Stonepeak Infrastructure Partners said it was able to raise USD 1.65 billion for its first standalone fund. The round was oversubscribed as the initial target for the fundraising was only USD 1 billion. Stonepeak Infrastructure Fund I would be looking for investment opportunities in the utilities, energy, and power and transportation segments in the middle market of North America.

Fund I was able to get a strategic investment from national financial services firm TIAA-CREF. The fund also got the support of public pension funds and North American, European and Asian institutional investors.

Stonepeak Infrastructure Partners Co-Founder and Senior Managing Director Michael Dorrell said they appreciated the support from their investors. "North American middle-market infrastructure represents a compelling investment opportunity, given the enormous capital needs and limited funding sources in the space. We have completed four investments and announced another two to date, and we continue to see compelling opportunities to achieve attractive risk-adjusted returns," Dorrell said in a press release.