Washington State Investment Board (WSIB) is planning to make a $500m (€476m) commitment to a vehicle to invest alongside Stonepeak’s new infrastructure fund.
WSIB said it is seeking approval next week to place the capital into Stonepeak Core Fund, the open-ended OECD-focused fund.
WSIB told IPE Real Assets that the Stonepeak fund is seeking to raise an initial $5bn to target the communications, energy transition, transportation and logistics infrastructure sectors. The fund targets gross returns of 8% to 11%.
The Stonepeak core fund joined forces with Australian industry super fund Spirt Super to acquire GeelongPort, a deal which was announced last month. The fund also owns a 36% stake in American Tower’s $10.5bn US data centre business.
Stonepeak declined a request for comment.
WSIB said it is also considering a $300m commitment to Global Infrastructure Partners Core Fund, a fund seeking to raise $5bn to mainly invest in the energy, transport, digital and water/waste infrastructure sectors in North America and Europe.
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