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Adviser Profile

As of Date 10/29/2024
Adviser Type - Large advisory firm
Number of Employees 246 30.16%
of those in investment advisory functions 125 19.05%
Registration SEC, Approved, 03/06/2012
AUM* 60,700,123,808 13.62%
of that, discretionary 60,700,123,808 13.62%
Private Fund GAV* 37,733,110,969 14.01%
Avg Account Size 758,751,548 -2.00%
SMA’s No
Private Funds 77 7
Contact Info 212 xxxxxxx
Websites

Client Types

- Pooled investment vehicles
- Other

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Recent News

Reported AUM

Discretionary
Non-discretionary
53B 46B 38B 31B 23B 15B 8B
2015 2016 2017 2018 2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypeHedge Fund Count7 GAV$2,127,398,845
Fund TypePrivate Equity Fund Count65 GAV$35,329,482,730
Fund TypeReal Estate Fund Count5 GAV$276,229,394

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Brochure Summary

Overview

Stonepeak Partners LP (“Adviser” or “Stonepeak”) is a limited partnership formed under the laws of Delaware. The Adviser and (i) Stonepeak Advisors LLC (“Stonepeak Advisor I”), Stonepeak Advisors II, LLC (“Stonepeak Advisor II”), Stonepeak Advisors III LLC (“Stonepeak Advisor III”), Stonepeak Advisors IV LLC (“Stonepeak Advisor IV”) and Stonepeak Advisors V LLC (collectively with Stonepeak Advisor I, Stonepeak Advisor II, Stonepeak Advisor III and Stonepeak Advisors IV, “Stonepeak Infrastructure”); (ii) Stonepeak Global Renewables Advisor LLC (“Stonepeak Renewables I”) and Stonepeak Global Renewables Fund II Advisors LLC (collectively with Stonepeak Renewables I, “Stonepeak Renewables”); (iii) Stonepeak Asia Fund Advisors LLC (“Stonepeak Asia”); (iv) Stonepeak Core Fund Advisors LLC (“Stonepeak Core”); (v) Stonepeak Opportunities Fund Advisors LLC (“Stonepeak Opportunities”); (vi) Stonepeak Credit Advisors LLC (“Stonepeak Credit”); (vii) Stonepeak Digital Infrastructure Advisors LLC (“Stonepeak Digital Infra”); (viii) Stonepeak Real Estate Advisors LLC (“Stonepeak Real Estate”); (ix) Stonepeak Cologix Fund Advisors LLC, (x) Stonepeak Omni Advisors LLC, (xi) Stonepeak Zeno Advisors LLC and (xii) Stonepeak Advisors Holdings LLC (each, a “Relying Adviser”, and collectively, the “Relying Advisers,” and together with the Adviser, the “Advisers” or the “Stonepeak Advisors”) collectively provide direct and indirect investment advisory services to private fund clients (each, a “Fund Client” or a “Stonepeak Fund”, and collectively, the “Fund Clients” or the “Stonepeak Funds”) and/or one or more separately managed accounts (each, an “SMA Client”, and collectively, the “SMA Clients”). Where the context requires, references herein to “Fund Clients” and “Stonepeak Funds” will be deemed to include the applicable SMA Clients. As such, the Advisers are together filing a single Form ADV. Where the context requires, references herein to the “Adviser” will be deemed to include the applicable Relying Advisers. Stonepeak has been in business since March 2011 and is under the direction of Mr. Michael Dorrell by virtue of his sole ownership of Stonepeak Partners LLC, the general partner of Stonepeak (“Stonepeak Partners GP”) and by virtue of his status as an indirect limited partner of Stonepeak. Mr. Dorrell, as Chairman, Chief Executive Officer and Co-Founder of Stonepeak, together with Mr. Jack Howell and Mr. Luke Taylor, as co-Presidents of Stonepeak, are responsible for all day- to-day operations and management decisions of Stonepeak. Certain Stonepeak employees are also indirect limited partners of Stonepeak and entitled to a portion of its profits. The Advisers provide investment advisory (discretionary) services exclusively for Fund Clients and operate mainly across the following segments: (i) Stonepeak Infrastructure, which primarily focuses on privately negotiated, control and control-oriented large-scale core-plus / value-add equity investments in infrastructure categories (for both operating companies and assets) in North America using a broad variety of investment types and transaction structures. (ii) Stonepeak Renewables, which primarily focuses on privately negotiated, control and control-oriented investments across the renewable energy sector, including, but not limited to, solar, wind, hydro, distributed energy and energy-storage projects in member countries of the Organization for Economic Co-operation and Development or any successor organization thereto (“OECD Countries”) and other select similarly developed markets using a broad variety of investment types and transaction structures. (iii) Stonepeak Asia, which primarily focuses on privately negotiated, control and control- oriented core-plus / value-add equity investments in infrastructure categories (for both operating companies and assets) in the Asia Pacific