Sunday 21 January 2024
Industry veteran Sung Eun Ahn to join Stonepeak as Chairman, Korea
NEW YORK & SEOUL – January 21, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has appointed Sung Eun Ahn as Chairman, Korea, effective February 1, 2024. Based in Seoul, Sung Eun will help to support Stonepeak’s APAC business and the diligent execution of the firm’s investment strategies in the region.
Sung Eun joins Stonepeak with significant financial services and leadership experience, having most recently served as Chief Country Officer, Korea at Deutsche Bank AG, a position he held for more than 10 years. Prior to that, for nearly a decade he served as Chief Executive and Head of Investment Banking for Korea at Bank of America Merrill Lynch.
In those positions, he advised on more than $150 billion in cross border and domestic M&A transactions and helped Korean corporates, financial institutions, and government entities raise more than $30 billion in the overseas capital markets through debt and equity issues.
“We are thrilled to welcome Sung Eun to the Stonepeak team as we continue to strategically invest in Korea and throughout Asia,” said Hajir Naghdy, Senior Managing Director at Stonepeak. “Sung Eun is a highly respected business leader, with more than 30 years of experience in the market and deep relationships throughout the industry. We believe his expertise will be a valuable addition to our boots-on-the-ground and local partnership-focused approach to asset sourcing and management.”
“I have been thoroughly impressed by Stonepeak’s diligent expansion in APAC,” said Sung Eun Ahn, incoming Chairman, Korea at Stonepeak. “There is ample opportunity for infrastructure investment in the Asia Pacific region – from renewables, to transportation and logistics, to digital infrastructure – and in getting to know Stonepeak’s investment strategy, I believe the firm is well-positioned to capture that opportunity. I look forward to joining the team and helping the firm continue to identify high-quality investment opportunities in the region.”
Sung Eun joins Stonepeak on the heels of an active year for the firm in the Asia Pacific region. Of note, in the fourth quarter of 2023, the firm agreed to provide strategic investments to AGP Sustainable Real Assets, a Singapore-based global infrastructure and real assets developer and operator, and GTA, Guam’s leading digital infrastructure provider of broadband, wireless, data center, and subsea cable landing services. Additionally, in April, the firm completed the acquisition of a 70% interest in GeelongPort, marking Stonepeak’s first investment in Australia. Stonepeak has 12 portfolio companies1 supporting critical infrastructure needs in over a dozen countries and territories across the region, including AGP Sustainable Real Assets, Synera Renewable Energy, Peak Energy, GreenPeak, Digital Edge, MIDC, GTA, Equalbase, GeelongPort, Lineage Logistics, Rinchem, and Seapeak.
About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $57.9 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, social infrastructure, and real estate. Stonepeak is headquartered in New York with offices in Hong Kong, Houston, London, Singapore, and Sydney. For more information, please visit www.stonepeak.com.
Contacts
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225
1. Inclusive of investments that are signed pending close.
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STONEPEAK BEATS TARGET WITH $3.3B FINAL CLOSING OF MAIDEN ASIA INFRASTRUCTURE FUND
2024/03/16 BY CHRISTOPHER CAILLAVET LEAVE A COMMENT
Digital_Edge__Yokohama_YCC_data_center.original
Stonepeak-backed Digital Edge’s YCC data centre in Yokohama (Image: Digital Edge)
US private equity firm Stonepeak has reached a final closing of its first Asia infrastructure fund with capital commitments of $3.3 billion, exceeding the vehicle’s hard cap of $3 billion.
The fund represents Stonepeak’s first dedicated Asia strategy and targets infrastructure assets in the communications, transport/logistics and energy sectors, the Manhattan-based company said in a release.
No specific details were disclosed about the fund’s limited partners, which include pension funds, endowments, insurers and other large institutions. Stonepeak said it received “robust demand” from new investors and previous backers of funds managed by the firm, whose portfolio companies include Singapore-based data centre startup Digital Edge.
“The strong demand for this fund underscores Asia’s compelling long-term economic and demographic tailwinds, and is a resounding acknowledgement by our partners, including many of the world’s most sophisticated investors, that Stonepeak’s team is well positioned to capitalise on the associated investment opportunities,” said Hajir Naghdy, senior managing director and head of Asia and the Middle East at Stonepeak.
Pan-APAC Mandate
Stonepeak Asia Infrastructure Fund’s mandate spans the whole of Asia Pacific, both developed and high-growth countries, and the vehicle has made six investments to date across all target sectors, the firm said.
Hajir Naghdy, senior managing director at Stonepeak
Hajir Naghdy, senior managing director and head of Asia and the Middle East at Stonepeak
Stonepeak’s communications and digital infrastructure investments include Digital Edge, which has deployed and committed more than $1 billion in capital to data centre projects in Japan, China, India, Indonesia, South Korea and the Philippines.
In 2022, Stonepeak set up a joint venture with Singapore-based builder Equalbase to develop logistics assets across the region, starting with an Equalbase project in Seoul.
780x250 HK Forum 2024
In January of this year, Stonepeak invested in AGP Sustainable Real Assets, a Singapore-based firm specialising in eco-friendly infrastructure, with market sources pegging the fresh capital at as much as $650 million.
Meeting Regional Needs
In light of the region’s pressing needs in digital assets, green energy and logistics, Stonepeak’s latest fundraising comes at a critical time, according to the firm, which has $61.1 billion in assets under management.
“We are grateful for our investors’ support as we continue to deploy our strategy to meet these needs and create value for all of our stakeholders by leveraging our deep sector expertise and ‘boots-on-the-ground’ approach to asset management,” said Stonepeak co-presidents Jack Howell and Luke Taylor.
Stonepeak’s milestone comes after KKR last month announced the $6.4 billion final closing of its second Asia-dedicated infrastructure fund, with the US buyout giant having already deployed more than half of the vehicle’s committed capital across 10 investments.
The fund, dubbed KKR Asia Pacific Infrastructure Investors II, is the largest-ever pan-regional APAC infrastructure fund to have been raised, overtaking the $3.9 billion closing of KKR’s inaugural Asia Pacific Infrastructure Investors in 2021, according to the Manhattan-based firm.
In December, Singapore-based private equity shop Seraya Partners revealed an $800 million capital raise for its inaugural pan-Asia infrastructure fund with backing from Canada’s Alberta Investment Management Company and US asset management titan BlackRock.
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