The Stonepeak Asia Infrastructure Fund’s early-deployment strategy is paying off with a multiple of 1.4x on its invested portfolio, according to a source familiar, leaving the 12-year vehicle with considerable runway before its 2033 maturity.

Launched just five years prior, the 2021-vintage vehicle had deployed more than half – roughly 60% of its USD 3.3bn corpus by December 2025 – according to Infralogic data. It still held 40% undeployed capital to capture new deals.

While the fund announced six investments when it reached final close in March 2024, it has since concluded another half a dozen deals, the source said without providing details.

Sticking to its main themes of digital infrastructure, energy and energy transition, and transport and logistics, the performance underscores the vehicle’s perfectly-timed bet on these niche segments that have arguably transformed in the last few years to becoming one of the most valued infrastructure asset classes globally.

Stonepeak’s twin bets in digital infrastructure in the Asia-Pacific include Digital Edge, which it co-founded and incubated, as well as Princeton Digital Group, in which it announced a preferred equity investment of USD 1.3bn.

Stonepeak Asia Infrastructure Fund II

Till very recently, Stonepeak had raised about USD 2.6bn for its second infra Asia strategy, or over half its USD 4bn target, the source familiar said. The fund was launched in May 2025. The pan-Asian vehicle is targeting a gross internal rate of return of 15%-20%, Infralogic reported at the time.

Stonepeak’s other APAC investments include: 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.

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

Stonepeak declined to comment.