using a broad variety of investment types and transaction structures. (iv) Stonepeak Core, which primarily focuses on a diversified core infrastructure private equity investment strategy in OECD Countries and select similarly developed markets using a broad variety of investment types and transaction structures. (v) Stonepeak Opportunities, which primarily focuses on investments in middle-market companies in OECD Countries (with a strong focus on North America and Europe) within key focus sectors in which Stonepeak has significant experience and expertise – digital infrastructure, energy transition, transportation & logistics and social infrastructure – using a broad variety of investment types and transaction structures. (vi) Stonepeak Credit, which primarily focuses on non-control secondary and originated bonds, loans, and other credit instruments, in each case in infrastructure investment categories. (vii) Stonepeak Digital Infra, which primarily focuses on (i) privately-negotiated equity and equity-related investments in digital infrastructure primarily in OECD Countries and (ii) debt investments in digital infrastructure assets and businesses and related companies primarily in OECD Countries. (viii) Stonepeak Real Estate, which primarily focuses on privately negotiated, control and control-oriented investments (taking into account its relevant target characteristics and investment limitations) in real estate investments that are primarily located in North America using a broad variety of investment types and transaction structures. The services provided by the Advisers include: identification and evaluation of prospective investments for Fund Clients, negotiation and consummation of the acquisition and financing of debt and equity securities, monitoring, directing management teams of portfolio investments, providing strategic input to portfolio investments and performing administrative services for Fund Clients under an investment advisory agreement with each Fund Client. The Advisers work also alongside business executives who have been retained specially for their deep operating experience in infrastructure sectors relevant to the Advisers’ investment thesis (the “Operating Partners”) (see “Item 5 – Fees and Compensation” for more information on the Operating Partners) and network of contacts in an effort to generate off-market deal flow and conduct due diligence. The Advisers provide investment advisory services to their Fund Clients pursuant to the terms of an investment advisory agreement with each Fund Client. Each investment advisory agreement tailors the advisory services provided to each Fund Client in a manner consistent with the investment objectives, limitations and manner of operation provided for in the private offering documentation and limited partnership agreement for the respective Fund Clients. These limitations
often include:
• Diversification requirements: limitations are often placed on the aggregate percentage of capital commitments that may be invested in any one investment.
• Geographic limitations: limitations are often placed on the aggregate percentage of capital commitments that may be invested in certain geographic locations.
• Open market transactions: limitations are often placed on the aggregate percentage of capital commitments that may be used to purchase open market securities.
• Transactions with portfolio companies of other Fund Clients: limitations are often placed on the ability to acquire the debt of a portfolio company of another Fund Client. The Adviser does not participate in wrap fee programs in providing portfolio management services. Stonepeak has established separate investment committees for the Stonepeak Funds, and such investment committees are generally responsible for making all major investment decisions in respect of the Stonepeak Funds. Stonepeak has established, and may in the future continue to establish, one or more other committees and/or sub-committees with respect to a Stonepeak Fund’s investment activities. For information related to the composition of a particular Stonepeak Fund’s investment committee, please review that Stonepeak Fund’s confidential private placement memorandum and Part 2B of Stonepeak’s Form ADV. TIAA-Stonepeak Investments II, LLC, a Delaware limited liability company (“TIAA Advisor Investor”), owns a minority interest of Stonepeak Advisors Holdings LLC, a Delaware limited liability company (“SAH”) as a member thereof, a minority interest of Stonepeak GP Holdings LP, a Delaware limited partnership (“Stonepeak GP Holdings I”), as a limited partner thereof, a minority interest of Stonepeak GP Holdings II LP, a Delaware limited partnership (“Stonepeak GP Holdings II”), as a limited partner thereof and a minority interest of Stonepeak GP Holdings III LP, a Delaware