StepStone Group secured $1.4B in capital commitments, inclusive of related separate accounts, at the final close of its debut infrastructure co-investment fund.
The private markets firm's initial target for StepStone Infrastructure Co-Investment Partners (SICP) 2022 was $750M, according to an Infrastructure Investor report, citing information from the Construction Workers Pension Scheme of Ireland. According to filings for the fund with the SEC, Stepstone opened up sales of the fund in December 2022, and in a January 13 news release the firm said SICP alone raised $1.2M at the final close, with Latham & Watkins LLP advising on its formation.
StepStone Infrastructure Co-Investment Partners 2022 targets core-plus and value-add opportunities in digital infrastructure, artificial intelligence and energy transition. Based on the information from the Irish pension scheme, Infrastructure Investor reported that the fund's investments include the Blackstone-backed Italian road operator Mundys, Brookfield Asset Management's container leasing company Triton International, and an 850-megawatt battery storage project in Australia owned by BlackRock's Global Infrastructure Partners.
Stepstone partner Todd Lapenna told Infrastructure Investor that the fund is already half-invested in a portfolio exposed to various sectors and locations, including the US, Western Europe, the UK and Australia. He also teased a potential 2026 follow up to the fund but said the focus for now must be on the utilization of the recently raised capital.
