Stonepeak’s second Asian infrastructure fund is anticipated to hit a final close in 2026, according to three sources familiar.

The US fund manager has yet to specify an exact timeframe for the final close, though, said another of the sources. Two of the sources said a final close could take place by the midpoint of next year.

The target is USD 4bn. The fund was launched in May and has raised over USD 1bn so far, one of the sources said.

A 2026 close would mean fundraising for Stonepeak’s Asia Infrastructure Fund II will be noticeably quicker than the average. Fundraising timescales for this year and the last have been roughly 30 months, per Infralogic’s latest report.

The second Asian vehicle has already made its first deployment, being Princeton Digital Group, according to a report from With Intelligence. Stonepeak announced in July a USD 1.3bn preferred equity investment in the Asia Pacific data centre operator.

The latest pan-regional fund will follow the same strategy as its predecessor, the same source said.

Fund I (USD 3.3bn, 2024 vintage) is invested in Singapore logistics developer Equalbase, Philippines-based telecom tower operator MIDC, and Bermuda-headquartered LNG carrier Seapeak.

Stonepeak’s first Asian fund targeted developed and high-growth markets across communications, transport and logistics, and energy.

New York-headquartered Stonepeak focuses on core-plus and value add infrastructure in Asia. It has a dedicated regional team based in Hong Kong, Singapore, Sydney, Seoul and Tokyo.

Stonepeak declined to comment.

[Editor’s note: The fifth paragraph has been updated to attribute the information to With Intelligence.]