American infrastructure investment firm
Stonepeak (also known as Stonepeak Partners and Stonepeak Infrastructure Partners) is an American investment firm headquartered in New York City. The firm focuses on investments in infrastructure and more recently real estate. The firm has additional offices in Hong Kong, Houston, London, Sydney and Singapore.
In 2022, the firm was ranked by Infrastructure Investor (under "Private Equity International") as the sixth largest infrastructure investment firm based on total fundraising over the most recent five-year period.
Background.
In 2008, Michael Dorrell and Trent Vichie joined Blackstone Inc. from the Macquarie Group to establish its infrastructure investment unit. In 2011, the unit was spun off as an independent firm named Stonepeak which was based in New York.
The firm's debut fund, Stonepeak Infrastructure Fund I raised $1.65 billion with its investors including Washington State, Oregon State, Virginia Retirement System and TIAA.
In September 2018, Stonepeak received a $350 million off balance sheet investment from Landmark Partners.
In March 2021, Vichie left Stonepeak to found his own company, EverWind Fuels.
In November 2021, "Bloomberg News" reported Stonepeak was in discussions on expanding into real estate investments and setting up its first real estate investment fund. In July 2022, its debut real estate fund, Stonepeak Real Estate Partners was launched. In September 2022, the Texas Municipal Retirement System committed $150 million to the fund.
In July 2023, Blue Owl Capital made a $2 billion 13.5% minority investment in Stonepeak, valuing the firm at approximately $15 billion.
The firm is noted for having numerous ex-Macquarie Group employees in its ranks. Apart from both its co-founders, several of its senior managing directors also previously worked at the Macquarie Group.
Notable deals.
In March 2017, Stonepeak acquired Cologix.
In November 2020, Stonepeak acquired Astound Broadband from TPG Inc. for $3.6 billion in cash along with $4.5 billion in debt.
In November 2022, Stonepeak and Spirit Super acquired the Port of Geelong in a $732 million deal.
In April 2021, Stonepeak teamed up with EQT AB to acquire KPN but in May, KPN rejected the deal.
In October 2021. Stonepeak acquired Teekay LNG in a $6.2 billion deal.
In May 2022, Stonepeak teamed up with Blackstone Inc.’s Blackstone Real Estate Income Trust and the Cherng Family Trust to acquire the Cosmopolitan of Las Vegas for $5.65 billion.
Notable investments.
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References.
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