Stonepeak Completes Acquisition of Chicago Parking Meters

CHICAGO--(BUSINESS WIRE)--Stonepeak, a leading alternative investment firm specializing in infrastructure, today announced that it has completed the acquisition of Chicago Parking Meters, LLC (“CPM”), the operator of the City of Chicago’s on-street parking system, from a consortium comprising Morgan Stanley Infrastructure Partners, Allianz, and a wholly owned subsidiary of the Abu Dhabi Investment Authority. The closing of the transaction follows receipt of all regulatory approvals, including a strong vote of approval by the Chicago City Council on September 29, 2026.

CPM is responsible for the operation, management, and maintenance of Chicago’s on‐street metered parking system, with more than 38,000 metered parking spaces, including nearly 10,000 in downtown Chicago. Since inception, CPM has invested heavily in upgrading and modernizing the City’s infrastructure, including by installing state-of-the-art electronic pay stations, establishing a 24‐hour customer service center, and introducing the ParkChicago^® app.

“On-street parking is a critical component of Chicago’s transportation network, providing an important service for residents, visitors, and local businesses,” said Rob Kupchak, Senior Managing Director and Head of Core Investing at Stonepeak. “As long-term infrastructure investors, we have strong conviction in investing in the City of Chicago and are committed to working hand-in-hand with all of its stakeholders to serve as a reliable operator, a transparent partner, and a constructive member of the community.”

“We’re excited to work alongside Stonepeak and LAZ Parking, our longtime operator, to continue improving and modernizing Chicago’s on-street parking system,” added Dennis Pedrelli, Chief Executive Officer at CPM. “We believe partnering with Stonepeak – an investor with deep experience in the transportation and logistics sector, and an extensive footprint in Chicago through its existing investments – is the optimal outcome for the City as residents and visitors continue to rely on this essential infrastructure asset well into the future.”

Greenhill, a Mizuho affiliate, served as financial advisor to Stonepeak. Simpson Thacher & Bartlett LLP and Burke Burns & Pinelli, Ltd. served as legal counsel to Stonepeak.

About Stonepeak
Stonepeak is a leading alternative investment firm specializing in infrastructure with approximately $98 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.

About Chicago Parking Meters
Chicago Parking Meters LLC (CPM) is responsible for the operation, management, maintenance, and rehabilitation of Chicago's on-street parking, and since 2009 has invested approximately $100 million in system modernization and customer service improvements. With Park Chicago, a mobile payment system, electronic pay boxes at over 38,000 metered spaces in the city’s downtown and neighborhood areas and state-of-the-art maintenance processes, it is one of the most sophisticated operations in the U.S. CPM, through its philanthropy program, CPM Community Partners, serves Chicago’s communities by investing both time and money in youth-focused, family organizations across the city. For more information, please visit www.parkchicago.com.