Stonepeak is seeking to raise up to $4bn for its second Asia-focused infrastructure fund, just a year after closing its debut vehicle at $3.3bn, according to a report by Reuters citing an unnamed person familiar with the matter.

The US-based alternative investment manager expects to secure $1bn by the end of September, only four months after launching the fund in May. If successful, the raise would underscore both rapid capital deployment and strong LP appetite for Asian infrastructure as a private markets asset class.

Stonepeak, which began investing in Asia in 2019 and now manages $76.3bn globally, has been targeting sectors that combine infrastructure-like stability with growth potential, such as data centres, cold storage logistics and energy transition assets.

The firm’s fundraising drive comes as rivals also step up their regional presence. KKR is marketing its third pan-Asia infrastructure fund, expected to exceed the $6.4bn raised last year, while I Squared Capital is opening a Seoul office and expanding headcount. Energy Infrastructure Partners recently launched an Asia office in Singapore to target energy transition opportunities.

If both Stonepeak and KKR hit their targets, they could add more than $10bn of fresh private capital to Asia’s infrastructure sector, where demand for investment is projected to average $1.7tn annually through 2030, according to the Asian Development Bank.