Stonepeak Infrastructure Partners said Monday that it second fund closed at its $3.5 billion hard cap. New York-based Stonepeak invests in sectors including energy, power and renewables, transportation, utilities, water and communications. Campbell Lutyens served as exclusive global placement agent for Fund II, while Simpson Thacher & Bartlett LLP served as US legal counsel.
NEW YORK, January 11, 2016 — Stonepeak Infrastructure Partners (with its affiliates, “Stonepeak” or the “Firm”), a North America-focused infrastructure investment firm, today announced that it has completed fundraising for its second fund, Stonepeak Infrastructure Fund II (“Fund II”) at its $3.5 billion hard cap. The Firm received investor subscriptions at the first close well in excess of the hard cap, with the entire fundraising process being completed in six months.
Trent Vichie, Stonepeak Co-Founder and Senior Managing Director, commented: “We faced a relatively expensive market for infrastructure assets during Fund I, meaning we had to be patient and come up with different ways to create value. Ultimately, we built a number of core infrastructure assets, such as the Carlsbad (California) Desalination Plant, in preference to buying assets that others had developed. We appreciate the confidence our investors have shown in our approach. Our strategy has been rewarded with significant investor support for our second fund and we look forward to pursuing the attractive opportunities we see for Fund II.”
Michael Dorrell, Stonepeak Co-Founder and Senior Managing Director, stated: “We have witnessed a two-speed financial market over the past six months, with cracks in energy, power and high-yield credit on the one-hand, and strength (until very recently) in broader equity markets on the other. We are pleased to be entering this market with significant capital, where high quality infrastructure businesses are facing capital shortages due to market dislocation. It is becoming a good time to invest in operating infrastructure businesses, and if cracks continue to widen, the situation for our investors will improve accordingly. We have the right sized team and fund to continue to deploy capital and work with management teams to drive increased value post investment. ”
The majority of the capital commitments to Fund II came from investors who also participated in Fund I. Stonepeak is extremely appreciative of the strong support that Fund II received from investors. Stonepeak believes that the size of Fund II aligns well with the investment opportunities before it and with the interests of its limited partners.
Campbell Lutyens served as exclusive global placement agent for Fund II, and Simpson Thacher & Bartlett LLP served as US legal counsel.
About Stonepeak Infrastructure Partners
Stonepeak is a North America-focused private equity firm founded in 2011 by Michael Dorrell and Trent Vichie. Stonepeak seeks to employ a conservative yet opportunistic approach to infrastructure investing. Stonepeak invests in businesses comprised of hard assets with leading market positions primarily in the following sectors: energy, power and renewables, transportation, utilities, water and communications. Stonepeak is headquartered in New York. For more information, visit www.stonepeakpartners.com.