Stonepeak

Stonepeak Partners LP
Stonepeak Infrastructure Partners
Company typePrivate
IndustryInvestment management
Founded2011; 14 years ago (2011)
Founders
  • Michael Dorrell
  • Trent Vichie
Headquarters55 Hudson Yards, New York City, U.S.
Key people
  • Michael Dorrell (Chairman and CEO)
  • Jack Howell (Co-President)
  • Luke Taylor (Co-President)
ProductsPrivate equity
Private credit
Infrastructure fund
Mezzanine capital
Real estate
AUMUS$71.2 billion (March 2024)
Number of employees
250 (August 2024)
Websitestonepeak.com
Footnotes / references
[1]

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.

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 Washington State, Oregon State, Virginia Retirement System and TIAA.[6]

In September 2018, Stonepeak received a $350 million off balance sheet 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 $2 billion 13.5% minority investment in Stonepeak, valuing the firm at approximately $15 billion.[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 AB 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 (November 1, 2022). "The top 100 GPs driving infra's unstoppable rise". Infrastructure Investor. Retrieved July 20, 2023.
  3. ^ a b c d "How a US investor with Macquarie links revived Port of Geelong deal". Australian Financial Review. April 26, 2023. Retrieved July 19, 2023.
  4. ^ Atiya, Alexandra (January 5, 2013). "Blackstone infra team spins out". Private Equity International. Retrieved July 19, 2023.
  5. ^ a b "Stonepeak Co-Founder Vichie Is Leaving the Infrastructure Firm - Bloomberg". October 28, 2020. Retrieved July 19, 2023.
  6. ^ a b Shieber, Jonathan (October 9, 2013). "Stonepeak Infrastructure Partners Closes First Solo Fund at $1.65B". Wall Street Journal. ISSN 0099-9660. Retrieved July 19, 2023.
  7. ^ "Stonepeak Infrastructure Gets $350 Million From Landmark". Bloomberg.com. September 18, 2018. Retrieved July 19, 2023.
  8. ^ French, David (February 8, 2023). "EverWind gets approval for North America's first green hydrogen facility". Reuters. Retrieved July 19, 2023.
  9. ^ a b c "Stonepeak Partners Is in Talks to Raise Debut Real Estate Fund". Bloomberg.com. November 5, 2021. Retrieved July 19, 2023.
  10. ^ "New Stonepeak real estate strategy hits the market". Institutional Real Estate, Inc. Retrieved July 19, 2023.
  11. ^ Peterson2022-09-23T14:19:00+01:00, Jon. "Texas Municipal invests in Stonepeak's debut real estate fund". Real Assets. Retrieved July 19, 2023.{{cite web}}: CS1 maint: numeric names: authors list (link)
  12. ^ Dorbian, Iris (July 11, 2023). "Blue Owl backs alternative investment firm Stonepeak". PE Hub. Retrieved July 19, 2023.
  13. ^ a b Singh, Preeti (April 4, 2022). "Stonepeak Raises $3 Billion to Extend Its Ownership of Cologix". WSJ. Retrieved July 19, 2023.
  14. ^ Gottfried, Miriam (November 1, 2020). "WSJ News Exclusive | Stonepeak Infrastructure to Buy Cable Provider Astound Broadband". Wall Street Journal. ISSN 0099-9660. Retrieved July 19, 2023.
  15. ^ a b c Oguh, Chibuike (November 22, 2022). "EXCLUSIVE Stonepeak Partners eyes as much as $20 bln for North America infrastructure fund -sources". Reuters. Retrieved July 19, 2023.
  16. ^ "EQT, Stonepeak Prepare for Long Haul After KPN Rebuffs Approach". Bloomberg.com. May 5, 2021. Retrieved July 19, 2023.
  17. ^ a b "Stonepeak to buy Teekay LNG in $6.2 bln deal to tap surging gas demand". Reuters. October 4, 2021. Retrieved July 19, 2023.
  18. ^ Silverman, Dwight (November 2, 2020). "Houston-based enTouch System's new owner has a new owner". Houston Chronicle. Retrieved July 19, 2023.
  19. ^ Jack, Andrew (May 3, 2022). "Stonepeak invests €1bn in private schools operator Inspired". www.ft.com. Retrieved July 19, 2023.
  20. ^ Phillips, Erica E. (July 17, 2018). "Cold-Storage Specialist Lineage Logistics Sells $700 Million Minority Stake". Wall Street Journal. ISSN 0099-9660. Retrieved July 19, 2023.
  21. ^ Dilawar, Arvind (November 7, 2018). "Taxpayers May Soon Be on the Hook for a $2 Billion Fracked Gas Refinery". Pacific Standard. Retrieved July 19, 2023.
  22. ^ "Xplornet sold to Stonepeak Infrastructure Partners | IT World Canada News". www.itworldcanada.com. June 11, 2020. Retrieved July 19, 2023.