Stonepeak secures $400m commitment

Stonepeak Infrastructure Partners, an independent firm that spun out of private equity firm Blackstone Group earlier this year, has secured a new $400 million commitment from a US investor, market sources say, taking its total fundraising to at least $800 million.

Stonepeak, which focuses on investments in middle-market North American infrastructure companies, is led by Trent Vichie and Michael Dorrell, both former New York-based Macquarie managing directors. Dorrell and Vichie left Macquarie in 2008 to start up the infrastructure division at the Blackstone Group, before deciding to establish an independent firm earlier this year.

Stonepeak declined to comment on its fundraising.

Blackstone's debut infrastructure fund, Blackstone Infrastructure Partners, had reportedly collected $450 million in commitments including a $50 million cornerstone commitment from Blackstone. Infrastructure Investor previously reported that $400 million in capital commitments would stay with the spin-out following the separation from its parent firm.

Stonepeak focuses on investments in sectors including power, renewable energy, utilities, transportation, and water, according to the firm’s website. The firm made its first investment in a water desalination plant in San Diego County, California.