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Stonepeak

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Stonepeak Partners LP
Stonepeak Infrastructure Partners
TypePrivate
IndustryInvestment management
Founded2011; 15 years ago (2011)
Founders
Headquarters55 Hudson Yards, New York City, U.S.
Key people
  • Michael Dorrell (Chairman and CEO)
  • Jack Howell (Co-President)
  • Luke Taylor (Co-President)
ProductsPrivate equity
Private credit
Infrastructure fund
Mezzanine capital
Real estate
AUMUS$81.9 billion (2026)
Number of employees
300+ (2026)
Websitestonepeak.com
Footnotes
[1]

Stonepeak (also known as Stonepeak Partners and Stonepeak Infrastructure Partners) is an American investment firm headquartered in New York City. The firm focuses on investments in infrastructure and more recently real estate. 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) as the sixth largest infrastructure investment firm based on total fundraising over the most recent five-year period.[2]

Background

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In 2008, Michael Dorrell and Trent Vichie joined Blackstone Inc. from the Macquarie Group 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.[3][4][5][6]

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.[6]

In September 2018, Stonepeak received a $350 million off balance sheet investment from Landmark Partners.[7]

In March 2021, Vichie left Stonepeak to found his own company, EverWind Fuels.[5][8]

In November 2021, Bloomberg News reported Stonepeak was in discussions on expanding into real estate investments and setting up its first real estate investment fund.[9] In July 2022, its debut real estate fund, Stonepeak Real Estate Partners was launched.[10] In September 2022, the Texas Municipal Retirement System committed $150 million to the fund.[11]

In July 2023, Blue Owl Capital made a $2 billion 13.5% minority investment in Stonepeak, valuing the firm at approximately $15 billion.[12]

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.[3]

In August 2025, Stonepeak launched WahajPeak, a renewable energy platform investing in utility-scale solar, wind, and battery storage projects across the Gulf Cooperation Council and the broader Middle East.[13]

Acquisitions and investments

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In March 2017, Stonepeak acquired Cologix.[14]

In November 2020, Stonepeak acquired Astound Broadband from TPG Inc. for $3.6 billion in cash along with $4.5 billion in debt.[15]

In November 2022, Stonepeak and Spirit Super acquired the Port of Geelong in a $732 million deal.[3][16]

In April 2021, Stonepeak teamed up with EQT AB to acquire KPN but in May, KPN rejected the deal.[17]

In October 2021. Stonepeak acquired Teekay LNG in a $6.2 billion deal.[18]

In May 2022, Stonepeak teamed up with Blackstone Inc.’s Blackstone Real Estate Income Trust and the Cherng Family Trust (Panda Restaurant Group) to acquire the Cosmopolitan of Las Vegas for $5.65 billion.[9]

In March 2024, Stonepeak completed the acquisition of Textainer, a Bermuda-based lessor of intermodal shipping containers, taking the company private. Textainer common shareholders received $50.00 per share in cash, valuing the common equity at approximately $2.1 billion and giving the transaction an enterprise value of about $7.4 billion.[19]

In April 2025, it was announced that Stonepeak and KKR had agreed to buy Assura plc (AGRP), a UK-listed real estate company, in a deal worth £1.6 billion.[20][21] Primary Health Properties (PHP) submitted a competing bid worth £1.79 billion, which was accepted by AGRP shareholders in August 2025.[22][23][24]

In May 2025, Stonepeak and Energy Equation Partners announced an agreement to acquire a 65% interest in Phillips 66's Germany and Austria retail marketing business, operator of the JET-branded service station network, in a transaction valuing the business at an enterprise value of approximately €2.5 billion. Phillips 66 retained a 35% non-operated interest through the newly formed joint venture. The transaction closed on December 1, 2025.[25][26]

In December 2025, it was announced Stonepeak had agreed to acquire a 65 per cent majority controlling stake in Castrol from BP, valuing the lubricants business at an enterprise value of approximately US$10.1 billion. BP will retain a 35 per cent minority interest, while the Canada Pension Plan Investment Board will invest up to US$1.05 billion for an indirect stake in the transaction. The acquisition is subject to regulatory approvals and is expected to complete by the end of 2026.[27][28]

In 2025, the firm acquired Omni Air International, an airline that provides services to U.S. Immigration and Customs Enforcement (ICE) deportation flights.[29]

In January 2026, Stonepeak struck a deal with CMA CGM to create a US-based port venture valued around $10 billion. Stonepeak agreed to make a $2.4 billion investment for a 25% stake in the venture, to be known as United Ports.[30]

On March 11, 2026, Alphabet Inc. and Stonepeak announced an agreement to combine Google Fiber (GFiber) with Stonepeak's Astound Broadband. The combined company will be majority-owned by Stonepeak, with Alphabet retaining a "significant minority" stake, and will be led by GFiber's existing management team. Financial terms were not disclosed; the transaction is expected to close in the fourth quarter of 2026, subject to regulatory approval.[31][32]

