Stonepeak-Plus Infrastructure Fund Sees $36.25M Net Asset Surge

TL;DR

**Stonepeak-Plus Infrastructure Fund is off to a strong start, rapidly deploying capital and generating significant unrealized gains, making it a compelling early-stage infrastructure play.**

AI Summary

Stonepeak-Plus Infrastructure Fund LP reported a net increase in net assets from operations of $36,250,130 for the nine months ended September 30, 2025, a significant improvement from zero in the prior year period. The fund's total assets grew substantially to $436,441,786 as of September 30, 2025, up from $1,000 at December 31, 2024. This growth was primarily driven by $381,811,118 in proceeds from units issued and a net change in unrealized gain on investments of $53,723,050. Affiliated Investments at fair value reached $435,487,334, with a cost basis of $381,612,118. Operating expenses totaled $15,492,924 for the nine months, including $6,829,316 for performance participation allocation and $3,870,510 in organization costs. The fund's primary investment vehicle is the Stonepeak-Plus Infrastructure Fund Master Aggregator LP, accounting for 106.3% of net assets at a fair value of $431,020,993. The partnership also incurred $12,718,918 in servicing fee payable and $9,740,516 due to affiliates.

Why It Matters

This 10-Q filing reveals Stonepeak-Plus Infrastructure Fund LP's rapid asset growth and operational ramp-up, crucial for investors assessing its early performance and scalability in the competitive infrastructure investment space. The significant increase in net assets and investment gains indicates strong initial capital deployment and favorable market conditions for its infrastructure holdings, potentially attracting more institutional and high-net-worth investors. For employees, this growth signals stability and potential expansion, while customers (the underlying infrastructure assets) benefit from continued capital infusion. The fund's substantial investment in the Master Aggregator LP highlights its strategy to pool capital for large-scale infrastructure projects, impacting the broader market by facilitating critical infrastructure development.

Risk Assessment

Risk Level: medium — The fund's risk level is medium due to its significant reliance on 'Affiliated Investments at fair value' which constitute $435,487,334 of its total assets, representing 107.4% of net assets. The substantial 'Net change in unrealized gain/(loss) on investments' of $53,723,050 indicates a significant portion of its gains are not yet realized, exposing the fund to potential fair value fluctuations. Additionally, the fund is a private fund exempt from registration under Section 3(c)(7) of the 1940 Act, which may imply less regulatory oversight compared to registered funds.

Analyst Insight

Investors should closely monitor the fund's future filings for realized gains and the stability of its fair value assessments, given the substantial unrealized gains. Evaluate the underlying assets within the Master Aggregator LP to understand the specific infrastructure exposures and their long-term growth prospects. Consider the fund's high operating expenses, including the $6,829,316 performance participation allocation, as these will impact future net returns.

Financial Highlights

debt To Equity

N/A

revenue

$36.25M

operating Margin

N/A

total Assets

$436.44M

total Debt

N/A

net Income

$36.25M

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• $36.25M — Net increase in net assets from operations (For the nine months ended September 30, 2025, indicating strong operational performance.)
• $436.44M — Total Assets (As of September 30, 2025, showing significant growth from $1,000 at December 31, 2024.)
• $53.72M — Net change in unrealized gain on investments (For the nine months ended September 30, 2025, contributing significantly to asset growth.)
• $381.81M — Proceeds from Units issued (For the nine months ended September 30, 2025, demonstrating successful capital raising.)
• $15.49M — Total operating expenses (For the nine months ended September 30, 2025, reflecting the cost of operations and fund setup.)
• $6.83M — Accrued performance participation allocation (As of September 30, 2025, indicating a significant portion of gains allocated to performance fees.)
• 107.4% — Affiliated Investments as a Percentage of Net Assets (As of September 30, 2025, highlighting the fund's concentrated investment strategy.)
• $431.02M — Fair Value of Stonepeak-Plus Infrastructure Fund Master Aggregator LP (As of September 30, 2025, representing the vast majority of the fund's investments.)
• $12.72M — Servicing fee payable (As of September 30, 2025, a notable liability for fund services.)
• $9.74M — Due to affiliate (As of September 30, 2025, indicating intercompany financial obligations.)