limited partnership (“Stonepeak GP Holdings III” and, together with Stonepeak GP Holdings I and Stonepeak GP Holdings II, “Stonepeak GP Holdings”) as a limited partner thereof. Stonepeak GP Holdings I is the sole member of the general partner of Stonepeak Fund I (as defined herein) (“Stonepeak GP I”). Stonepeak GP Holdings II is the sole member of the general partner of Stonepeak Fund II (as defined herein) (“Stonepeak GP II”). Stonepeak GP Holdings III is the sole member of the general partner of Stonepeak Fund III (as defined herein) (“Stonepeak GP III”). Through its interests in SAH, Stonepeak GP Holdings I, Stonepeak GP Holdings II and Stonepeak GP Holdings III, TIAA Advisor Investor has indirect interests in Stonepeak Advisors I, Stonepeak GP I, Stonepeak GP II and Stonepeak GP III, respectively. TIAA Advisor Investor has no ownership interest in Stonepeak or Stonepeak Partners GP. TIAA Advisor Investor is an affiliate of Teachers Insurance and Annuity Association, a stock life insurance company (“TIAA”). In addition, in November 2018, Stonepeak entered into a preferred equity financing transaction with certain private investment funds affiliated with Landmark Equity Advisors, LLC (collectively, “Landmark”) pursuant to which Landmark is entitled to receive, indirectly vis-à-vis their limited partnership interests in Stonepeak Investment Holdings LP (the “SIH SPV”), a Delaware limited partnership controlled by an affiliate of the Adviser, repayment proceeds representing less than 10% of the management fee income from the Adviser and less than 25% of the carried interest with respect to each of Stonepeak Fund I, Stonepeak Fund II and Stonepeak Fund III, as well as proceeds from other investments (including, direct or indirect investments in Stonepeak Funds) acquired by the SIH SPV with proceeds from the financing transaction (if any), until such time as the repayment and/or return conditions have been met pursuant to the terms of the governing documents of the SIH SPV. Furthermore, on June 28, 2023, Stonepeak accepted a minority investment from investment vehicles managed by Blue Owl Capital Inc.’s GP Strategic Capital platform (formerly known as Dyal Capital) (“Blue Owl”), a capital provider for institutional alternative asset managers, pursuant to which Blue Owl is entitled to receive less than 15% of the fee income of the Adviser (including management fee income and other income generated from the acquisition, ongoing advisory and transaction fees received by the Adviser in connection with investments by its Fund Clients) and less than 15% of the carried interest with respect to each Fund Client. Blue Owl has no control over the day-to-day operations or investment decisions of Stonepeak as they relate to the Fund Clients, but does have certain customary minority protection rights. Stonepeak and its relying advisers collectively manage assets on a discretionary basis in the amount of $60,700,123,808 as of December 31, 2023. The Adviser does not manage any assets on a non-discretionary basis. Stonepeak Capital Markets In 2023, Stonepeak launched (i) Stonepeak Capital Holdings LLC (f/k/a Stonepeak Finance Holdings LLC), a non-securities-related capital markets business affiliated with Stonepeak (“Stonepeak Financial”), the primary focus of which is to, among other things, arrange, place, underwrite, originate and syndicate loans, and a securities-related capital markets business, and (ii) Stonepeak Securities (as defined below) (together with Stonepeak Financial and certain affiliates thereof, “Stonepeak Capital Markets”), the primary focus of which is to, among other things, arrange, place, underwrite, originate and syndicate securities, including underwriting private offerings and participating in the underwriting syndicate for public offerings. Stonepeak Capital Markets also acts as an advisor to Stonepeak Funds and/or their respective portfolio companies in connection with facilitating mergers and acquisitions, financial restructurings, asset sales, divestitures and other business combination transactions. In conducting securities underwriting, Stonepeak Securities will generally act as an initial purchaser or placement agent on a best-efforts basis. Stonepeak Securities does not expect to act as the lead underwriter and in most instances would expect to join the underwriting syndicate at the invitation of the issuer or lead underwriter and engage on a passive basis. In connection with the foregoing, an affiliate of Stonepeak, Stonepeak Securities LLC (“Stonepeak Securities”), has received the approval of the SEC and Financial Industry Regulatory Authority (“FINRA”) for broker-dealer registration and FINRA membership to engage in the foregoing services. Please see Item 10 for additional information regarding Stonepeak Capital Markets.