Stonepeak Targets $4 Billion for Second Asia Infrastructure Fund as Data Centers Boom

Stonepeak launches second Asia vehicle after $3.3B debut

U.S. alternatives manager Stonepeak is seeking up to $4 billion for its second Asia-focused infrastructure fund, according to a Reuters exclusive, building on momentum from its $3.3 billion inaugural Asia vehicle closed in 2024. The firm, which began deploying in Asia in 2019 and manages $76.3 billion globally, is concentrating on digital infrastructure (notably data centers) and cold-storage logistics, areas lifted by urbanization, e-commerce and AI-driven computing needs. Stonepeak is aiming to secure an initial $1 billion by end-September 2025, roughly four months after launch.

Why now: the structural demand story

Asia’s infrastructure gap remains vast. The Asian Development Bank estimates the region requires ~$1.7 trillion a year through 2030 to fund transport, power, water and climate-resilient assets. Within that, hyperscale data centers and temperature-controlled logistics are benefiting from data-sovereignty rules, AI compute expansion and rising fresh-food/pharma cold chains across India, Southeast Asia and North Asia. Stonepeak’s new fund explicitly targets these themes.

Peer moves underscore a hot fundraising lane

Stonepeak is not alone. KKR is in early work on a third pan-Asia infrastructure fund, expected to surpass its prior $6.4B pool, while I Squared Capital has outlined plans to invest $5B in Asia over 2025–27 from global vehicles. The cluster of raises signals that large managers see multi-year runway in digital, energy transition and logistics across the region.

Strategy and deployment

Stonepeak’s first Asia fund has already executed multiple investments across communications, transport/logistics and energy, providing a pipeline and operating playbook for the second fund. Expect a mix of platform buy-and-builds, brownfield carve-outs, and development partnerships where offtake contracts or long-dated tenancy provide yield visibility, particularly critical in data center capacity additions tied to power and grid access.

Market impact: how this affects public and private markets

Private markets. A successful $4 billion raise would add meaningful dry powder to Asian core-plus infrastructure, likely tightening cap rates for stabilized digital and logistics assets in key metros and intensifying competition for scale platforms. That can pull forward development pipelines where power and land are bankable, and support financing availability for operators via club deals and structured equity. (Inference based on typical fund flows and asset dynamics reflected in the Reuters report.)

Listed equities. Fundraising announcements seldom move regional indices immediately, but the sentiment read-through favors listed data-center developers, tower/edge operators and cold-chain logistics names over time; a deeper private-buyer bench can support valuations and provide take-private or asset-sale optionality. Conversely, competition for projects can pressure returns if input costs (power, equipment, construction) remain elevated. (Analytical assessment consistent with sector context in the cited reporting.)

Risks to the thesis

• Power constraints & permitting: Data center growth is gated by power procurement and grid interconnects; delays can push out IRRs.
• Rate backdrop: If global rates stay higher for longer, financing costs could compress spreads for core assets.
• Supply chain & construction: Equipment lead times (HVAC, switchgear, generators) and EPC cost inflation can erode budgets.
• Regulatory/geo-political: Data-sovereignty rules and foreign-ownership limits vary across markets, complicating cross-border platforms.

What LPs will watch

Institutional investors are likely to focus on speed-to-deployment, contracted cash-flow quality (leases, offtake, concessions), power sourcing, and the manager’s ability to secure land and interconnects ahead of rivals. Stonepeak’s recent Asia activity, spanning digital, logistics and renewables platforms, offers a reference set on origination and operational value creation.

Outlook

If Stonepeak reaches its $4B objective, Asia’s infrastructure deal pipeline, especially in data centers and cold-storage logistics, could see more competitive auctions and larger platform roll-ups through 2026–2028. For public markets, the presence of scaled sponsors tends to buttress medium-term multiples in adjacent listed names, even if the immediate index impact is muted by macro factors.