Stonepeak Eyes $4B Asia Infrastructure Fund Raise - InforCapital

Stonepeak is targeting up to 4 billion USD for its second Asia-focused infrastructure fund, with about 1 billion USD expected at the first closing by the end of September. The fundraising comes just one year after Stonepeak closed its debut Asia fund at 3.3 billion USD, highlighting rapid deployment and continued appetite for long-term infrastructure strategies in the region.

Stonepeak manages approximately 76.3 billion USD in assets globally and began investing in Asia in 2019. The new vehicle will pursue both traditional infrastructure assets such as transport and utilities, and high-growth sectors including data centres, logistics, and cold storage, reflecting growing demand for digitalization and supply chain modernization.

Competitors are also expanding their presence in Asia. KKR is raising its third pan-Asia infrastructure fund, which is expected to surpass the 6.4 billion USD raised for its predecessor. I Squared Capital is scaling operations with a new office in Seoul, while Energy Infrastructure Partners has established a base in Singapore to target energy transition assets across Asia-Pacific.

The Asian Development Bank projects that developing Asia will require 1.7 trillion USD annually through 2030 for infrastructure to support growth, fight poverty, and achieve climate goals. This demand underpins the growth of regional private capital platforms like Stonepeak’s.

Comparable Infrastructure Fundraisings

The push by Stonepeak aligns with a wave of large infrastructure fund launches across Asia and globally. Notable examples include:

• KKR Asia Pacific Infrastructure Investors II closed at 6.4 billion USD in 2023, becoming the largest pan-Asia infrastructure fund to date. Its successor fund is expected to target up to 7–9 billion USD.
• Macquarie Asia Infrastructure Fund has repeatedly raised multi-billion vehicles, focusing on renewable energy, transport, and utilities across Asia-Pacific markets.
• Brookfield Global Transition Fund II, though global, has significant allocations to Asia and is targeting 20 billion USD for investments in clean energy, carbon capture, and industrial decarbonization.
• I Squared Global Infrastructure Fund III raised more than 15 billion USD in 2024, with Asia as a priority market for transport, power, and digital investments.
• DigitalBridge is raising infrastructure capital specifically for data centres and digital platforms, targeting growth hubs in Asia such as India and Southeast Asia.

Investors, particularly sovereign wealth funds, pension plans, and insurers, are committing more to Asia-focused strategies to capture yield and diversification. Infrastructure assets in data, logistics, and energy transition are considered resilient and positioned for long-term growth. At the same time, scarcity of large-scale, high-quality projects in Asia creates competition among fund managers, driving up valuations and fundraising momentum.

Stonepeak’s ability to achieve a strong first close and showcase a clear investment pipeline will be critical for momentum toward its 4 billion USD target. With Asia requiring vast capital to bridge infrastructure gaps, Stonepeak’s second fund will compete directly with global giants while carving a niche in digital and supply chain infrastructure.