Stonepeak Raises $3.3B for 1st Asia-Focused Infra Fund

Stonepeak, a NY-based alternative investment firm focused on infrastructure and real assets, has closed Stonepeak Asia Infrastructure Fund with $3.3 billion in capital commitments.

The fund will concentrate on the communications, transport and logistics and energy sectors across the Asia-Pacific region. The fund, which is Stonepeak’s first Asia-focused strategy, exceeded $3 billion target. To date, the fund has made six investments across all its target sectors.

Stonepeak began fundraising in late 2021 and raised over $2.5 billion a year later.

“This is a critical time for infrastructure investment in Asia as the need for digital assets, less carbon-intensive energy, and modern logistics infrastructure becomes increasingly pressing in the region,” noted co-presidents Jack Howell and Luke Taylor.

The close comes amid reports that the asset manager is pursuing another $9 billion flagship fund after raising the same amount in 2022 but is ready for a prolonged fundraising period due to current market conditions.

In February, private equity firm KKR said it raised $6.4 billion for a fund focused on Asia-Pacific infrastructure and energy-related assets in what it said was the largest pan-regional infrastructure fund raised for that region.

Stonepeak’s assets under management now total $61.1 billion.