Stonepeak has surpassed its initial $2.5bn (€2.3bn) target, closing its latest middle-market infrastructure fund at a revised hard cap of $3.15bn.
The manager said the Stonepeak Opportunities Fund – which received commitments from a diverse group of global investors – will target core-plus and value-add opportunities in North America and Europe.
As previously reported, the New York State Common Retirement Fund made a $250m commitment to the fund.
Missouri Local Government Employees Retirement System, the Virginia Retirement System, the Teachers’ Retirement System of Louisiana and the Orange County Employees Retirement System are among the investors backing the fund.
Jack Howell, co-president of Stonepeak and co-head of the opportunities fund, said: “Sourcing high-quality, mid-market infrastructure investments requires a nimble, creative approach to origination and a deep understanding of various industry themes and dynamics – both areas that we believe set Stonepeak apart, particularly when combined with our global platform.
“We are excited to continue identifying differentiated, off-the-run investment opportunities and utilising our structuring expertise to create value for our partners.”
Nikolaus Woloszczuk, senior managing director at Stonepeak and co-head of the opportunities fund, said: “The significant support we’ve received for this fund from new and longstanding partners alike is a testament to the quality of our team, our investment acumen, sector expertise, and global capabilities, and we are incredibly grateful for their continued confidence in us.
“By combining the resources of a large platform with our experience in middle-market investing, we believe we are well-placed to capitalise on the wide range of investment opportunities that we continue to see across each of our main target sectors.”
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