Stonepeak Core Fund

Stonepeak Core Fund is an open-ended infrastructure investment vehicle managed by Stonepeak Partners, a leading global alternative investment firm. Launched in 2022, the fund has successfully raised $3.1 billion to date, with significant commitments from institutional investors such as the Washington State Investment Board and the Oregon State Treasury. The fund aims to reach an initial target of $5 billion, focusing on long-term investments in essential infrastructure assets that provide stable, inflation-linked cash flows. The fund's investment strategy targets core infrastructure assets across developed markets, including North America, Europe, Australia, and New Zealand. Stonepeak Core Fund seeks to invest in sectors such as digital infrastructure, transportation and logistics, and energy and energy transition. The fund's inaugural investment was a $2.5 billion commitment to American Tower’s operating data centre platform, followed by a $500 million investment in October 2022. Stonepeak Core Fund is designed to deliver net internal rates of return (IRR) in the range of 8-10%, focusing on assets that offer long-term, inflation-linked revenue streams. The fund's strategy includes both brownfield (existing operating assets) and greenfield (new assets requiring construction) investments across its target infrastructure subsectors.