Stonepeak
Stonepeak is a privately held American investment firm focused on infrastructure and real estate assets.
Last updated August 31, 2026
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Overview
Stonepeak is an American investment firm headquartered in New York City that specializes in infrastructure investing and has expanded into real estate. Its investment activity has covered communications infrastructure, energy and energy transition, transportation, logistics, digital infrastructure, utilities, hospitality, and related real assets. The firm operates internationally, with additional offices in Hong Kong, Houston, London, Sydney, and Singapore. The business originated inside Blackstone. In 2008, Michael Dorrell and Trent Vichie, both formerly associated with Macquarie Group, joined Blackstone to establish its infrastructure investment unit. That unit was separated from Blackstone in 2011 and became an independent firm known as Stonepeak. The firm’s early identity was therefore shaped by infrastructure-focused private equity, institutional fundraising, and the participation of senior professionals with backgrounds in large-scale infrastructure investment. Stonepeak’s first fund, Stonepeak Infrastructure Fund I, raised $1.65 billion from institutional investors including Washington State, Oregon State, the Virginia Retirement System, and TIAA. The firm later received a $350 million off-balance-sheet investment from Landmark Partners in September 2018. These transactions helped establish Stonepeak as a significant institutional infrastructure manager. Infrastructure Investor ranked it sixth among infrastructure investment firms by total fundraising over the five-year period considered in its 2022 ranking. The firm has built its portfolio through platform investments, acquisitions, partnerships, and minority or controlling interests in operating businesses. Notable transactions have included Cologix, Astound Broadband, Teekay LNG, the Port of Geelong, Textainer, and an interest in the Cosmopolitan of Las Vegas. These investments illustrate Stonepeak’s broad interpretation of infrastructure, encompassing data centers and broadband networks, shipping and ports, container leasing, liquefied natural gas transportation, and destination real estate. Stonepeak began developing a dedicated real-estate strategy in the early 2020s. Bloomberg reported in 2021 that the firm was considering an expansion into real estate, and Stonepeak Real Estate Partners was launched in July 2022. The Texas Municipal Retirement System committed $150 million to the fund in September of that year. The real-estate strategy complemented the firm’s existing focus on essential assets and long-duration operating businesses. In July 2023, Blue Owl Capital made a $2 billion minority investment in Stonepeak. The investment represented a 13.5% stake and implied an approximate valuation of $15 billion for the firm. Stonepeak remained privately controlled, while the transaction provided additional capital and an institutional relationship for the next stage of its growth. Stonepeak’s later activity has included international expansion, energy-transition platforms, aviation, retail fuel distribution, lubricants, and port infrastructure. In August 2025 it launched WahajPeak, a renewable-energy platform intended to invest in utility-scale solar, wind, and battery-storage projects across the Gulf Cooperation Council and the broader Middle East. The firm also agreed to acquire a controlling interest in Castrol from BP, subject to regulatory approvals, and announced a proposed United Ports venture with CMA CGM. In March 2026, Stonepeak and Alphabet announced a planned combination of Google Fiber and Astound Broadband, subject to regulatory approval. These developments indicate an ongoing strategy of combining infrastructure capital with operating platforms in communications, transportation, energy, and real assets.
