(Bloomberg) -- Stonepeak Partners, an alternative asset manager that has long focused on infrastructure, is planning to raise its first dedicated real estate fund, according to people with knowledge of the matter.
The New York-based firm has begun discussions with potential investors during which it has highlighted existing real estate bets, the people said. The fund's size hasn't been finalized.
One Stonepeak wager referenced in the talks is a joint venture with Stonemont Financial Group, people with knowledge of the matter said. Stonepeak and Stonemont, a real estate firm that focuses on industrial development, acquired a portfolio featuring warehouses leased to Amazon.com Inc., and plans to purchase additional last-mile logistics properties, one of the people said.
Stonepeak also teamed up with Blackstone Inc.'s Blackstone Real Estate Income Trust and the Cherng Family Trust to buy real estate associated with the Cosmopolitan casino and hotel on the Las Vegas Strip. It's poised to be an anchor investment for the firm's new real estate vehicle, one of the people said.
Read more: Blackstone to Sell Cosmopolitan in Vegas for $5.65 Billion
Stonepeak's real estate effort is led by Phill Solomond, a former Blackstone executive who joined in 2020. Led by co-founder and Chief Executive Officer Mike Dorrell, the firm has roughly $39 billion of assets under management.
A Stonepeak spokeswoman declined to comment. A Stonemont representative didn't immediately respond to a request for comment.
The market is abuzz, with a record 1,284 real estate funds seeking to raise a collective $365 billion as of Sept. 30, according to data provider Preqin. More than 40% are targeting vehicles of $1 billion or more.
©2021 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
