Alternative investment manager Stonepeak has launched a dedicated platform for the wealth channel and registered its first fund with the SEC, Stonepeak-Plus Infrastructure Fund LP (SP+ INFRA), aimed at high-net-worth investors with at least $5 million in net worth. SP+ INFRA will be a private blind pool feeder fund. It will not have a predetermined exit date.
Stonepeak executives, including Chairman and CEO Michael Dorrell and Co-Presidents Jack Howell and Luke Taylor, will sit on the fund’s investment committee.
Stonepeak, which specializes in infrastructure and real asset investment with $70 billion in AUM, aims to focus on capital appreciation, with a more minor focus on generating current income, for the fund.
In the past few years, infrastructure has emerged as one of the more popular investment strategies for alternative asset managers, including those targeting the wealth channel, due to its positive long-term outlook, inflation protection and low correlation to other asset classes. In recent months, Hamilton Lane and Partners Group have been among alternative asset managers who’ve launched evergreen infrastructure funds aimed at individual investors.
SP+ INFRA will seek direct investments in companies and projects; secondary investments in established funds and accounts managed by Stonepeak or third-party managers; primary capital commitments to funds managed by Stonepeak or third-party managers; and debt and other securities. Approximately 80% to 85% of the fund’s NAV will be dedicated to direct investments, secondary investments and primary capital commitments. The remainder will be invested in debt and other securities.
In Stonepeak’s view, infrastructure sectors that will benefit from long-term trends include transportation and logistics, communications and digital infrastructure, energy and energy transition infrastructure, and social infrastructure (such as health- and education-related assets and businesses).
Stonepeak declined to comment for this article.