Stonepeak-Plus INFRA1 will be an unsecured, deferrable, redeemable, and floating-rate infrastructure-backed debt security debuting on the local bourse on 10 December under the ticker code “SPPHA.”
The Stonepeak-Plus INFRA1 Note is the firm’s first instrument of this kind and will offer Australian investors access to regular monthly income generated through a curated portfolio of high-quality infrastructure assets. Debt will be sourced primarily from the transportation and logistics, energy and energy transition, digital, and social infrastructure sectors across Australia, New Zealand, and other markets.
The interest rate applicable to the note comprises a benchmark rate of BBSW (1-month) plus a margin of 3.25 per cent per annum, accruing monthly and will have a target repayment date six years after the issue date.
Stonepeak has highlighted the infrastructure asset class’ defensive nature, inviting a comparison between its offering and those pitched by other private credit managers this year which the firm says largely focus on corporate debt.
The firm said it has already secured more than $300 million in cornerstone investments for the note from Australian investors in the wealth channel, reaching its target and underscoring strong initial demand.
“Infrastructure businesses have historically exhibited lower default rates compared to corporate debt, making infrastructure debt an especially powerful portfolio diversification tool for investors due to its stable and predictable nature,” said senior managing director and head of Australia and New Zealand private credit, Andrew Robertson.
“However, infrastructure debt has historically been a challenging asset class for investors to access at scale. The proposed launch of Stonepeak-Plus INFRA1 aims to solve this for Australian investors while giving them the opportunity to invest behind some of the most compelling tailwinds in infrastructure today.”
Co-president Jack Howell said Stonepeak has long recognised the compelling opportunities in the credit space.
“Since we began investing in infrastructure debt in 2018, we have continued to thoughtfully expand the Stonepeak Credit team and its offerings. The proposed launch of Stonepeak-Plus INFRA1 reflects another milestone and builds on our success investing across the capital stack into world-class, critical infrastructure on behalf of our investors.”
Stonepeak Credit is the credit investing arm of Stonepeak, a leading alternative investment firm specialising in infrastructure and real assets with approximately A$79.9 billion of assets under management. The credit arm includes nearly 30 investment professionals, more than 85 investments in its portfolio, and manages approximately A$2.9 billion in assets.
“We look forward to leveraging Stonepeak’s extensive experience, deep sector specialisation, and strong industry relationships to bring a quality, investment-grade portfolio of infrastructure debt assets to our investors,” Howell said.
