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 or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

. 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 priv ...

and more recently

real estate Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...

. 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 tit ...

'') 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. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate bu ...

from the

Macquarie Group Macquarie Group Limited () is an Australian global financial services group. Headquartered and listed in Australia (), Macquarie employs more than 17,000 staff in 33 markets, is the world's largest infrastructure asset manager and Australia' ...

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 a Fortune 100 financial services organization that is the leading provider of financial services in the academic, research, ...

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

Landmark Partners Landmark Partners, an SEC Registered Advisor, is one of the most experienced participants in the private equity secondary market for private equity (also known as secondaries) and real estate investments. Founded in 1989, the firm is a leadin ...

. 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 Televi ...

'' 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 Blue Owl Capital (also known as Blue Owl) is an American alternative investment asset management firm. It is currently listed on the New York Stock Exchange under the ticker symbol: "OWL". The firm is headquartered in New York City with addit ...

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 Cologix, a network neutral interconnection and data center company, provides data center solutions from 40+ interconnection locations across 11 North American markets. The edge markets that Cologix operates in are: Columbus, Ohio; Dallas, Texas; ...

. In November 2020, Stonepeak acquired

Astound Broadband Astound Broadband is an American telecommunications holding company based in Princeton, New Jersey. It was formed on January 24, 2018, with the completion of the $2.36 billion purchase of Kirkland-based Wave Broadband by private-equity firm TPG ...

from

TPG Inc. TPG Inc., previously known as Texas Pacific Group and TPG Capital, is an American investment company based in Fort Worth, Texas. The private equity firm is focused on leveraged buyouts and growth capital. TPG manages investment funds in growth ...

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 The Port of Geelong is located on the shores of Corio Bay at Geelong, Victoria, Australia. The port is the sixth-largest in Australia by tonnage. Major commodities handled by the port include crude oil and petroleum products, export grain an ...

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, infrastructure, real estate, growth equity, and venture capital in Europe, North America, and Asia Pacific. , EQT's assets under managemen ...

to acquire

KPN KPN (in full Koninklijke KPN N.V., also Royal KPN N.V.) is a Dutch landline and mobile telecommunications company. KPN originated from a government-run postal, telegraph and telephone service and is based in Rotterdam, Netherlands. History Un ...

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. The resort opened on December 15, 2010, and is located just south of the B ...

for $5.65 billion.

Notable investments

CoreSite CoreSite, a subsidiary of American Tower, owns carrier-neutral data centers and provides colocation and peering services to prolific spammers. As of June 24, 2022 the company owned 27 operating data center facilities in 10 markets comprising ...

Intrado Intrado, formerly West Corporation, is an American telecommunications company. It became a subsidiary of Apollo Global Management on October 11, 2017. Business Operations Intrado reorganized in five main segments: Cloud Collaboration, Life an ...

Inspired Education Group Inspired Education Group is a co-educational, non-denominational, international provider of private schools. It was founded in 2013 by Lebanese-British businessman Nadim Nsouli and is headquartered in London. It provides education for children ...

Lineage Logistics Lineage Logistics is the world's largest temperature-controlled warehouse real estate investment trust (REIT), owned by Bay Grove, LLC. Entering international markets in 2017, Lineage grew into the world's largest refrigerated warehousing compan ...

NW Innovation Works NW Innovation Works (Northwest Innovation Works or NWIW) is an American company proposing methanol refineries in the Pacific Northwest region. The company refers to itself as a clean tech company. Company history The company was founded in 2011 ...

* Teekay LNG *

Xplore Inc. Xplore Inc. is a Woodstock, New Brunswick-based rural internet service provider. It is the largest rural focused broadband service provider in Canada. History Xplore Inc. was founded in 2004 under the name Barrett Enterprises. In 2011, Barrett ...

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