Stonepeak Infrastructure Fund I, the first institutional fund raised by Stonepeak Infrastructure Partners since its separation from Blackstone in 2011, has closed at $1.65 billion. The fund aims to invest $50 to $200 million in 12 to 15 transactions in the middle market infrastructure sector, focusing on oil pipelines, gas pipelines, electric utilities, gas utilities, and water assets in North America. With a target gross IRR of 15-20% and 8-10% cash yields, the fund prioritizes lower-risk investments. Tom DeFranco of First Avenue Partners serves as the fund's placement agent.