Stonepeak Infrastructure Partners, a North America-focused infrastructure investment firm, has completed fundraising for its second fund, Stonepeak Infrastructure Fund II at its US$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. The majority of the capital commitments to Fund II came from investors who also participated in Fund I. 

Campbell Lutyens served as exclusive global placement agent for Fund II, and Simpson Thacher & Bartlett LLP served as US legal counsel.

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. ”