Stonepeak Aims for $5 Billion in Second Renewable Fund, Doubling Maiden Effort

Stonepeak, a global private equity firm specializing in infrastructure investments, is poised to launch its second renewable energy fund targeting a substantial $5 billion. This ambitious goal marks a significant leap from its inaugural fund, which initially sought $1.25 billion but closed at $2.75 billion in July 2021. Led by senior managing director Hajir Naghdy, Stonepeak Global Renewables Fund II will maintain its focus on North America and Asia, mirroring the geographical scope of its predecessor. While a specific first closing date remains undisclosed, sources suggest it could occur by mid-year. Notably, Stonepeak's debut renewable energy fund, despite its original modest target, surpassed expectations, amassing over $2.6 billion in commitments and achieving notable investments in solar, onshore and offshore wind assets, as well as renewable natural gas ventures. Although details about the fundraising process were not disclosed, Stonepeak's strategic shift towards renewables underscores the growing investor interest in sustainable infrastructure opportunities, signaling a potentially lucrative venture for private equity professionals eyeing the renewable energy sector.