Stonepeak’s infrastructure fund closes at $14bn

Stonepeak has raised $14 billion (€12.1 billion) for its fourth North American infrastructure fund.

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 both existing and new investors.

The fourth fund was backed by the New Jersey Division of Investment, Connecticut Retirement Plans and the Trust Funds, 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 on 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.