History
Stonepeak traces its origins to Blackstone’s effort to create a dedicated infrastructure investment capability. In 2008, Michael Dorrell and Trent Vichie joined Blackstone after working at Macquarie Group and established Blackstone’s infrastructure investment unit. The unit was separated from Blackstone in 2011 and became the independent firm Stonepeak, initially based in New York. The new firm’s first major fundraising achievement was Stonepeak Infrastructure Fund I, which raised $1.65 billion. Its institutional backers included public retirement systems and other large asset owners such as Washington State, Oregon State, the Virginia Retirement System, and TIAA. The fund established Stonepeak’s initial model: raise long-duration institutional capital and invest in infrastructure businesses and assets with essential-service characteristics. Stonepeak expanded its capital base in September 2018 when Landmark Partners provided a $350 million off-balance-sheet investment. The firm also developed a reputation for employing professionals with Macquarie backgrounds, including its co-founders and several senior managing directors. This personnel network reflected the firm’s heritage in infrastructure finance and helped support its international investment activity. During the second half of the 2010s and early 2020s, Stonepeak assembled a diversified portfolio. In March 2017, it acquired Cologix, a data-center and network-interconnection business. In November 2020, it acquired Astound Broadband from TPG in a transaction involving $3.6 billion in cash and $4.5 billion of debt. Stonepeak also pursued telecommunications opportunities with EQT, although its proposed 2021 approach for KPN was rejected by KPN. The firm broadened its transportation and energy exposure in 2021 and 2022. In October 2021, Stonepeak acquired Teekay LNG in a transaction reported at $6.2 billion. In November 2022, it acquired the Port of Geelong with Spirit Super for $732 million. In May 2022, Stonepeak joined Blackstone Real Estate Income Trust and the Cherng Family Trust in acquiring the Cosmopolitan of Las Vegas for $5.65 billion. Stonepeak’s organizational development continued after co-founder Trent Vichie left in March 2021 to establish EverWind Fuels. Around the same period, the firm began considering a formal expansion into real estate. Stonepeak Real Estate Partners launched in July 2022, and the Texas Municipal Retirement System committed $150 million to that fund in September 2022. In July 2023, Blue Owl Capital invested $2 billion for a 13.5% minority stake. The investment implied an approximate valuation of $15 billion and gave Stonepeak additional financial backing while it remained a private firm. Stonepeak subsequently continued to expand through acquisitions and new platforms. It completed the acquisition of Bermuda-based intermodal container lessor Textainer in March 2024, taking the company private in a transaction that valued Textainer’s common equity at approximately $2.1 billion and its enterprise value at approximately $7.4 billion. The firm’s more recent activities have extended into aviation, renewable energy, retail fuel, lubricants, and port infrastructure. In 2025, it acquired Omni Air International and announced a transaction with Energy Equation Partners to acquire a 65% interest in Phillips 66’s JET-branded retail fuel business in Germany and Austria. Stonepeak also launched WahajPeak in August 2025 and agreed to acquire a 65% stake in Castrol from BP, with completion subject to regulatory approvals. In January 2026, it announced a proposed port venture with CMA CGM, and in March 2026 it announced a planned combination of Google Fiber and Astound Broadband. Together, these transactions show the firm’s evolution from a specialist infrastructure manager into a broad private-markets investor operating across infrastructure, real estate, and essential-service businesses.
- 2026
Google Fiber and Astound combination announced
[1]Alphabet and Stonepeak announced a planned combination of Google Fiber and Astound Broadband, subject to regulatory approval.
- 2025
WahajPeak launched
[1]Stonepeak launched a renewable-energy platform targeting utility-scale solar, wind, and battery-storage investments in the Gulf region and wider Middle East.
- 2024
Textainer taken private
[1]Stonepeak completed its acquisition of Textainer, a Bermuda-based lessor of intermodal shipping containers.
- 2023
Blue Owl minority investment
[1]Blue Owl Capital acquired a 13.5% minority interest in Stonepeak for $2 billion.
- 2022
Real-estate strategy launched
[1]Stonepeak launched Stonepeak Real Estate Partners, its dedicated real-estate investment strategy.
- 2021
Trent Vichie departs
[1]Co-founder Trent Vichie left Stonepeak and later founded EverWind Fuels.
- 2020
Astound Broadband acquisition
[1]Stonepeak acquired Astound Broadband from TPG in a transaction involving cash consideration and assumed debt.
- 2018
Landmark Partners investment
[1]Landmark Partners made a reported $350 million off-balance-sheet investment in Stonepeak.
- 2017
Acquisition of Cologix
[1]Stonepeak acquired Cologix, expanding its exposure to data centers and digital network interconnection.
- 2011
Stonepeak becomes an independent firm
[1]Blackstone’s infrastructure unit was spun off and established as the independent investment firm Stonepeak in New York.
Products and positioning
Institutional private-markets investor focused on essential infrastructure, real assets, and operating platforms with long-term growth or cash-flow characteristics.
