‘Interim’ $905m Stonepeak close

Stonepeak Infrastructure Fund is nearing its $1bn goal. The vehicle has $905m, paperwork showed.

Stonepeak Infrastructure Fund has held an ‘interim close’ on $905 million, according to a regulatory filing.

The fund is looking to raise $1 billion. The interim close will allow the fund to invest existing capital.

Stonepeak Infrastructure Partners senior managing partner Trent Vichie declined to comment.

Based in New York, Stonepeak formed in 2011 when Vichie and senior managing partner Michael Dorrell spun Blackstone Infrastructure Partners out from the Blackstone Group.

Vichie and Dorrell founded Blackstone Infrastructure Partners in 2008. The fund then went on to collect $400 million before Vichie and Dorrell spun out and rebranded Blackstone Infrastructure Partners as Stonepeak.

In the wake of parting with private equity firm Blackstone, Stonepeak racked up a $40 million commitment from the New Mexico Educational Retirement Board, a $250 million allocation from the Washington State Investment Board and a $100 million investment from the Oregon Public Employees Retirement Fund.

Stonepeak also bought power plant Canada Solar for $48 million, paid $170 million to own a seawater desalination project in San Diego, and acquired multimodal transportation operator Tidewater.

In October 2012, the fund held its first close on $740 million.