Stonepeak seizes on bank hybrid phase out with ASX-listed private credit note
The New York fund manager will list its $300 million infrastructure debt note on the ASX today as it looks to soak up some of the $40 billion in capital that will be released from bank hybrids.
Stonepeak will join a slew of fund managers who this year have listed private credit instruments on the ASX as it looks to capitalise on the eventual phasing out of bank hybrids.
The Stonepeak-Plus Infra1 Note will list today and will offer investors access to infrastructure debt assets. Last month, the note surpassed its $300 million target in cornerstone commitments.
The note is the first for the $121.1 billion New York-headquartered investment firm to be listed on the ASX and senior managing director and head of Australian New Zealand private credit Andrew Robertson said it was targeting the growing private wealth sector, where retail investors have historically unable to invest in infrastructure assets.
Robertson also said there was around $40 billion worth of income seeking capital due to the unwinding of bank hybrids. In 2027 the Australian Prudential Regulation Authority (APRA) will start phasing out hybrids until they are fully phased out by 2032.
