KKR and Canada Pension Plan Investment Board (CPP Investments) have agreed to acquire a 45% stake in Sempra Infrastructure Partners for $10bn, in one of the largest private equity-backed energy infrastructure deals of the year, according to a report by Bloomberg.

The transaction forms part of a broader $17bn investment surge into US natural gas assets, with Blackstone leading a separate $7bn financing for the second phase of Sempra’s Port Arthur LNG terminal in Texas. The Blackstone-led deal is notable as one of the biggest private credit investments ever completed for a project still under construction.

KKR’s investment, executed through its $90bn global infrastructure strategy, is set to close in the second or third quarter of 2026 subject to regulatory approvals. Once completed, the KKR-led consortium will own 65% of Sempra Infrastructure Partners, with Sempra retaining 25% and Abu Dhabi Investment Authority maintaining its 10% interest.

Sempra said the sale proceeds will enhance its balance sheet and remove the need for future equity issuances under its $40bn 2025–2029 capital plan. The firm expects around 95% of earnings to come from regulated US utilities once the deal is completed.

The parallel commitments by KKR, CPP Investments, and Blackstone underscore strong investor conviction in the long-term role of US LNG exports, both to fuel fast-growing Asian economies and to power the rapid expansion of AI-driven data centres.

Sempra shares rose as much as 5.4% in New York following the announcement.

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