References

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  1. ↑ "Form ADV" (PDF). SEC.
  2. ↑ Gourntis, Kalliope (November 1, 2022). "The top 100 GPs driving infra's unstoppable rise". Infrastructure Investor. Retrieved July 20, 2023.
  3. 1 2 3 "How a US investor with Macquarie links revived Port of Geelong deal". Australian Financial Review. April 26, 2023. Retrieved July 19, 2023.
  4. ↑ Atiya, Alexandra (January 5, 2013). "Blackstone infra team spins out". Private Equity International. Retrieved July 19, 2023.
  5. 1 2 "Stonepeak Co-Founder Vichie Is Leaving the Infrastructure Firm - Bloomberg". October 28, 2020. Retrieved July 19, 2023.
  6. 1 2 Shieber, Jonathan (October 9, 2013). "Stonepeak Infrastructure Partners Closes First Solo Fund at $1.65B". Wall Street Journal. ISSN 0099-9660. Retrieved July 19, 2023.
  7. ↑ "Stonepeak Infrastructure Gets $350 Million From Landmark". Bloomberg.com. September 18, 2018. Retrieved July 19, 2023.
  8. ↑ French, David (February 8, 2023). "EverWind gets approval for North America's first green hydrogen facility". Reuters. Retrieved July 19, 2023.
  9. 1 2 "Stonepeak Partners Is in Talks to Raise Debut Real Estate Fund". Bloomberg.com. November 5, 2021. Retrieved July 19, 2023.
  10. ↑ "New Stonepeak real estate strategy hits the market". Institutional Real Estate, Inc. Retrieved July 19, 2023.
  11. ↑ Peterson, Jon (September 23, 2022). "Texas Municipal invests in Stonepeak's debut real estate fund". Real Assets. Retrieved July 19, 2023.
  12. ↑ Dorbian, Iris (July 11, 2023). "Blue Owl backs alternative investment firm Stonepeak". PE Hub. Retrieved July 19, 2023.
  13. ↑ Warner, Kelsey (August 18, 2025). "$76B Stonepeak to develop Gulf renewables". Semafor. Retrieved August 8, 2026.
  14. ↑ Singh, Preeti (April 4, 2022). "Stonepeak Raises $3 Billion to Extend Its Ownership of Cologix". WSJ. Retrieved July 19, 2023.
  15. ↑ Gottfried, Miriam (November 1, 2020). "WSJ News Exclusive | Stonepeak Infrastructure to Buy Cable Provider Astound Broadband". Wall Street Journal. ISSN 0099-9660. Retrieved July 19, 2023.
  16. ↑ Oguh, Chibuike (November 22, 2022). "EXCLUSIVE Stonepeak Partners eyes as much as $20 bln for North America infrastructure fund -sources". Reuters. Retrieved July 19, 2023.
  17. ↑ "EQT, Stonepeak Prepare for Long Haul After KPN Rebuffs Approach". Bloomberg.com. May 5, 2021. Retrieved July 19, 2023.
  18. ↑ "Stonepeak to buy Teekay LNG in $6.2 bln deal to tap surging gas demand". Reuters. October 4, 2021. Retrieved July 19, 2023.
  19. ↑ "New York's Stonepeak closes $7.4bn deal for Textainer". The Royal Gazette. Hamilton, Bermuda. March 15, 2024. Retrieved August 8, 2026.
  20. ↑ "Assura plc Recommends Cash Acquisition". News & Insights. James Sharp & Co. April 9, 2025. Retrieved July 13, 2026.
  21. ↑ Oliver, Joshua (April 9, 2025). "NHS landlord agrees £1.6bn takeover by KKR consortium". Financial Times. Retrieved April 23, 2025.(subscription required)
  22. ↑ Awasthi, Shashwat (June 23, 2025). "UK's Primary Health Properties offers $2.4 billion for Assura". Reuters. Retrieved July 13, 2026.
  23. ↑ Summerfield, Richard (August 2025). "PHP leads in Assura takeover battle with £1.79bn offer". Financier Worldwide. Retrieved July 13, 2026.
  24. ↑ Voase, Natasha; Sidders, Jack (August 12, 2025). "PHP Pips KKR in Battle to Buy UK Health-Care Landlord Assura". Bloomberg News. Retrieved July 13, 2026.
  25. ↑ Musah Baba, Razak (May 16, 2025). "Stonepeak and EEP buy majority stake in Phillips 66's €2.5bn fuel retailer". IPE Real Assets. Retrieved August 8, 2026.
  26. ↑ "Phillips 66 Closes Partial Sale of German, Austrian Fuel Retailer". Rigzone. December 2, 2025. Retrieved August 8, 2026.
  27. ↑ Strydom, Martin (December 24, 2025). "BP sells majority stake in Castrol for $6 billion to pay down debt". The Times. Retrieved December 14, 2025.
  28. ↑ World, Automotive (December 26, 2025). "Stonepeak to acquire majority stake in Castrol". Automotive World. Retrieved December 27, 2025.
  29. ↑ Brockell, Gillian (2026). "ICE Deportation Flights Are Getting Longer and Crueler". Mother Jones.
  30. ↑ Dummett, Lauren Thomas and Ben (January 28, 2026). "Exclusive | Firms Strike Deal for $10 Billion Shipping-Ports Venture". The Wall Street Journal. Retrieved January 28, 2026.
  31. ↑ "Google sells partial stake in Fiber, becomes minority owner in venture". CNBC. March 11, 2026. Retrieved August 8, 2026.
  32. ↑ "GFiber and Astound to Combine". Broadband Breakfast. March 12, 2026. Retrieved August 8, 2026.
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