Infrastructure investment fund · 2011
Stonepeak Infrastructure Fund
Stonepeak’s infrastructure-fund platform raises institutional capital for investments in essential infrastructure and operating companies. Its initial fund raised $1.65 billion and attracted public pension systems, retirement organizations, and other institutional investors. The platform has supported investments across digital communications, transportation, energy, logistics, and other infrastructure-related sectors.
Real estate investment fund · 2022
Stonepeak Real Estate Partners
Stonepeak Real Estate Partners is the firm’s dedicated real-estate investment strategy. It was developed as Stonepeak expanded beyond traditional infrastructure and focuses on real assets and real-estate opportunities that complement the firm’s broader private-markets capabilities. The Texas Municipal Retirement System committed $150 million to the fund in 2022.
Renewable-energy investment platform · 2025
WahajPeak
WahajPeak is a Stonepeak renewable-energy platform launched to invest in utility-scale solar, wind, and battery-storage projects across the Gulf Cooperation Council and the broader Middle East. It represents Stonepeak’s expansion into regional energy-transition infrastructure and renewable power development.
Broadband and communications infrastructure
Astound Broadband
Astound Broadband is a communications platform acquired by Stonepeak from TPG in 2020. The business provides broadband and related communications services. In 2026, Stonepeak and Alphabet announced plans to combine Astound with Google Fiber, creating a larger broadband platform subject to regulatory approval.
Intermodal container leasing
Textainer
Textainer is a Bermuda-based lessor of intermodal shipping containers. Stonepeak completed its acquisition in 2024, taking the company private. The transaction expanded Stonepeak’s logistics and maritime-infrastructure exposure through a global equipment-leasing business.
Brand decisions
2026
Google Fiber and Astound Broadband combinationM&ABackground
Stonepeak and Alphabet sought to combine two broadband platforms to create a larger U.S. communications business.
Action taken
The parties announced an agreement to combine Google Fiber with Astound Broadband. Stonepeak would hold the majority ownership and Alphabet would retain a significant minority interest.
Aftermath
The proposed transaction was expected to close in the fourth quarter of 2026, subject to regulatory approval, with Google Fiber’s existing management team expected to lead the combined company.
2025
Launch of WahajPeakStrategyBackground
Stonepeak expanded its energy-transition activities into the Gulf Cooperation Council and wider Middle East.
Action taken
The firm launched WahajPeak to invest in utility-scale solar, wind, and battery-storage projects.
Aftermath
The platform extended Stonepeak’s renewable-infrastructure strategy into a new geographic market.
2023
Blue Owl minority investmentM&ABackground
Stonepeak sought additional institutional capital as its infrastructure and real-estate activities expanded.
Action taken
Blue Owl Capital invested $2 billion for a reported 13.5% minority stake in Stonepeak.
Aftermath
The transaction implied an approximate Stonepeak valuation of $15 billion while leaving the firm privately held.
Minority investment and implied valuation. $2 billion investment; approximately $15 billion implied valuation (July 2023)
2022
Expansion into real estateStrategyBackground
Stonepeak had been primarily identified with infrastructure investing but was reported to be considering a broader real-estate strategy.
Action taken
The firm launched Stonepeak Real Estate Partners as a dedicated real-estate investment platform.
Aftermath
The move broadened Stonepeak’s private-markets offering and attracted a $150 million commitment from the Texas Municipal Retirement System.
Recent events
Lumen completes sale of Latin American business to Stonepeak[2]
Reported:
Lumen Technologies said it had officially closed the sale of its Latin American business to Stonepeak for USD 2.7 billion.
Lumen announces sale of its Latin American business to Stonepeak[3]
Reported:
Lumen Technologies announced that it is selling its Latin American network services business to Stonepeak Partners for $2.7 billion. The sale was expected to close in the first half of 2022.
Stonepeak completes acquisition of controlling stake in Xplornet[4]
Reported:
Xplornet announced completion of its sale to Stonepeak Infrastructure Partners, which acquired a controlling stake in Xplornet.
Stonepeak reportedly agrees to acquire Xplornet[5]
Reported:
Xplornet Communications reportedly struck a deal to be acquired by Stonepeak Infrastructure Partners; the source does not report completion.
Sources5 sources
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