Stonepeak acquires Chicago Parking Meters, enhancing city infrastructure

October 21, 2026 October 22, 2026

Editorial Staff

The Facts -

Stonepeak acquired Chicago Parking Meters, LLC, with regulatory approvals.

CPM manages 38,000 parking spaces and modernized Chicago's parking system.

Stonepeak aims for long-term infrastructure investment in Chicago.

CHICAGO – October 21, 2026 – The bustling streets of Chicago will now see a new chapter in their parking management as Stonepeak, a prominent alternative investment firm, has officially acquired Chicago Parking Meters, LLC (CPM). This move comes after the approval by the Chicago City Council and other regulatory bodies, marking a significant milestone in the city’s infrastructure landscape.

Chicago Parking Meters, LLC manages the extensive network of over 38,000 metered parking spaces throughout the city, with a significant presence of nearly 10,000 spaces in the downtown area. Since its inception, CPM has been instrumental in modernizing Chicago’s parking infrastructure, implementing electronic pay stations, launching a 24-hour customer service center, and introducing the ParkChicago^® app for seamless parking management.

Rob Kupchak, Senior Managing Director and Head of Core Investing at Stonepeak, emphasized the importance of this asset by stating, “On-street parking is a critical component of Chicago’s transportation network, providing an important service for residents, visitors, and local businesses.” He further expressed Stonepeak’s commitment to collaborating with stakeholders to enhance the functionality and reliability of this essential infrastructure.

Adding to this sentiment, Dennis Pedrelli, CPM’s Chief Executive Officer, remarked on the strategic partnership, “We’re excited to work alongside Stonepeak and LAZ Parking, our longtime operator, to continue improving and modernizing Chicago’s on-street parking system.” This partnership is set to leverage Stonepeak’s expertise in the transportation and logistics sectors, ensuring the continued advancement of the city’s parking facilities.

Financial guidance for Stonepeak was provided by Greenhill, a Mizuho affiliate, while legal advice came from Simpson Thacher & Bartlett LLP and Burke Burns & Pinelli, Ltd.

About Stonepeak

Stonepeak is a major player in the alternative investment sector, specializing in infrastructure with a portfolio of approximately $98 billion in assets. The firm focuses on value creation through defensive, hard-asset investments around the globe, prioritizing risk management and durable returns. Operating across various sectors including digital infrastructure, energy, transportation, and real estate, Stonepeak supports its portfolio companies with capital and strategic partnership. With headquarters in New York, the firm has a global presence, including offices in key cities like London, Hong Kong, and Abu Dhabi. More details can be found at www.stonepeak.com.

About Chicago Parking Meters

Since 2009, Chicago Parking Meters LLC has played an integral role in the city’s parking management. With substantial investments totaling around $100 million, CPM has transformed the parking experience with innovations such as the Park Chicago mobile payment system and electronic pay boxes. Beyond parking, the firm is committed to community engagement through its philanthropy program, CPM Community Partners, which supports youth and family organizations across Chicago. For further information, please visit www.parkchicago.com.