Stonepeak Infrastructure Partners has launched its fourth flagship infrastructure fund and is targeting $10 billion in commitments, according to sources familiar with the matter.
The New York-based firm began marketing Stonepeak Infrastructure Fund IV to institutional investors this week, one of the sources told Infrastructure Investor. Stonepeak has not set a hard-cap and is expecting to hold first close by next April.
Fund IV will follow a strategy similar to Stonepeak’s previous vehicles, investing in North American power, water, energy, communications and transportation assets. The firm has also set terms that match what it marketed for Fund III, which includes a 1.5 percent management fee, a 20 percent carry and 8 percent hurdle.
The firm has already committed around 65 percent of Fund III, which closed on $7.2 billion last July. Stonepeak has invested the fund in assets including Targa Resources, a midstream joint venture; and cold storage transportation company Lineage Logistics.
Launching Fund IV coincides with Stonepeak rehiring Brenden Woods, who previously worked as the firm’s head of investor relations. Woods left Stonepeak last December to join Macquarie Infrastructure and Real Assets. During his first stint at Stonepeak, Woods helped raise the firm’s $1.65 billion inaugural fund, its $3.5 billion successor vehicle, as well as fund III.
Stonepeak, which spun out of Blackstone in 2011, is also known to be considering raising its first dedicated renewables fund, which would target between $750 million and $1.25 billion in commitments. The firm has hired Hajir Naghdy from Macquarie Capital to manage the renewables vehicle, which will focus on assets in Asia and North America.
Stonepeak declined to comment for this story.