US alts specialist taps Equity Trustees for new infra debt note

Yasmine Raso

Senior Journalist, Financial Newswire

11 December 2025

US-based alternative investment firm, Stonepeak, has selected Equity Trustees as Note Trustee for its inaugural Australian Securities Exchange (ASX)-listed infrastructure debt note, the Stonepeak-Plus INFRA1 Note (SPPHA).

Having commenced trading on Wednesday, the listed note leverages a portfolio of diversified credit exposures via Stonepeak’s infrastructure investments to deliver Australian investors a fixed term of monthly interest payments, backed the US$115 billion asset manager’s expertise in independent infrastructure and real-assets alternatives.

Andrew Godfrey, Executive General Manager of Corporate and Superannuation Trustee Services at Equity Trustees, said the new listing undeniably meets investor demand for alternative sources of income generating “uncorrelated returns” created by the Australian Prudential Regulation Authority’s (APRA’s) phasing out of Additional Tier 1 (AT1) capital instruments by 2032.

“We are pleased to partner with Stonepeak on the launch of this listed note in the Australian market,” he said.

“Equity Trustees has been appointed as note trustee for four of the listed notes now available on the Australian Securities Exchange, including notes for Challenger, Dominion, MA Financial and now Stonepeak.

“We are proud to support Stonepeak in introducing this new listed structure, which expands investor access to diversified credit opportunities.”

Andrew Robertson, Senior Managing Director and Head of Australia and New Zealand Private Credit at Stonepeak, confirmed the note had already received more than AU$300 million in cornerstone commitments, indicating a strong appetite for the strategy among investors.

“The Stonepeak-Plus INFRA1 Note aims to provide Australian investors access to regular monthly income generated primarily through a curated portfolio of high-quality infrastructure debt assets.

“Debt will be sourced predominantly from critical infrastructure assets in the transportation and logistics, energy and energy transition, digital, and social infrastructure sectors in Australia, New Zealand and other markets.

“Infrastructure businesses have historically exhibited lower default rates compared to corporate debt, making infrastructure debt an especially powerful portfolio diversification tool for investors due to its stable and predictable nature.

“However, infrastructure debt has been historically challenging for retail investors to access. Stonepeak aims to solve this by providing the opportunity for a range of investors.”