Ryan Roberge

Ryan Roberge is a Senior Managing Director and Credit Partner at Stonepeak, a New York–headquartered alternative investment firm specializing in infrastructure and real assets. He is a central figure in building out Stonepeak Credit, the firm's infrastructure-focused private credit strategy, where he underwrites and structures debt financings for capital-intensive infrastructure platforms.

His career has been anchored in energy and infrastructure throughout. He began in Credit Suisse's Energy Investment Banking group, then moved to the buy side in the Energy group at TPG Capital, a large global private equity firm. Before joining Stonepeak, he covered the energy and infrastructure sectors for King Street Capital Management, a New York–based hedge fund focused on distressed, special-situations, and event-driven credit investing. That blend of investment banking, private equity ownership, and distressed/credit experience underpins his asset-level, ownership-minded approach to credit underwriting.

Roberge earned a Bachelor of Science in Finance from Louisiana State University.

In his current role he is one of the public voices for Stonepeak's infrastructure credit thesis, framing it as an emerging category distinct from traditional corporate direct lending — one driven by structural funding gaps, surging power demand, and the data-center buildout, and differentiated by its grounding in tangible, foreclosable assets.

• Asset-backed over relationship-backed: Roberge distinguishes infrastructure credit from conventional direct lending by emphasizing tangible collateral (data centers, power plants, pipelines, ports, aircraft, fiber networks) with durable, underwritable downside floors, rather than recurring cash flows and sponsor support alone.
• Underwrite the downside first: *"Even in a downside scenario where we had to foreclose, we believe we are well-positioned to underwrite the long-term value of those assets."* His framework stresses true loan-to-value analysis, maintenance-capex realism, and stress-testing severe scenarios.
• Deployment discipline: *"We never want to be in a situation where we feel over-pressured to deploy. We would rather not deploy than deploy into deals where we think there is capital impairment risk."*
• Where he says yes: Non-investment-grade, middle-market infrastructure platforms; primarily first-lien, senior secured positions; growth businesses needing non-dilutive capital over a 3–5 year window, frequently ahead of a strategic exit to a larger infrastructure sponsor.
• Portfolio construction view: He advocates an ~80/20 split for credit allocators — roughly 80% core direct lending for scale and yield, ~20% in specialist strategies (infrastructure, real estate, agriculture) for genuine diversification and downside protection.
• Macro tailwinds: Rising global power-generation needs plus data-center expansion as the structural drivers fueling infrastructure credit demand.