Stonepeak (also known as Stonepeak Partners and Stonepeak Infrastructure Partners) is an American investment firm headquartered in

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

. The firm focuses on investments in

infrastructure Infrastructure is the set of facilities and systems that serve a country, city, or other area, and encompasses the services and facilities necessary for its economy, households and firms to function. Infrastructure is composed of public and pri ...

and more recently real estate. The firm has additional offices in Hong Kong, Houston, London, Sydney and Singapore. In 2022, the firm was ranked by Infrastructure Investor (under ''

Private Equity International ''Private Equity International'' (PEI) is a global insight, analysis and data provider for the private equity industry, with a core focus on the relationship between investors and fund managers: the LP- GP nexus. Launched in December 2001, the t ...

'') as the sixth largest infrastructure investment firm based on total fundraising over the most recent five-year period.

Background

In 2008, Michael Dorrell and Trent Vichie joined

Blackstone Inc. Blackstone Inc. is an American alternative investment management company based in New York City. It was founded in 1985 as a mergers and acquisitions firm by Peter Peterson and Stephen Schwarzman, who had previously worked together at Lehman ...

from the

Macquarie Group Macquarie Group Limited (), more commonly known as Macquarie Bank, is an Australian multinational investment banking and financial services group headquartered in Sydney and listed on the ASX (). Macquarie's investment banking division is Au ...

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. The firm's debut fund, Stonepeak Infrastructure Fund I raised $1.65 billion with its investors including Washington State, Oregon State, Virginia Retirement System and

TIAA The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA, formerly TIAA-CREF) is an American financial services organization that is a private provider of financial retirement services in the academic, resea ...

. In September 2018, Stonepeak received a $350 million off balance sheet investment from

Landmark Partners Ares Management Corporation is a global alternative investment manager operating in the credit, private equity and real estate markets. The company was founded in 1997 with additional offices across North America, Europe, and Asia. As of Septe ...

. In March 2021, Vichie left Stonepeak to found his own company, EverWind Fuels. In November 2021, ''

Bloomberg News Bloomberg News (originally Bloomberg Business News) is an international news agency headquartered in New York City and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg T ...

'' reported Stonepeak was in discussions on expanding into real estate investments and setting up its first real estate investment fund. In July 2022, its debut real estate fund, Stonepeak Real Estate Partners was launched. In September 2022, the Texas Municipal Retirement System committed $150 million to the fund. In July 2023, Blue Owl Capital made a $2 billion 13.5% minority investment in Stonepeak, valuing the firm at approximately $15 billion. 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.

Notable deals

In March 2017, Stonepeak acquired Cologix. In November 2020, Stonepeak acquired Astound Broadband from

TPG Inc. TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American private equity firm based in Fort Worth, Texas. TPG manages investment funds in growth capital, venture capital, stock, public equity, and debt investments. The f ...

for $3.6 billion in cash along with $4.5 billion in debt. In November 2022, Stonepeak and Spirit Super acquired the Port of Geelong in a $732 million deal. In April 2021, Stonepeak teamed up with

EQT AB EQT AB is a Swedish global investment organization founded in 1994. Its funds invest in private equity (EQT Private Capital Europe & North America), infrastructure (EQT Infrastructure), real estate (EQT Real Estate), growth equity, and ventur ...

to acquire

KPN Koninklijke KPN N.V. (Royal KPN N.V. in English), trading as KPN is a Dutch List of telephone operating companies, telecommunications company. KPN originated from a government-run postal, telegraph and telephone service and is based in Rotterda ...

but in May, KPN rejected the deal. In October 2021. Stonepeak acquired Teekay LNG in a $6.2 billion deal. 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 The Cosmopolitan of Las Vegas (commonly referred to simply as The Cosmopolitan or The Cosmo) is a resort casino and hotel on the Las Vegas Strip in Paradise, Nevada. It is owned by The Blackstone Group, Stonepeak Partners, and Cherng Family Tru ...

for $5.65 billion. In April 2025, it was announced Stonepeak and

Kohlberg Kravis Roberts KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global private-equity and investment company. , the firm had completed private-equity investments in portfolio companies with approximately $710 billion of total ...

had agreed to buy Assura plc, a UK-listed real estate company, in a deal worth £1.6 billion. The deal is set to complete in autumn 2025 and is subject to approval.

Notable investments

* Astound Broadband * Cologix * CoreSite *

Intrado Intrado, formerly West Corporation, is an American telecommunications company. It was purchased by private equity firm Apollo Global Management on October 11, 2017. Business Operations Intrado is reorganized in five main segments: Cloud Coll ...

* Inspired Education Group * Lineage Logistics * NW Innovation Works * Port of Geelong * Teekay LNG * Xplore Inc.

References

External links

* {{authority control 2011 establishments in New York City Corporate spin-offs Financial services companies established in 2011 Investment management companies of the United States Privately held companies based in New York City Private equity firms of the United States