Stonepeak Infrastructure Partners founder David Dorrell has halved his unrealized carry in Fund I to improve returns for limited partners, according to an internal memo. The move comes as the firm seeks to align incentives and deliver stronger performance metrics to its investors.

The decision reflects Stonepeak's commitment to ensuring Fund I LPs achieve returns commensurate with the firm's broader success. By reducing his personal stake in future profits, Dorrell demonstrates confidence in the fund's ability to generate outsized returns through existing investments.

This unprecedented step by a founder to voluntarily reduce carry underscores the competitive pressure in private equity to deliver consistent returns. The move may set a precedent for other firms seeking to strengthen LP relationships during challenging market conditions.