Key Players & Entities

• Stonepeak-Plus Infrastructure Fund LP (company) — Registrant and Delaware limited partnership
• Stonepeak-Plus Infrastructure Fund Advisors LLC (company) — Investment Advisor of the Partnership
• Stonepeak-Plus Infrastructure Fund Master Aggregator LP (company) — Primary investment vehicle, 106.3% of net assets
• SEC (regulator) — U.S. Securities and Exchange Commission
• $36,250,130 (dollar_amount) — Net increase in net assets from operations for nine months ended September 30, 2025
• $436,441,786 (dollar_amount) — Total Assets as of September 30, 2025
• $53,723,050 (dollar_amount) — Net change in unrealized gain on investments for nine months ended September 30, 2025
• $381,811,118 (dollar_amount) — Proceeds from Units issued for nine months ended September 30, 2025
• $15,492,924 (dollar_amount) — Total operating expenses for nine months ended September 30, 2025
• $6,829,316 (dollar_amount) — Accrued performance participation allocation as of September 30, 2025

FAQ

Risk Factors

• Dependence on Affiliated Investments [high — financial]: The fund's net assets are heavily concentrated in its primary investment vehicle, Stonepeak-Plus Infrastructure Fund Master Aggregator LP, which represents 106.3% of net assets. This high concentration exposes the fund to significant risk if the performance of this single investment vehicle deteriorates.
• Significant Unrealized Gains [medium — financial]: A substantial net change in unrealized gain on investments of $53,723,050 contributed significantly to asset growth. While positive, a large portion of gains being unrealized indicates potential volatility and risk of future write-downs.
• High Operating Expenses and Performance Allocation [medium — financial]: Total operating expenses for the nine months were $15,492,924, with a significant $6,829,316 allocated to performance participation. This high allocation of gains to performance fees can reduce net returns to investors.
• Intercompany Liabilities [medium — financial]: The fund has incurred $12,718,918 in servicing fee payable and $9,740,516 due to affiliates. These significant intercompany obligations could pose financial risks if not managed properly.
• Organization Costs [low — operational]: The fund incurred $3,870,510 in organization costs during the nine months. While typical for a new fund, these costs represent an initial drag on performance and are a one-time expense.

Industry Context

The infrastructure fund sector is characterized by long-term investments in essential assets like utilities, transportation, and energy. These funds typically aim for stable, predictable cash flows and often attract institutional investors seeking diversification and inflation protection. The competitive landscape involves a mix of large, established global players and specialized niche funds.

Regulatory Implications

As an investment fund, Stonepeak-Plus Infrastructure Fund LP is subject to various securities regulations concerning disclosures, investor protection, and capital raising. Compliance with these regulations is crucial to maintain investor trust and avoid penalties. The significant use of affiliated entities and performance fees may also attract scrutiny regarding fair valuation and potential conflicts of interest.

What Investors Should Do

1. Monitor the performance of Stonepeak-Plus Infrastructure Fund Master Aggregator LP closely, given its significant weighting in the fund's portfolio.
2. Evaluate the sustainability of the fund's growth, considering the substantial unrealized gains and the impact of performance participation allocations on net returns.
3. Assess the management of intercompany liabilities and servicing fees to understand their potential impact on future cash flows and profitability.
4. Review the fund's strategy for managing operating expenses, particularly organization costs, to ensure they are aligned with long-term investment objectives.

Key Dates

• 2025-09-30: Nine months ended September 30, 2025 — Reported a net increase in net assets from operations of $36,250,130 and total assets grew to $436,441,786.
• 2024-12-31: As of December 31, 2024 — Total assets were $1,000, highlighting the significant growth trajectory in the subsequent period.

Glossary

Net increase in net assets from operations

The total profit or loss generated by the fund's core business activities over a specific period. (Indicates the fund's profitability and operational efficiency for the nine months ended September 30, 2025.)

Net change in unrealized gain on investments

The increase or decrease in the market value of investments that have not yet been sold. (Shows the impact of market fluctuations on the fund's portfolio value, contributing $53,723,050 to asset growth.)

Proceeds from units issued

The capital raised by the fund through the sale of its ownership units. (Demonstrates the fund's success in attracting capital, with $381,811,118 raised in the nine months.)

Affiliated Investments

Investments made in entities that are related to the fund through common ownership or control. (Highlights the fund's investment strategy and potential related-party risks, with $435,487,334 in fair value.)

Performance participation allocation

A portion of the fund's profits allocated to the fund managers or general partner as a performance incentive. (Represents a significant expense ($6,829,316) that impacts net returns to investors.)

Stonepeak-Plus Infrastructure Fund Master Aggregator LP

The primary investment vehicle through which Stonepeak-Plus Infrastructure Fund LP makes its investments. (Represents the vast majority of the fund's assets (106.3% of net assets), indicating a concentrated investment strategy.)

Servicing fee payable

Fees owed to entities for administrative and operational services provided to the fund. (A notable liability of $12,718,918, reflecting the costs associated with managing the fund.)

Due to affiliate

Amounts owed by the fund to related entities. (Indicates financial obligations to related parties, totaling $9,740,516.)

Year-Over-Year Comparison

The current period shows a dramatic improvement compared to the prior year. Total assets have surged from $1,000 to $436.44 million, driven by substantial capital raises and unrealized gains. The fund has moved from zero net assets from operations to a positive $36.25 million, indicating strong operational performance in the current period. No comparable revenue or net income figures are available for the prior year period due to the fund's nascent stage.

