Blackstone spinout Stonepeak Infrastructure Partners has reportedly closed its first fund ahead of its initial hard cap of $1.5bn.
Stonepeak Infrastructure Fund has raised the cap to $1.65bn, but was still unable to accommodate all of the demand from LPs, said Dow Jones, citing people familiar with the fundraise.
The LPs that have backed the fund included the Washington State Investment Board, which invested $250m.
Stonepeak, which was the infrastructure investment division of Blackstone before it was spun out, currently has $1bn under management.
Its founding partners Michael Dorrell and Trent Vichie have invested more than $2bn of equity into North American infrastructure investments.
The firm’s investments include a photovoltaic plant in Ontario from Canadian Solar, which was acquired for $48m last year.
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