Stonepeak Infrastructure Partners has so far raised $11.4bn (€10.1bn) for its fourth fund, according to sources that track capital raisings.

The amount raised by the Stonepeak Infrastructure Fund IV exceeds the reported initial $10bn fundraising target for the fund. Stonepeak raised $7.2bn for the third infrastructure fund in July 2018.

In a recent meeting document, South Carolina Retirement System has disclosed approving a $75m investment to the fourth fund.

As previously reported, the fund is being backed by the New Jersey Division of Investment, Connecticut Retirement Plans and the Trust Funds and Oregon Public Employees Retirement Fund.

The new value-add fund will be looking to acquire assets mostly in North America in the areas of the US and Canada. The balance is expected to be invested in other areas like Western Europe or Asia.

To read the digital edition of the latest IPE Real Assets magazine click here.