Alternative investment firm Stonepeak has raised $14bn (€12.1bn) for its fourth North American infrastructure fund.
The manager said Stonepeak Infrastructure Fund IV was significantly oversubscribed, with demand exceeding its hard cap.
Stonepeak raised $7.2bn for the third infrastructure fund in July 2018.
Stonepeaksaid Fund IV received commitments from a diverse group of more than 150 global investors from 23 different countries with strong support from both existing and new investors.
As previously reported, the fourth fund was being backed by the New Jersey Division of Investment, Connecticut Retirement Plans and the Trust Funds and Oregon Public Employees Retirement Fund.
South Carolina Retirement System also disclosed approving a $75m investment to the fourth fund which was seeking a $10bn capital raise, with a $12bn hard cap.
Fund IV targets infrastructure assets across North America, primarily within the communications, transport and logistics, and energy transition sectors.
Stonepeak said the fund had so far committed approximately 40% of total capital commitments to 10 investments. The deals include the acquisition of Teekay LNG Partners and investing in Delta Fiber for a 50% stake.
The manager expects Fund IV to make more than 15 investments when fully deployed.
Stonepeak CEO, chairman and co-founder Michael Dorrell said: “The strong interest in our fourth flagship fund reflects the outstanding investment results achieved for our partners together with our reputation for responsible stewardship of critical infrastructure assets.
”We thank our investors for their long-term support and look forward to continuing to grow businesses in areas where the macro tailwinds are strongest and where our operational focus can make the greatest difference.”
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