Stonepeak has secured $820m (€718.2m) in capital commitments towards a $1.5bn target for its second US real estate fund, according to a report sent to limited partners.
The capital raised for Stonepeak Real Estate Partners II comprises both direct allocations and co-investment capital, including a $75m commitment from the New Mexico Educational Retirement Board.
Stonepeak previously raised $764m for its inaugural real estate vehicle, which closed in December 2024 below its $1bn target.
Stonepeak’s Partners II is set to deploy $160m of equity across three pending acquisitions, comprising two senior housing properties and a rail-served logistics asset, which are expected to deliver a blended internal rate of return of 19% gross and 15% net, according to people familiar with the matter.
Partners II is expected to follow a similar investment strategy to Partners I, which targeted port logistics alongside senior, student and manufactured housing assets.
Stonepeak declined a request for comment.
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