About This Fund
Stonepeak Asia Infrastructure Fund II is Stonepeak’s second dedicated infrastructure vehicle for the Asia-Pacific region, building on the success and experience of its inaugural Asia vehicle. The fund is structured as an opportunistic / “value-add / core-plus” infrastructure fund that seeks to invest in platform-level assets and development‑stage infrastructure across sectors that support the region’s structural transformation. With a target size of approximately USD 4 billion, the fund is designed to capture premium risk-adjusted returns by backing scalable infrastructure platforms across geographies. The investment philosophy emphasizes a “boots on the ground” approach, combining Stonepeak’s global infrastructure experience with local operational presence. The team intends to deploy capital across markets in Asia — from developed East Asian markets to high-growth Southeast Asia, India, and potentially frontier markets — while ensuring execution discipline, rigorous financial underwriting, and active asset management. Stonepeak will likely lean on its prior Asia fund’s deal pipeline, sector relationships, and regional footprint to accelerate sourcing, diligence, and value creation. Sectorally, the fund is expected to target areas aligned with digital and energy transformation, such as data centres, transmission & grid infrastructure, renewables and energy storage, transport/logistics, and social infrastructure (e.g. last‑mile utilities, telecom towers). It will seek assets that provide stable cash flows, long-term contracted or concession-based revenues, and opportunities for operational enhancement or platform consolidation. Early public reporting suggests a gross IRR target between 15% and 20% on the fund-level basis, consistent with a mid‑to‑high risk infrastructure return ambition. Given the nature of infrastructure and long time horizons in Asia, the fund is expected to operate with a multi‑year deployment schedule, a typical 10‑12 year life (with extensions), and will maintain some reserve capital for follow-on investments. The fund’s success will hinge on its ability to navigate permitting, power / grid constraints, regulatory risk, local partnerships, and capital cost pressures. Stonepeak’s prior experience in Asia, integrated origination, and its global resources aim to mitigate these execution risks.