Stonepeak Raises $14 Billion North American Infrastructure Fund

(Bloomberg) -- Stonepeak, the alternative-investment manager focused on infrastructure and real assets, said it raised $14 billion for its fourth flagship fund, exceeding an earlier target of $12 billion.

The total is almost double the amount raised by the firm's third flagship fund, which closed with $7.2 billion in commitments in 2018. Stonepeak, which now has $46 billion in assets under management, will seek to make infrastructure bets across North America, particularly in sectors including transport and logistics, communications and energy transition.

“The strong interest in our fourth flagship fund reflects the outstanding investment results achieved for our partners together with our reputation for responsible stewardship of critical infrastructure assets,” Mike Dorrell, Stonepeak's chairman, chief executive officer and co-founder, said in an emailed statement.

Stonepeak said it has already committed about 40% of the latest fund's capital, including transactions signed by Astound Broadband, Delta Fiber, Emergent Cold LatAm, Rinchem and Seapeak, which was previously known as Teekay LNG.

The fund's limited partners include more than 150 investors from 23 countries, New York-based Stonepeak said. Among them are the Washington State Retirement System, Oregon Public Employees Retirement System, New York State Common Retirement Fund and Teachers' Retirement System of the State of Illinois, according to data compiled by Bloomberg.

Infrastructure, viewed by many investors as a source of stable returns, may overtake real estate as the largest real asset class, with projected collective assets under management of $1.87 trillion by 2026, according to data provider Preqin. In fact, 47% of investors surveyed by Preqin said they plan to increase their long-term allocation to infrastructure. The median current allocation for sovereign wealth funds to the sector is 7.3%, according to Preqin.