Stonepeak has held a final close of Stonepeak Infrastructure Fund III at $7.2 billion, which is the largest infrastructure fundraising so far this year.
Around 100 investors committed to the fund, which is targeting a 12 percent net internal rate of return, inclusive of a 4 percent cash yield. Targeted sectors include power, water, energy, communications and transportation in North America. Like the previous fund, Fund III targets deal opportunities between $100 million and $1 billion.
Founded in 2011, Stonepeak closed its inaugural vehicle in 2013 on $1.65 billion, followed by the closing of Stonepeak Infrastructure Fund II on $3.5 billion in January 2016.