New York-based investment firm Stonepeak closed funding on its inaugural real estate fund more than $200M short of its target.
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The value-add fund focused on North American assets closed with $764M raised, much lower than its $1B target, PERE News reported. The multisector fund has already purchased assets in at least three states and deployed at least $275M.
The fundraising for Stonepeak Real Estate Partners, as the investment vehicle is known, launched in July 2022 and closed this July, but the total value was not previously reported.
When the fund was launched, Stonepeak said it would target supply chain, residential, healthcare and technology-related assets. Several of its early acquisitions have been in the logistics sector.
Stonepeak paid $244M from the fund last month for a 2.3M SF industrial park in Houston, acquiring the properties from Starwood Capital in what Green Street described as the largest warehouse trade in the market since 2010.
Stonepeak paid $191M the same month for a 1.8M SF industrial portfolio in Jacksonville, paying roughly $104 per SF to Blackstone’s industrial affiliate Link Logistics for the nine-building warehouse park.
It has also purchased logistics properties in the Dallas-Fort Worth area and Chicago this year.
Stonepeak didn’t respond to Bisnow’s request for comment Friday morning.
Investors in the fund 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, according to the research firm Dakota.
Stonepeak, an infrastructure fund manager with roughly $48B raised in the last five years, first launched its real estate arm in 2020, bringing in Phill Solomond from Blackstone to head the division.
The firm's latest infrastructure fund launched Dec. 3, targeting high net worth individuals with at least $5M in investments.
Stonepeak is part of private equity’s push into real estate as banks have pulled back in the face of regulatory scrutiny over their loan portfolios. The commercial real estate sector is also expecting acquisitions to accelerate through 2025.
