Stonepeak has launched its second Asian infrastructure fund with a target size of USD 4bn, according to two sources familiar.

The fund manager’s Asia Infrastructure Fund II will focus on energy transition, transport, digital, and social infrastructure, the sources said.

The pan-Asian vehicle is targeting a gross internal rate of return of 15%-20%.

The New York-headquartered manager filed a registration document for the new fund in Luxembourg in March.

Stonepeak closed the predecessor vehicle at USD 3.3bn in March 2024, exceeding a USD 3bn target.

Fund I targeted core-plus and value add opportunities in communications, transport and logistics, and energy across developed and growth markets in the Asia-Pacific (APAC).

Stonepeak has over 15 infrastructure investments and partnerships in the region. Stonepeak’s first Asian infrastructure fund is invested in companies including:

• Equalbase, a Singapore-headquartered logistics property developer;
• MIDC, a Philippines-based mobile tower operator; and
• Seapeak, a Bermuda-headquartered LNG carrier.

Stonepeak’s other APAC investments include: Singapore-based data centre platform Digital Edge, Taiwanese solar platform GreenPeak, Japan-headquartered renewables developer Peak Energy, Singapore-based AGP Sustainable Real Assets, Australian port GeelongPort, Taiwanese offshore wind developer Synera Renewable Energy, Guam-based telecom provider GTA, Japan wind developer TerraWind Renewables, and the Stonepeak-CHC Asia Energy Storage Platform.

The manager last year appointed Yuichi Jimbo and Sung Eun Ahn as chairmen of its Japanese and Korean businesses, respectively.

In APAC, Stonepeak has offices in Hong Kong, Singapore, and Sydney, with additional footprint in Seoul and Tokyo.

Stonepeak declined to comment.

[Editor’s note: The article has been amended post-publication to clarify that Digital Edge, GreenPeak and Peak Energy are not part of Stonepeak’s first Asian infrastructure fund.]