Stonepeak, which manages $76.3bn globally, began investing in Asia in 2019. The new fund will target both traditional infrastructure assets and high-growth areas such as data centres, logistics, and cold storage. 

Global peers are also ramping up their presence in Asia. KKR is raising its third pan-Asia infrastructure fund, expected to surpass the $6.4bn raised last year, while I Squared plans to open a Seoul office and expand its regional team. Energy Infrastructure Partners has also established a base in Singapore to invest in energy transition assets across Asia-Pacific.

The Asian Development Bank estimates that developing Asia requires $1.7tn annually in infrastructure spending through 2030 to sustain growth, address poverty, and meet climate targets.

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