Stonepeak is set to hold a final close of its mid-market infrastructure fund at its USD 3bn hard cap, as it also eyes a first close of its flagship fund, sources said.

The New York-headquartered manager’s Stonepeak Opportunities Fund (SOF) is expected to hit a final close in the next few weeks, although another source said it was more likely to slip into Q2.

Infralogic reported that the fund was expecting a Q1 final close last November, when SEC filings revealed that the fund had raised USD 2.46bn, just shy of its USD 2.5bn target.

The fund received a USD 250m commitment from the New York State Common Retirement Fund last October, according to Infralogic data.

Meanwhile, the manager is also eyeing a first close its fifth flagship fund, Stonepeak Infrastructure Fund V, which has a USD 15bn target and launched last September.

The sources said that the manager has a first close cut-off around the start of May for the fund, although adding that there was flexibility around the exact date. The size of the first close is not yet clear.

Stonepeak Opportunities Fund mirrors the flagship strategy but with a mid-market focus. The flagship fund targets controlling equity stakes in assets across the power, energy, water, communications, renewable and transportation sectors.

The 12-year SOF fund, which was launched in November 2022, targets a gross IRR of 15% to 20% and a net IRR of 10% to 15%.

Stonepeak’s predecessor flagship strategy, the USD 14bn Stonepeak Infrastructure Fund IV, made two investments last year according to Infralogic, the acquisition of a 50% stake in the Canadian KAPS pipeline system, and the acquisition of Intrado’s safety business.

The manager’s latest investment was the acquisition of Canadian port and marine transportation business LOGISTEC, completed last month.

Stonepeak declined to comment.