Stonepeak has surpassed its US$3bn (€3.5bn) fundraising target for its first Asia infrastructure fund by 10%.

The real assets fund manager said Stonepeak Asia Infrastructure Fund closed with $3.3bn in capital commitments from new and existing investors from its other funds.

Investors included pension funds, endowments, insurance companies and other large institutions from across the globe.

The fund is targeting predominantly communications, transport and logistics, and energy assets in developed and high-growth countries in Asia-Pacific.

Stonepeak said the fund had already made six investments “spanning each of its target sectors”.

Hajir Naghdy, senior managing director and head of Asia and the Middle East at Stonepeak, said: “The strong demand for this fund underscores Asia’s compelling long-term economic and demographic tailwinds, and is a resounding acknowledgement by our partners, including many of the world’s most sophisticated investors, that Stonepeak’s team is well positioned to capitalize on the associated investment opportunities.”

Jack Howell and Luke Taylor, co-presidents of Stonepeak, said: “This is a critical time for infrastructure investment in Asia as the need for digital assets, less carbon-intensive energy, and modern logistics infrastructure becomes increasingly pressing in the region.

“We are grateful for our investors’ support as we continue to deploy our strategy to meet these needs and create value for all of our stakeholders by leveraging our deep sector expertise and boots-on-the-ground approach to asset management.”

To read the latest IPE Real Assets magazine click here.