Stonepeak’s SP+ INFRA Nears $2 Billion in Lifetime Sales After $81.6 Million October Raise
An affiliate of the fund’s advisor put its own money toward part of the latest investor purchases, while September net distributions ran from $0.2225 to $0.28 per unit.
October 20, 2026
Stonepeak's private wealth infrastructure program, SP+ INFRA, is closing in on $2 billion in lifetime sales after adding about $81.6 million in October subscriptions. Since its launch on May 2, 2025, the program has sold interests for approximately $1.998 billion, according to Stonepeak-Plus Infrastructure Fund LP.
SP+ INFRA pairs the Delaware fund with a companion vehicle organized outside the U.S. The same investment advisor manages both, they pursue substantially similar objectives and strategies, and they generally invest side by side. The U.S. fund accounted for about $38.8 million of the October total, through unregistered units sold on October 1 as part of its continuous private offering.
Where the October money went
Six Class Z series took in new capital at the U.S. fund:
- Series A-1a: 404,773 units for about $14.0 million
- Series M-I: 333,403 units for $12.05 million
- Series M-S: 220,092 units for about $7.9 million
- Series I-2: 71,015 units for about $2.5 million
- Series A-1c: 50,241 units for about $1.7 million
- Series S-2: 12,258 units for $438,350
Unit counts were finalized on October 16, once the fund set its September 30 transactional NAV, which serves as the purchase price for the October 1 subscriptions. Some units were sold through a separate partnership for tax-exempt, non-U.S. and other investors with particular tax characteristics.
An affiliate of the investment advisor contributed part of the October purchase money from its own resources on behalf of purchasing investors. The fund did not disclose the amount.
What the lifetime total includes
The cumulative figure includes about $200 million of assets that advisor affiliates contributed in exchange for Class X units, with the remaining $1.8 billion raised in cash. It does not net out redemptions, repurchases or units issued through distribution reinvestment, so it measures gross sales rather than the program's current size.
Net asset value
Transactional NAV per unit as of September 30 ranged from $34.70 for Class Z Series A-1a to $36.36 for Class X. The fund calculates the figure from month-end investment values plus other assets such as cash, less liabilities that include certain fees and expenses.
September distributions
On October 16, the fund declared September distributions for every class and series. Net per-unit amounts ranged from $0.2225 for Class Z Series S-1 to $0.2800 for Class X and Class Z Series A-1c, F-1, I-1, I-2 and M-I. The distributions go to unitholders of record as of September 30 and will be paid on or about October 27, in cash or reinvested in units for distribution reinvestment plan participants.
