Credit
Stonepeak is a strategic capital partner to sponsors and companies across the infrastructure, technology, and digital services landscape. We provide institutional and wealth investors with access to a wide range of private credit opportunities through our dedicated strategies and customized solutions.
The powerful combination of Stonepeak’s decades of experience, scale, independence, integrated global platform, deep sector specialization, and extensive industry relationships offers investors and borrowers the potential for differentiated outcomes.
Stonepeak invests in a wide array of credit solutions including:
Our credit strategies
Infrastructure Credit
Infrastructure strategy targeting private credit investments collateralized by transportation and logistics, energy and energy transition, digital infrastructure, and social infrastructure assets. We look for:
- Real asset-based businesses that provide essential services with downside protection and high barriers to entry
- Investments that generate cash yield
- Opportunities to invest flexibly across the capital structure
- Majority senior secured credit backed by mission critical infrastructure collateral that generate strong asset-level unit economics
Digital Credit
Digital strategy targeting private credit investments across the digital landscape, including digital infrastructure, technology-enabled services, AI, and software. We look for:
- Investments in mission critical, utility-like enterprise technology solutions with high degrees of contractual recurring revenues from deeply entrenched products and services
- Majority senior secured credit with disciplined approach to creditor rights, covenants, and conservative loan-to-value providing substantial capital preservation
- Differentiated opportunities that align with our deeply informed technology sector perspectives to drive favorable risk-adjusted returns
Stonepeak’s credit team has collectively invested in 200+ issuers2 across areas including data centers, fiber, enterprise software, aircraft finance, power generation, midstream energy, and social infrastructure, and we pride ourselves on being a dependable, creative, and flexible partner to infrastructure and digital sponsors and companies seeking credit financing.
Leveraging our extensive industry relationships, experience, and the broader Stonepeak platform, Stonepeak Credit is focused on sourcing a differentiated pipeline of investment opportunities that are underpinned by core credit underwriting fundamentals:
- Investing in industries and businesses we know well
- Underwriting conservatively, strategically, and with discipline
- Generating value for our investors with strong downside protection
Stonepeak Credit leadership
Michael is a Credit Partner and Senior Managing Director with Stonepeak. Prior to joining Stonepeak, Michael served as co-head of BlackRock’s Direct Lending and Special Situations investment practice. Prior to its acquisition by BlackRock, Michael was a Managing Partner at Tennenbaum Capital Partners (TCP), a specialist private performing credit and special situations manager with $9 billion of committed client capital as of its acquisition by BlackRock. During his tenure at TCP, Michael also served as a member of its Management Committee and a past Chairman of the Investment Committee and helped build the firm into a well-established entity in the broader communication services and infrastructure sectors.
Ryan is a Credit Partner and Senior Managing Director with Stonepeak. Prior to joining Stonepeak, Ryan covered the energy and infrastructure sectors for King Street, a New York-based hedge fund focused on distressed, special situations, and event driven credit investing. Prior to King Street, Ryan worked in the Energy group at TPG Capital, a large global private equity firm. Ryan started his career in Credit Suisse’s Energy Investment Banking group.
Andrew is a Credit Partner and Senior Managing Director with Stonepeak and Head of Australia and New Zealand Private Credit. Prior to Stonepeak, Andrew spent 16 years at Macquarie Group, where he was the Head of Structured Lending, involved in originating structures and underwriting lending products for clients in the APAC region, with a primary focus on illiquid investment grade equivalent opportunities. Prior to his time at Macquarie, Andrew was a Director at Ingevity where he led the development of variable lifetime annuity products in the Australian market. He also served as Engagement Manager for McKinsey & Company where he was responsible for running both strategy and implementation projects across several industries including retail, oil & gas, and resources, with a focus on distribution issues.
Rashad is a Credit Partner and Managing Director with Stonepeak. Before joining Stonepeak, Rashad was a co-Founder and Partner at Boundary Street, focusing on lower middle market digital credit opportunities. Prior to Boundary Street, Rashad was a Director of Communications Infrastructure at Pacific Western Bank. Prior to Pacific Western Bank, he worked at CapitalSource and Protiviti in lending and consulting roles.
Pat is a Managing Director with Stonepeak. Before joining Stonepeak, Pat was a co-Founder and Partner at Boundary Street Capital, where he focused on private credit investments in the enterprise software and digital services sectors, as well as general fund oversight and administration. Prior to Boundary Street, he was a Vice President at CapitalSource, a division of Pacific Western Bank, where he co-led technology origination and underwriting focused on enterprise software and tech-enabled services companies. Prior to CapitalSource, he worked at MCG Capital Corporation and International Business Machines Corporation in various portfolio management, underwriting, origination, finance and accounting roles.
Eric is a Managing Director with Stonepeak. Before joining Stonepeak, Eric was a Managing Director at Blackstone in its credit business, where he invested in a wide range of debt and equity opportunities across infrastructure subsectors. Prior to Blackstone, Eric worked at Goldman Sachs in its financial sponsors investment banking group.
1. Credit strategy AUM is as of March 31, 2025 and takes into account gross asset value together with unfunded capital commitments and certain third party financing or leverage that certain vehicles are permitted to obtain.
2. Includes investments at prior firms.