Key Takeaways
- • Stonepeak has completed its acquisition of Chicago Parking Meters, LLC (CPM), operator of the City of Chicago's on-street parking system, from a consortium of Morgan Stanley Infrastructure Partners, Allianz, and a wholly owned subsidiary of the Abu Dhabi Investment Authority.
- • The closing follows all regulatory approvals, including a vote of approval by the Chicago City Council on September 29, 2026.
- • CPM operates more than 38,000 metered parking spaces, nearly 10,000 of them in downtown Chicago, and has invested heavily in system modernization.
- • Stonepeak manages approximately $98 billion in assets under management and positions the deal as a long-term infrastructure investment in the City of Chicago.
- • Greenhill, a Mizuho affiliate, advised Stonepeak on the transaction, with Simpson Thacher & Bartlett LLP and Burke Burns & Pinelli, Ltd. serving as legal counsel.
Summary
Stonepeak, an alternative investment firm specializing in infrastructure, announced that it has completed the acquisition of Chicago Parking Meters, LLC (CPM), the operator of the City of Chicago's on-street parking system. According to the company's Business Wire release, the seller group comprised Morgan Stanley Infrastructure Partners, Allianz, and a wholly owned subsidiary of the Abu Dhabi Investment Authority. The closing followed receipt of all regulatory approvals, including a strong vote of approval by the Chicago City Council on September 29, 2026.
CPM is responsible for the operation, management, and maintenance of Chicago's on-street metered parking system, which comprises more than 38,000 metered spaces, including nearly 10,000 in downtown Chicago. Since its inception, CPM has invested heavily in upgrading the City's infrastructure, including electronic pay stations, a 24-hour customer service center, and the ParkChicago mobile app. CPM's own materials state that it has invested approximately $100 million in system modernization and customer service improvements since 2009.
Rob Kupchak, Senior Managing Director and Head of Core Investing at Stonepeak, said the firm has strong conviction in investing in the City of Chicago and intends to work with stakeholders as a reliable operator and transparent partner. Dennis Pedrelli, Chief Executive Officer at CPM, said the company will work with Stonepeak and LAZ Parking, its longtime operator, to continue modernizing the system, and described Stonepeak's transportation and logistics experience and existing Chicago investments as a strong fit.
Stonepeak, headquartered in New York with approximately $98 billion in AUM, targets digital infrastructure, energy transition, transport and logistics, and real estate. Greenhill, a Mizuho affiliate, served as financial advisor to Stonepeak, while Simpson Thacher & Bartlett LLP and Burke Burns & Pinelli, Ltd. acted as legal counsel.
CPM is responsible for the operation, management, and maintenance of Chicago's on-street metered parking system, which comprises more than 38,000 metered spaces, including nearly 10,000 in downtown Chicago. Since its inception, CPM has invested heavily in upgrading the City's infrastructure, including electronic pay stations, a 24-hour customer service center, and the ParkChicago mobile app. CPM's own materials state that it has invested approximately $100 million in system modernization and customer service improvements since 2009.
Rob Kupchak, Senior Managing Director and Head of Core Investing at Stonepeak, said the firm has strong conviction in investing in the City of Chicago and intends to work with stakeholders as a reliable operator and transparent partner. Dennis Pedrelli, Chief Executive Officer at CPM, said the company will work with Stonepeak and LAZ Parking, its longtime operator, to continue modernizing the system, and described Stonepeak's transportation and logistics experience and existing Chicago investments as a strong fit.
Stonepeak, headquartered in New York with approximately $98 billion in AUM, targets digital infrastructure, energy transition, transport and logistics, and real estate. Greenhill, a Mizuho affiliate, served as financial advisor to Stonepeak, while Simpson Thacher & Bartlett LLP and Burke Burns & Pinelli, Ltd. acted as legal counsel.
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