The New York-based alternative investment firm filed for the fund with the SEC in December 2023, immediately opening it for subscription afterward. As of an amended SEC filing on January 23, 2025, the fund had secured $7.29B in capital commitments from 98 investors.
Speaking to the opportunities within infrastructure and continued growth of the asset class in a recent interview with Bloomberg, Stonepeak Co-President Jack Howell said, “Increased data demand, energy demand and the energy transition, realignment of supply chains on the transport side – those are very large problems that require large amounts of capital. … It’s incumbent on folks like us to go find that next horizon.”
According to Dakota data, the fund has raised more than $1.2B from US pensions so far, including the Teachers Retirement System of Louisiana, Connecticut Retirement Plans and Trust Funds, Rhode Island State Pension, Seattle City Employees Retirement System, Virginia Retirement System, Orange County Employees Retirement System, Oregon Public Employees Retirement Fund, Maine Public Employees' Retirement System, Fairfax County Educational Employees' Supplementary Retirement System and New York State Common Retirement Fund.
Stonepeak is being assisted by CAIS Capital in marketing the fund across the US and by XT Capital Partners across 15 US states. Outside the US, Altis Financial Services, Fund Placement Israel, Trichotomy Consulting and MAR Advisors are promoting the fund. The firm allocated $18M for commissions related to the fundraise.
Stonepeak has $72B of AUM as of September 2024. It has carried out 72 investments across 61 countries, targeting infrastructure and real assets with long-term growth prospects. In August 2024, it closed the $3.15B Stonepeak Opportunities Fund that targets middle-market infrastructure opportunities, particularly in the communications, transport and logistics, and energy and energy transition sectors of North America and Europe.
