Stonepeak is nearing $10 billion for its fifth infrastructure fund, having raised $7.3 billion so far, with additional commitments expected to bring this figure closer to the target. The firm aims for a first close in Q2. Fund V secured significant commitments from major LPs, including $350 million from Oregon State Treasury and $300 million from New York State Common Retirement Fund. Launched in September 2023, Fund V follows Stonepeak’s $14 billion Fund IV, which continues to invest in sectors like transport and energy. The firm also launched a $5 billion Global Renewables Fund II last year.