Stonepeak Infrastructure Partners Closes Second Fund at $3.5 Billion Hard Cap

Oversubscribed fund increases total firm assets under management to $5.7 billion

Investment team remains focused on high-quality infrastructure businesses in need of financial resources and operational expertise

NEW YORK--(BUSINESS WIRE)-- Stonepeak Infrastructure Partners (with its affiliates, “Stonepeak” or the “Firm”), a North America-focused infrastructure investment firm, today announced that it has completed fundraising for its second fund, Stonepeak Infrastructure Fund II (“Fund II”) at its $3.5 billion hard cap. The Firm received investor subscriptions at the first close well in excess of the hard cap, with the entire fundraising process being completed in six months.

Trent Vichie, Stonepeak Co-Founder and Senior Managing Director, commented: “We faced a relatively expensive market for infrastructure assets during Fund I, meaning we had to be patient and come up with different ways to create value. Ultimately, we built a number of core infrastructure assets, such as the Carlsbad (California) Desalination Plant, in preference to buying assets that others had developed. We appreciate the confidence our investors have shown in our approach. Our strategy has been rewarded with significant investor support for our second fund and we look forward to pursuing the attractive opportunities we see for Fund II.”

Michael Dorrell, Stonepeak Co-Founder and Senior Managing Director, stated: “We have witnessed a two-speed financial market over the past six months, with cracks in energy, power and high-yield credit on the one-hand, and strength (until very recently) in broader equity markets on the other. We are pleased to be entering this market with significant capital, where high quality infrastructure businesses are facing capital shortages due to market dislocation. It is becoming a good time to invest in operating infrastructure businesses, and if cracks continue to widen, the situation for our investors will improve accordingly. We have the right sized team and fund to continue to deploy capital and work with management teams to drive increased value post investment. ”

The majority of the capital commitments to Fund II came from investors who also participated in Fund I. Stonepeak is extremely appreciative of the strong support that Fund II received from investors. Stonepeak believes that the size of Fund II aligns well with the investment opportunities before it and with the interests of its limited partners.

Campbell Lutyens served as exclusive global placement agent for Fund II, and Simpson Thacher & Bartlett LLP served as US legal counsel.

About Stonepeak Infrastructure Partners

Stonepeak is a North America-focused private equity firm founded in 2011 by Michael Dorrell and Trent Vichie. Stonepeak seeks to employ a conservative yet opportunistic approach to infrastructure investing. Stonepeak invests in businesses comprised of hard assets with leading market positions primarily in the following sectors: energy, power and renewables, transportation, utilities, water and communications. Stonepeak is headquartered in New York. For more information, visit www.stonepeakpartners.com.

Note to Editors: Background on Stonepeak’s Australian Co-Founders

Michael Dorrell

Michael is a Senior Managing Director and Co-Founder of Stonepeak Infrastructure Partners.

Michael formerly worked as a Senior Managing Director in Private Equity and co-head of the infrastructure investment group at Blackstone. Prior to Blackstone, Michael worked for over a decade at Macquarie, where he started his career and ultimately held the title of Senior Managing Director. Michael has been investing in infrastructure for over 15 years, and his investments include Carlsbad Desalination, Casper Crude-to-Rail, Paradigm Midstream, Tidewater, Michigan Electric Transmission Company, the Dulles Greenway toll-road, Chicago Thermal District Energy, Atlantic Aviation, and Crosstex Energy.

Michael has a Bachelor of Laws and a Bachelor of Commerce, both from the University of New South Wales in Sydney. Prior to that, Michael attended St. Joseph’s College Hunters Hill.

Trent Vichie

Trent is a Senior Managing Director and Co-Founder of Stonepeak Infrastructure Partners.

Before joining Blackstone in 2008 as co-head of the infrastructure division, Trent was a Managing Director with Macquarie Group in New York. Trent joined Macquarie’s infrastructure division in 1999 based out of Sydney, and transferred to the New York office in 2000 where he continued to specialize in infrastructure. Trent presently sits on the boards of the Carlsbad Water Desalination Project, Vertical Bridge and is a former director of Northstar Renewable Power and Tidewater Holdings. Trent has 20 years’ experience and has been involved in a wide range of infrastructure equity investments and transactions in the rail, roads, airports, communications and utilities sector totaling over $10 billion.

Trent received a Master’s degree in Economics from Macquarie University in Sydney Australia, and is a fellow of the Institute of Actuaries of Australia. He is a CFA Charterholder.

Magnolia

Stonepeak is working diligently with LNG Limited on the Magnolia LNG project, substantial progress has been made in the last two years.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160111005677/en/

Media:
Stonepeak Infrastructure Partners
Peter Bruce, 212-907-5132
[email protected]
or
Abernathy MacGregor
Chuck Dohrenwend/Erin Smith
212-371-5999
[email protected]/[email protected]

Source: Stonepeak Infrastructure Partners

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