Key Takeaways
- • Stonepeak, an infrastructure-focused alternative investment firm with approximately $98 billion of assets under management, has completed its acquisition of Chicago Parking Meters, LLC (CPM), operator of the City of Chicago's on-street parking system, according to a press release dated October 21, 2026.
- • The seller consortium comprised Morgan Stanley Infrastructure Partners, Allianz, and a wholly owned subsidiary of the Abu Dhabi Investment Authority.
- • Closing followed 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 approximately $100 million in system modernization since 2009.
- • Greenhill, a Mizuho affiliate, advised Stonepeak as financial advisor; Simpson Thacher & Bartlett LLP and Burke Burns & Pinelli, Ltd. served as legal counsel.
Summary
Stonepeak announced on October 21, 2026 that it has completed the acquisition of Chicago Parking Meters, LLC (CPM), the 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 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 includes more than 38,000 metered spaces, nearly 10,000 of them in downtown Chicago. According to the company, CPM has invested heavily in upgrading the system since its inception, including installing electronic pay stations, establishing a 24-hour customer service center, and launching the ParkChicago app. The company's 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, described on-street parking as a critical component of Chicago's transportation network and said the firm, as a long-term infrastructure investor, has strong conviction in the City of Chicago. Dennis Pedrelli, CEO of CPM, said the company will work alongside Stonepeak and LAZ Parking, its longtime operator, to continue modernizing the system, and characterized Stonepeak's transportation and logistics experience and existing Chicago investments as a fit for the asset.
Stonepeak describes itself as headquartered in New York with offices across Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. Its target sectors include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Greenhill, a Mizuho affiliate, acted as financial advisor to Stonepeak, while Simpson Thacher & Bartlett LLP and Burke Burns & Pinelli, Ltd. served as legal counsel.
CPM is responsible for the operation, management, and maintenance of Chicago's on-street metered parking system, which includes more than 38,000 metered spaces, nearly 10,000 of them in downtown Chicago. According to the company, CPM has invested heavily in upgrading the system since its inception, including installing electronic pay stations, establishing a 24-hour customer service center, and launching the ParkChicago app. The company's 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, described on-street parking as a critical component of Chicago's transportation network and said the firm, as a long-term infrastructure investor, has strong conviction in the City of Chicago. Dennis Pedrelli, CEO of CPM, said the company will work alongside Stonepeak and LAZ Parking, its longtime operator, to continue modernizing the system, and characterized Stonepeak's transportation and logistics experience and existing Chicago investments as a fit for the asset.
Stonepeak describes itself as headquartered in New York with offices across Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. Its target sectors include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Greenhill, a Mizuho affiliate, acted as financial advisor to Stonepeak, while Simpson Thacher & Bartlett LLP and Burke Burns & Pinelli, Ltd. served as legal counsel.
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