Stonepeak

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]

In 2025, the firm acquired Omni Air International, one of the few airlines willing to cooperate with Immigration and Customs Enforcement (ICE) under the second Donald Trump administration in controversial (sometimes termed "high-risk") deportations .[3]

Background

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.[4][5][6][7]

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.[7]

In September 2018, Stonepeak received a $350 million off balance sheet investment from Landmark Partners.[8]

In March 2021, Vichie left Stonepeak to found his own company, EverWind Fuels.[6][9]

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.[10] In July 2022, its debut real estate fund, Stonepeak Real Estate Partners was launched.[11] In September 2022, the Texas Municipal Retirement System committed $150 million to the fund.[12]

In July 2023, Blue Owl Capital made a $2 billion 13.5% minority investment in Stonepeak, valuing the firm at approximately $15 billion.[13]

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.[4]

Notable deals

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.[4][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.[10]

In April 2025, it was announced Stonepeak and KKR had agreed to buy Assura plc, a UK-listed real estate company, in a deal worth £1.6 billion.[19] The deal is set to complete in autumn 2025 and is subject to approval.[19]

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.[20][21]

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.[22]

On March 12, 2026, Stonepeak announced it would be merging its Astound Broadband with Google Fiber. The combined company will be majority-owned by Stonepeak with Alphabet Inc. maintaining a minority share. The transaction is expected to close by the end of 2026.[23][24]

Notable investments

• Astound Broadband[25]
• Castrol (65%)[26]
• Cologix[14]
• CoreSite[16]
• Cosmopolitan of Las Vegas[10]
• Intrado[16]
• Inspired Education Group[27]
• Lineage Logistics[28]
• NW Innovation Works[29]
• Port of Geelong[4]
• Teekay LNG[18]
• Xplore Inc.[30]

External links