Filing Documents

• sp-20250930.htm (10-Q) — 3055KB
• exhibit311q32025.htm (EX-31.1) — 9KB
• exhibit312q32025.htm (EX-31.2) — 9KB
• exhibit321q32025.htm (EX-32.1) — 6KB
• exhibit322q32025.htm (EX-32.2) — 5KB
• sp-20250930_g1.gif (GRAPHIC) — 7KB
• 0002045458-25-000019.txt ( ) — 13878KB
• sp-20250930.xsd (EX-101.SCH) — 52KB
• sp-20250930_cal.xml (EX-101.CAL) — 54KB
• sp-20250930_def.xml (EX-101.DEF) — 491KB
• sp-20250930_lab.xml (EX-101.LAB) — 540KB
• sp-20250930_pre.xml (EX-101.PRE) — 597KB
• sp-20250930_htm.xml (XML) — 2626KB

- Financial Information

Part I - Financial Information 4 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 4 Condensed Consolidated Financial Statements of Stonepeak-Plus Infrastructure Fund LP: Condensed Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024 4 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 5 Condensed Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 6 Condensed Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2025 7 Condensed Consolidated Schedule of Investments as of September 30, 2025 8 Notes to Condensed Consolidated Financial Statements 9 Condensed Consolidated Financial Statements of Stonepeak-Plus Infrastructure Fund Master Aggregator LP: Condensed Consolidated Statements of Assets and Liabilities as of September 30, 2025 and December 31, 2024 22 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 23 Condensed Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 24 Condensed Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2025 25 Condensed Consolidated Schedule of Investments as of September 30, 2025 26 Notes to Condensed Consolidated Financial Statements 28 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 45

- Other Information

Part II - Other Information 45 Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosures 46 Item 5. Other Information 46 Item 6. Exhibits 47

Signatures

Signatures 48 2 EXPLANATORY NOTE Unless the context otherwise requires, references in this Quarterly Report on Form 10-Q to: the term " Aggregators " refers to Stonepeak-Plus Infrastructure Fund Aggregator I LP , a Delaware series limited partnership, the Master Aggregator (as defined below), and any other vehicle(s) used to aggregate the holdings of the Fund and any Parallel Funds; the term " Feeder Fund " refers to Stonepeak-Plus Infrastructure Fund (TE) LP, a Delaware limited partnership; the terms " Fund, " " Partnership, " " we, " " us, " and " our " refer to Stonepeak-Plus Infrastructure Fund LP, a Delaware limited partnership; the term " General Partner " refers to Stonepeak-Plus Infrastructure Fund Associates LP, a Delaware limited partnership, our general partner; the term " Intermediate Entities " refers to one or more entities through which the General Partner or any of its affiliates may, in its sole discretion, cause the Fund and any Parallel Funds to hold certain investments, including (a) entities that may elect to be classified as corporations for U.S. federal income tax purposes, whether formed in a U.S. or non-U.S. jurisdiction (each, a "Corporation"), (b) one or more limited liability companies, limited partnerships or other similar entities (each, a "Lower Fund"), and (c) the Aggregators; the term " Investment Advisor " refers to Stonepeak-Plus Infrastructure Fund Advisors LLC, a Delaware limited liability company, our investment advisor; the term " Lux Fund " refers to Stonepeak-Plus Infrastructure Fund S.A. SICAV – UCI Part II, a Luxembourg multi-compartment investment company with variable capital, available to investors primarily domiciled in countries of the European Economic Area, the United Kingdom, Switzerland, Asia and certain other jurisdictions, together with its master fund, feeder funds, parallel funds and other related entities; the term " Master Aggregato r" refers to Stonepeak-Plus Infrastructure Fund Ma

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q may contain forward-looking statements, which involve certain known and unknown risks and uncertainties. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies and portfolio management and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as "intend," "goal," "estimate," "expect," "project," "projections," "plans," "seeks," "anticipates," "will," "should," "could," "may," "designed to," "foreseeable future," "believe," "scheduled" and similar expressions. Our actual results or outcomes may differ materially from those anticipated. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Potential investors should not rely on these statements as if they were fact. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements, including the factors described elsewhere in this Quarterly Report on Form 10-Q and in "Item 1A. Risk Factors" in the Quarterly Report on Form 10-Q for the period ended March 31, 2025 and June 30, 2025 and in the Amendment No. 1 to Form 10 Registration Statement (the "Form 10"), filed on January 31, 2025 with the U.S. Securities and Exchange Commission (the "SEC"), as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Quarterly Report on Form 10-Q and in our other filings and should not be regarded as a representation by us that our

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