For its fourth North American infrastructure fund Stonepeak has raised $14 billion (€12.1 billion). Stonepeak Infrastructure Fund IV, according to the manager, was heavily oversubscribed, with demand exceeding the fund’s hard cap.
In July 2018, Stonepeak raised $7.2 billion for its third infrastructure fund. Stonepeaksaid Fund IV got pledges from over 150 global investors representing 23 countries, with strong support from existing and new investors.
The fourth fund was backed by Connecticut Retirement Plansand the Trust Funds, the New Jersey Division of Investment, and the Oregon Public Employees Retirement Fund, as previously reported.
The South Carolina Retirement System also announced that it had approved a $75 million investment in a fourth fund that was looking for a $10 billion capital raising with a $12 billion hard ceiling. Fund IV focuses in infrastructure assets in North America, with a focus on communications, transportation and logistics, and energy transition.
According to Stonepeak, the fund has committed roughly 40% of its overall capital commitments to ten investments so far. The transactions include the purchase of Teekay LNG Partners and a 50 percent investment in Delta Fiber.
When fully deployed, the manager expects Fund IV to make more than 15 investments.
Michael Dorrell, the CEO, chairman, and co-founder of Stonepeak, said “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.
”We thank our investors for their long-term support and look forward to continuing to grow businesses in areas where the macro tailwinds are strongest and where our operational focus can make the greatest difference.”