Stonepeak

Stonepeak (also known as Stonepeak Partners and Stonepeak Infrastructure Partners) is an American investment firm headquartered in New York City. The firm focuses on investments in infrastructure and more recently real estate. The firm has additional offices in Hong Kong, Houston, London, Sydney and Singapore.

Stonepeak Partners LP
Stonepeak Infrastructure Partners
TypePrivate
IndustryInvestment management
Founded2011 (2011)
FoundersMichael Dorrell
Trent Vichie
Headquarters55 Hudson Yards, New York City, U.S.
Number of locations
6
Key people
Michael Dorrell (Chairman and CEO)
ProductsPrivate equity
Private credit
Infrastructure fund
Mezzanine capital
Real estate
AUMUS$57.1 billion (June 2023)
Number of employees
189 (2023)
Websitestonepeak.com
Footnotes / references
[1]

In 2022, the firm was ranked by Infrastructure Investor (under Private Equity International) as the sixth largest infrastructure investment firm based on total fundraising over the most recent five-year period.[2]

Background

In 2008, Michael Dorrell and Trent Vichie joined Blackstone Inc. from the Macquarie Group to establish its infrastructure investment unit. In 2011, the unit was spun off as an independent firm named Stonepeak which was based in New York.[3][4][5][6]

The firm's debut fund, Stonepeak Infrastructure Fund I raised $1.65 billion with its investors including Virginia Retirement System and TIAA.[6]

In September 2018, Stonepeak received a $350 million preferred equity investment from Landmark Partners.[7]

In March 2021, Vichie left Stonepeak to found his own company, EverWind Fuels.[5][8]

In November 2021, Bloomberg News reported Stonepeak was in discussions on expanding into real estate investments and setting up its first real estate investment fund.[9] In July 2022, its debut real estate fund, Stonepeak Real Estate Partners was launched.[10] In September 2022, the Texas Municipal Retirement System committed $150 million to the fund.[11]

In July 2023, Blue Owl Capital made a minority investment in Stonepeak.[12]

The firm is noted for having numerous ex-Macquarie Group employees in its ranks. Apart from both its co-founders, several of its senior managing directors also previously worked at the Macquarie Group.[3]

Notable deals

In March 2017, Stonepeak acquired Cologix.[13]

In November 2020, Stonepeak acquired Astound Broadband from TPG Inc. for $3.6 billion in cash along with $4.5 billion in debt.[14]

In November 2022, Stonepeak and Spirit Super acquired the Port of Geelong in a $732 million deal.[3][15]

In April 2021, Stonepeak teamed up with EQT Partners to acquire KPN but in May, KPN rejected the deal.[16]

In October 2021. Stonepeak acquired Teekay LNG in a $6.2 billion deal.[17]

In May 2022, Stonepeak teamed up with Blackstone Inc.’s Blackstone Real Estate Income Trust and the Cherng Family Trust to acquire the Cosmopolitan of Las Vegas for $5.65 billion.[9]

Notable investments

References
  1. "Form ADV" (PDF). SEC.
  2. Gourntis, Kalliope (2022-11-01). "The top 100 GPs driving infra's unstoppable rise". Infrastructure Investor. Retrieved 2023-07-20.
  3. "How a US investor with Macquarie links revived Port of Geelong deal". Australian Financial Review. 2023-04-26. Retrieved 2023-07-19.
  4. Atiya, Alexandra (2013-01-05). "Blackstone infra team spins out". Private Equity International. Retrieved 2023-07-19.
  5. "Stonepeak Co-Founder Vichie Is Leaving the Infrastructure Firm - Bloomberg". 2020-10-28. Retrieved 2023-07-19.
  6. Shieber, Jonathan (2013-10-09). "Stonepeak Infrastructure Partners Closes First Solo Fund at $1.65B". Wall Street Journal. ISSN 0099-9660. Retrieved 2023-07-19.
  7. "Stonepeak Infrastructure Gets $350 Million From Landmark". Bloomberg.com. 2018-09-18. Retrieved 2023-07-19.
  8. French, David (2023-02-08). "EverWind gets approval for North America's first green hydrogen facility". Reuters. Retrieved 2023-07-19.
  9. "Stonepeak Partners Is in Talks to Raise Debut Real Estate Fund". Bloomberg.com. 2021-11-05. Retrieved 2023-07-19.
  10. "New Stonepeak real estate strategy hits the market". Institutional Real Estate, Inc. Retrieved 2023-07-19.
  11. Peterson2022-09-23T14:19:00+01:00, Jon. "Texas Municipal invests in Stonepeak's debut real estate fund". Real Assets. Retrieved 2023-07-19.
  12. Dorbian, Iris (2023-07-11). "Blue Owl backs alternative investment firm Stonepeak". PE Hub. Retrieved 2023-07-19.
  13. Singh, Preeti. "Stonepeak Raises $3 Billion to Extend Its Ownership of Cologix". WSJ. Retrieved 2023-07-19.
  14. Gottfried, Miriam (2020-11-01). "WSJ News Exclusive | Stonepeak Infrastructure to Buy Cable Provider Astound Broadband". Wall Street Journal. ISSN 0099-9660. Retrieved 2023-07-19.
  15. Oguh, Chibuike (2022-11-22). "EXCLUSIVE Stonepeak Partners eyes as much as $20 bln for North America infrastructure fund -sources". Reuters. Retrieved 2023-07-19.
  16. "EQT, Stonepeak Prepare for Long Haul After KPN Rebuffs Approach". Bloomberg.com. 2021-05-05. Retrieved 2023-07-19.
  17. "Stonepeak to buy Teekay LNG in $6.2 bln deal to tap surging gas demand". Reuters. 2021-10-04. Retrieved 2023-07-19.
  18. Silverman, Dwight (2020-11-02). "Houston-based enTouch System's new owner has a new owner". Houston Chronicle. Retrieved 2023-07-19.
  19. Jack, Andrew (3 May 2022). "Stonepeak invests €1bn in private schools operator Inspired". www.ft.com. Retrieved 2023-07-19.
  20. Phillips, Erica E. (2018-07-17). "Cold-Storage Specialist Lineage Logistics Sells $700 Million Minority Stake". Wall Street Journal. ISSN 0099-9660. Retrieved 2023-07-19.
  21. Dilawar, Arvind (2018-11-07). "Taxpayers May Soon Be on the Hook for a $2 Billion Fracked Gas Refinery". Pacific Standard. Retrieved 2023-07-19.
  22. "Xplornet sold to Stonepeak Infrastrcuture Partners | IT World Canada News". www.itworldcanada.com. 2020-06-11. Retrieved 2023-07-19.
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