Stonepeak targets Asia-Pacific with new $3bn fund – exclusive

Stonepeak Infrastructure Partners is gearing up to raise a diversified Asia-Pacific infrastructure fund targeting some $3 billion, with a first close expected in Q4, Infrastructure Investor understands.

The 12-year Stonepeak Asia Infrastructure Fund will invest in telecoms, transportation, logistics and energy transition, seeking returns in the high teens. A list of anchor commitments is already in the works, with the fund targeting LPs in all markets.

“Everybody is interested in Asia at the moment,” a source familiar with the fundraise told Infrastructure Investor. A high-profile example of that is KKR, which recently closed its debut APAC infrastructure fund on $3.9 billion, thought to be the biggest such fund in the region.

Senior managing director Hajir Naghdy will be leading the fundraise, alongside senior managing director Darren Keogh and managing director Michael Chan, both recent hires from Macquarie Group.

Keogh spent 25 years at Macquarie and was most recently global head of telecom, media and technology at Macquarie Capital. In December, the Australian Financial Review reported Keogh, based in Sydney, would run Stonepeak’s new Australian office, due to open this year.

Chan, based in Singapore, spent 15 years at Macquarie. He held several positions, including senior managing director in MIRA Real Estate and head of Asia for Macquarie Capital’s Real Estate Investments team.

Stonepeak has amassed a team of 19 people in APAC, which also includes, as we exclusively reported last December, Yasuhiro Ono, the former head of infrastructure investments at Japan Post Bank. Now a director, his responsibilities will mostly include investment sourcing and managing investor relations in the region.

In addition to the new Asia fund, Stonepeak remains in fundraising for both its fourth infrastructure and maiden renewables funds, targeting $12 billion and $1.25 billion, respectively.

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Jordan Stutts contributed to this story