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Stonepeak
Michael Dorrell co-founded Stonepeak in 2011, building a specialist infrastructure and real assets firm serving 330+ institutional investors globally.
Stonepeak
Stonepeak was founded in 2011 by Michael Dorrell, a former Senior Managing Director at Blackstone and Macquarie veteran, alongside a team steeped in infrastructure investing. The firm emerged as a dedicated platform for institutional capital targeting physical assets with long-duration, essential-service characteristics — a structure shaped by Dorrell's experience through multiple infrastructure cycles at two of the sector's dominant early managers. The firm deploys capital across its three target sectors: energy and energy transition, transportation and logistics, and digital infrastructure. Its equity strategy spans buyouts, growth equity, and co-investments in North America, Europe, Asia-Pacific, and the Middle East. Recent transactions include the May 2026 agreement to acquire BMO's transportation and vendor finance business, the April 2026 acquisition of Cleco alongside Bernhard Capital Partners, and the April 2026 recapitalization of Southern Marinas. On the credit side, the firm runs a dedicated infrastructure debt platform under Senior Managing Director Michael Leitner. Stonepeak reports 330+ institutional limited partners globally, with senior leadership extending beyond New York to Asia and the Middle East under Hajir Naghdy. The firm has built a dedicated wealth solutions channel to distribute infrastructure strategies to individual investors. In May 2026, a Stonepeak-led consortium agreed to acquire Estia Health, an Australian aged-care operator — an expansion into social infrastructure via its Asia-Pacific team. One structural feature distinguishing Stonepeak: it runs a formal group of Operating Partners and Senior Advisors embedded across portfolio companies to drive operational value creation, not just financial engineering. Former C-suite executives and industry specialists sit inside the firm rather than operating as ad-hoc consultants, creating an in-house capability that mirrors the hands-on asset management model Dorrell first observed at Macquarie.
General information
Firm type
Generalist
Year founded
2011
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Michael Dorrell
Chairman, CEO & Co-Founder
Jack Howell
Co-President
Luke Taylor
Co-President
Hajir Naghdy
Senior Managing Director, Head of Asia and Middle East
Sector focus
Frequently asked questions
Who runs investment decisions at Stonepeak?
Michael Dorrell, Chairman, CEO and Co-Founder, directs the firm's strategy and investment decisions. He shares day-to-day operational and investment oversight with Co-Presidents Jack Howell and Luke Taylor. All three sit on the firm's investment committees, with regional heads like Hajir Naghdy (Asia and Middle East) leading local deployment.
Is Stonepeak a private equity firm or an infrastructure specialist?
Stonepeak is an alternative investment firm specializing in infrastructure and real assets. It operates equity strategies — buyouts, growth equity, co-investments — as well as a dedicated infrastructure credit platform. This dual equity-and-credit structure differentiates it from generalist private equity firms.
How does Stonepeak source its deals?
The firm employs a large team of in-house Operating Partners and Senior Advisors — former C-suite executives, project developers, and industry operators — who originate and diligence assets alongside investment professionals. This embedded operating capability gives Stonepeak a proprietary angle on complex, operationally intensive infrastructure transactions.
Does Stonepeak invest only in North America?
No. Stonepeak operates globally across North America, Europe, Asia-Pacific, and the Middle East. Recent investments include an aged-care operator in Australia (Estia Health, May 2026), data-center platforms in Asia (Digital Edge), and Japanese renewable energy storage projects through a joint venture with CHC.
What types of infrastructure does Stonepeak target explicitly?
The firm organizes around three main verticals: energy and energy transition (including renewables and traditional power), transportation and logistics (rail, ports, leasing), and digital infrastructure (fiber, data centers, towers). It does not actively promote exposure to social infrastructure outside of discrete deals like Estia Health.
How is Stonepeak's credit platform structured?
The credit platform, led by Senior Managing Director Michael Leitner, provides private infrastructure debt solutions alongside the firm's equity strategies. This allows Stonepeak to participate across the capital stack in infrastructure assets, a feature that appeals to allocators seeking lower-volatility, yield-oriented infrastructure exposure.
Does Stonepeak maintain a wealth management channel for individual investors?
Yes. Stonepeak operates a dedicated wealth solutions platform to distribute infrastructure investment products to high-net-worth individuals and private wealth channels, complementing its core institutional base of pensions and endowments.
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