Stonepeak Infrastructure has announced to raise a fund between US$15 billion and US$20 billion for its next flagship North American infrastructure fund.

The Stonepeak Infrastructure Fund V will provide equity to predominantly infrastructure investments in assets such as utilities, data centers, ports and railways.

The predecessor fund, Stonepeak Infrastructure Fund IV, returned 1.08 times its investors' money, according to the Oregon Public Employees Retirement Fund (PERS).

In 2018, US$7.2 billion Stonepeak Infrastructure Fund III had returned 1.59 times its investors' money. Stonepeak has also began raising its first global "core" infrastructure fund, with an initial target of US$5 billion, and the firm is aiming to reach its first fundraising close by the end of this year.