US infrastructure and real estate investment firm Stonepeak announced the final close of its maiden Asia-Pacific fund at $3.3 billion, exceeding the $3 billion target set in 2021.
The fund – Stonepeak Asia Infrastructure Fund – received commitments from new investors, including pensions, endowments, insurance firms, and other largest institutions, as well as existing investors in other Stonepeak vehicles, per the announcement.
A US Securities and Exchange Commission filing seen by DealStreetAsia shows that the total amount raised takes into account the main fund, its parallel fund, and its respective feeder funds. At least 43 investors have committed to the vehicle.
The final close of the fund brings Stonepeak’s total assets under management to $61.1 billion.
Launched in 2021, the Asia infrastructure fund seeks to invest in telecom, transportation, logistics, and energy transition. The firm made a $2.8 billion initial close of the fund in 2022 and $3.07 billion in October last year.
Stonepeak closed its fourth flagship fund – Stonepeak Infrastructure Fund IV – in 2022 at $14 billion. Taiwan-based China Life Insurance Company committed $60 million to the fund in 2021.
Stonepeak co-presidents Jack Howell and Luke Taylor said the latest Asia infrastructure fund will seek to meet the infrastructure investment demand in the region.
“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,” the co-presidents said.
Headquartered in New York with offices in Austin, Hong Kong, Houston, London and Sydney, the firm sponsors investment vehicles focused on private equity and credit.
The firm said it specialises in infrastructure and real assets, investing capital on behalf of pensions, endowments and other large institutions worldwide.
Stonepeak has been actively investing in Asia. In November, Singapore-headquartered AGP Sustainable Real Assets said Stonepeak is investing in the company. While financial terms were not disclosed, The Business Times reported that the total investment could be up to $653 million.
Stonepeak appointed Sung Eun Ahn as chairman, Korea, in February this year, to support the firm’s APAC business.
In 2022, Stonepeak invested in Singapore’s Equalbase, an integrated development and management platform focused on the logistics sectors across the Asia-Pacific.
Before Equalbase, Stonepeak has invested in Singapore-based data centre platform Digital Edge, GreenPeak Renewables and Swancor Renewable Energy in Taiwan, Japanese renewable asset platform Peak Energy Investments, and Seapeak, a global marine platform with operations in Southeast Asia.
The firm also agreed to buy 2,180 towers from Philippines-based Globe Telecom for $472 million in August 2022. The deal adds to Stonepeak’s telecom portfolio, which includes American Tower’s US data centre business and Lumen’s Latin American operations.
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