The Blackstone Group’s infrastructure team is expected to complete its separation from its parent private equity firm this week, and has launched an independent firm called Stonepeak Infrastructure Partners, Private Equity International has learned.
Stonepeak will be headed by Trent Vichie and Michael Dorrell, who were senior managing directors at Blackstone and led the private equity firm’s infrastructure team.
Dorrell and Vichie joined Blackstone from Macquarie in 2008 to establish Blackstone’s infrastructure platform. The firm’s debut fund, Blackstone Infrastructure Partners, launched in 2009 and raised $450 million, including a $50 million cornerstone commitment from Blackstone, against a target of $2 billion.
Stonepeak will be based in New York and will start with an 11-member team. The firm will be focused on North American investments and is understood to be targeting $1 billion for its debut fund.
The spin-out will retain $400 million in third-party capital commitments to Blackstone Infrastructure Partners, Infrastructure Investor previously reported.