Key Takeaways
- • Stonepeak closed its inaugural real estate fund, Stonepeak Real Estate Partners, with $764M raised, more than $200M short of its $1B target, according to PERE News.
- • The value-add, North America-focused fund has deployed at least $275M and bought assets in at least three states.
- • Stonepeak paid $244M for a 2.3M SF industrial park in Houston from Starwood Capital, which Green Street called the largest warehouse trade in the market since 2010.
- • Stonepeak paid $191M for a 1.8M SF Jacksonville industrial portfolio from Blackstone's Link Logistics, roughly $104 per SF.
- • Disclosed limited partners include the Texas Municipal Retirement System ($100M), New Mexico Educational Retirement Board ($75M) and Santa Barbara County Employees' Retirement System ($10M), per Dakota.
Summary
New York-based investment firm Stonepeak closed funding on its inaugural real estate fund with $764M raised, well below its $1B target, according to PERE News. The value-add fund, Stonepeak Real Estate Partners, focuses on North American assets. Fundraising launched in July 2022 and closed in July 2024, though the total was not previously reported. Stonepeak did not respond to Bisnow's request for comment.
At launch, Stonepeak said the fund would target supply chain, residential, healthcare and technology-related assets. Several early acquisitions have been in logistics. Stonepeak paid $244M last month for a 2.3M SF industrial park in Houston, acquiring it from Starwood Capital in what Green Street described as the largest warehouse trade in the market since 2010. The same month, it paid $191M for a 1.8M SF industrial portfolio in Jacksonville, roughly $104 per SF, from Blackstone's industrial affiliate Link Logistics for a nine-building warehouse park. The fund has also bought logistics properties in the Dallas-Fort Worth area and Chicago this year.
Investors named by Dakota include the Texas Municipal Retirement System, which contributed $100M, the New Mexico Educational Retirement Board, which committed $75M, and the Santa Barbara County Employees' Retirement System, which invested $10M.
Stonepeak, an infrastructure fund manager with roughly $48B raised over the last five years, launched its real estate arm in 2020, hiring Phill Solomond from Blackstone to lead the division. Its latest infrastructure fund launched December 3, targeting high net worth individuals with at least $5M invested.
The deal reflects private equity's expanding role in real estate as banks have pulled back under regulatory scrutiny of their loan portfolios. The commercial real estate sector also expects acquisitions to accelerate through 2025.
At launch, Stonepeak said the fund would target supply chain, residential, healthcare and technology-related assets. Several early acquisitions have been in logistics. Stonepeak paid $244M last month for a 2.3M SF industrial park in Houston, acquiring it from Starwood Capital in what Green Street described as the largest warehouse trade in the market since 2010. The same month, it paid $191M for a 1.8M SF industrial portfolio in Jacksonville, roughly $104 per SF, from Blackstone's industrial affiliate Link Logistics for a nine-building warehouse park. The fund has also bought logistics properties in the Dallas-Fort Worth area and Chicago this year.
Investors named by Dakota include the Texas Municipal Retirement System, which contributed $100M, the New Mexico Educational Retirement Board, which committed $75M, and the Santa Barbara County Employees' Retirement System, which invested $10M.
Stonepeak, an infrastructure fund manager with roughly $48B raised over the last five years, launched its real estate arm in 2020, hiring Phill Solomond from Blackstone to lead the division. Its latest infrastructure fund launched December 3, targeting high net worth individuals with at least $5M invested.
The deal reflects private equity's expanding role in real estate as banks have pulled back under regulatory scrutiny of their loan portfolios. The commercial real estate sector also expects acquisitions to accelerate through 2025.
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