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. Meet KKR and find out more about their investment strategy by joining France’s Leading Private Equity Conference in Paris.

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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