Stonepeak Infrastructure raises $1.65b

Stonepeak Infrastructure Partners Fund I has raised $1.65 billion for its final closing. New York City–based Stonepeak Infrastructure Partners is a spinoff founded by former members of private equity firm The Blackstone Group.

Stonepeak initially targeted $1 billion for the fund and received strategic commitments from TIAA-CREF, public pension funds and other institutional investors in North America, Europe and Asia.

SIPF I will make investments in the North American middle-market water and utilities, energy and power, and transportation sectors.

“We have completed four investments and announced another two to date, and we continue to see compelling opportunities to achieve attractive risk-adjusted returns,” says Michael Dorrell, co-founder and senior managing director of Stonepeak.

The fund’s investments to date include a water desalination plant in Carlsbad, Calif.; a solar-power facility in the province of Ontario;