The inaugural fund – which exceeded its initial $1.25 billion target earlier this year – closed at its hard-cap with commitments from more than 40 new and existing Stonepeak investors across 15 different countries.
With $800 million already invested in renewables projects across the US and North Asia to date, a source familiar with the matter told Infrastructure Investor the fund aimed to invest evenly across developed markets globally, ultimately focusing on countries that would provide “stable regulatory regimes and the ability to tap long-term financing”.
GRF is targeting solar, onshore and offshore wind platforms, as well as energy storage, the source added.
In a statement, Stonepeak senior managing director Hajir Naghdy said: “Renewable energy provides a critical pathway to rapidly decarbonise the global electricity sector and is an increasingly attractive area for investment given continued economic and public policy tailwinds globally. We launched GRF to both align with and help accelerate the powerful trends underpinning the ongoing transformation of the global energy sector, which are creating a strong pipeline of differentiated and exciting opportunities that we are well positioned to capitalise on for our investors.”
In April, Infrastructure Investor reported the firm was looking to raise a diversified Asia-Pacific infrastructure fund targeting around $3 billion, with a first close expected in Q4.
The firm’s fourth flagship vehicle, Stonepeak Infrastructure Fund IV, reached a $8.65 billion first close in December, securing commitments from Washington State Investment Board and Oregon Public Employees’ Retirement Fund, among others.