SYDNEY, April 28, 2026, 08:02 AEST
- Stonepeak and Bernhard Capital Partners struck a deal to acquire Cleco, taking it off the hands of a Macquarie Asset Management-led group.
- Macquarie’s full-year results are set for May 8—this deal lands just under two weeks ahead of that.
- This sale puts investor demand for regulated power assets under the spotlight, while infrastructure funds continue their search for long-duration returns.
Macquarie Group’s asset management unit is set to sell its stake in Cleco, following a deal by Stonepeak and Bernhard Capital Partners to buy the Louisiana utility from a group of owners that counts British Columbia Investment Management Corp and Manulife Investment Management among its members. No financial details were released by the companies.
Timing’s key here. Macquarie drops its 2026 full-year numbers on May 8. Investors are zeroed in on whether the Australian financial group can pull in profit through asset sales, performance fees, and private-market realisations—especially after that more robust third-quarter update.
Cleco isn’t some minor holding. Based in Pineville, Louisiana, this regulated electric utility employs around 1,200 people and supplies electricity to about 298,000 residential, commercial, and industrial customers in 24 parishes statewide, the transaction statement shows.
Once the deal wraps up, Stonepeak takes the majority stake, but Cleco sticks with its current local management and keeps its Pineville HQ. The transaction still faces the usual regulatory sign-offs, including requirements for a utility operating under Louisiana oversight on rates and service.
Macquarie and its consortium have held Cleco for nearly ten years. Back in 2014, a Macquarie-led investor group struck a deal to acquire Cleco for roughly $4.7 billion, debt included. The deal wrapped up in 2016.
Aaron Rubin, who leads Americas energy infrastructure at Macquarie Asset Management, pointed to Cleco’s recent gains as the result of ongoing collaboration with Louisiana communities, regulators, and political leaders—aimed at adapting the grid to evolving customer demands. Over the past decade, Rubin said, Macquarie has acted as “a steward of Cleco,” steering the utility through the pandemic, hurricanes in 2020 and 2021, and a subsequent uptick in regional growth. PR Newswire
Bill Fontenot, president and CEO of Cleco, pointed to backing from Stonepeak and Bernhard as a boost for system reliability and a possible tailwind for economic development in the region. Stonepeak’s Rob Kupchak, senior managing director, called Cleco a growth engine for its area. Jeff Jenkins, who founded and partners at Bernhard, pitched the deal as an investment in vital energy infrastructure.
For Macquarie, this deal is pretty much textbook: acquire or build infrastructure, run it through both operational and capex cycles, and cash out when the market is there. According to the Cleco statement, Macquarie Asset Management oversees $477 billion, and Macquarie Group’s workforce tops 19,000 across 31 markets.
One more twist: the announcement broke before Sydney’s regular session kicked in. ASX cash-market continuous trading typically spans 09:59:45 to 16:00 local time, so Macquarie shares didn’t really move until after the open.
It’s a crowded field. Stonepeak is out in front on Cleco, while other big infrastructure names like KKR are busy elsewhere. On Monday, Reuters reported that KKR, Macquarie, and investors backed by the Italian government were holding talks over a commercial arrangement between FiberCop and Open Fiber, aiming to sidestep overlapping broadband buildout in Italy.
The Italy process is still up in the air. Reuters noted that KKR, Macquarie, CDP, FiberCop and Open Fiber all declined to comment, adding that any plan on the table could shift or face antitrust hurdles designed to keep competition intact.
Regulatory review and possible execution delays top the list of risks for Cleco. Deals involving regulated utilities almost always draw close inspection, and prospective buyers could get pressed on rate structures, job numbers, investment promises, or how service will hold up. The deal statement notes Cleco plans to maintain its current workforce, benefits, operating presence, and headquarters in Louisiana.
