Stonepeak plans to list an unsecured debt security on the Australian Securities Exchange (ASX) as a way of offering Australian investors access to infrastructure debt.
The infrastructure fund manager has already raised more than A$300m (€169m) for Stonepeak-Plus INFRA1 Note ahead of an expected listing on 10 December.
The unsecured, floating-rate infrastructure-backed debt security will aim to provide investors with monthly income returns from debt sourced from infrastructure assets in markets that include Australia and New Zealand.
Andrew Robertson, senior managing director and head of Australia and New Zealand private credit at Stonepeak, said: “Infrastructure businesses have historically exhibited lower default rates compared to corporate debt, making infrastructure debt an especially powerful portfolio diversification tool for investors due to its stable and predictable nature.
“However, infrastructure debt has historically been a challenging asset class for investors to access at scale. The proposed launch of Stonepeak-Plus INFRA1 aims to solve this for Australian investors while giving them the opportunity to invest behind some of the most compelling tailwinds in infrastructure today.”
Jack Howell, Stonepeak co-president, said: “We have long recognised the compelling opportunities in the credit space, and we are excited to be broadening access to the asset class through the launch of this note.
“Since we began investing in infrastructure debt in 2018, we have continued to thoughtfully expand the Stonepeak credit team and its offerings. The proposed launch of Stonepeak-Plus INFRA1 reflects another milestone, and builds on our success investing across the capital stack into world-class, critical infrastructure on behalf of our investors.”
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