(Bloomberg) -- Stonepeak Infrastructure Partners completed an initial money-raising push for its fourth fund, collecting $6.2 billion.
The ultimate target for Stonepeak Infrastructure Fund IV LP is $10 billion, according to a memo to pension funds and other investors seen by Bloomberg. Most of the 45 investors who participated in the so-called first close had previously invested with the firm.
“Our portfolio continues to perform strongly and we believe that upcoming expected market distress is well suited to our investment approach,” co-founder Mike Dorrell said in the memo, adding that the firm intends to hold a second close on July 15.
A Stonepeak representative declined to comment.
Backers of the new fund include Washington State Retirement System, Oregon Public Employees Retirement System and Maine Public Employees Retirement System, data compiled by Bloomberg shows.
New York-based Stonepeak, which has assets under management of more than $24 billion, is still investing out of its third fund. Earlier this year, it agreed to buy Canadian broadband-service provider Xplornet Communications Inc. and purchased transport-equipment company TRAC Intermodal.
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