Commitment and Contingencies

12 Months Ended

Dec. 31, 2025

Other Commitments [Line Items]

Commitments and Contingencies

Commitments and Contingencies

The Investment Advisor may, in its discretion, advance all or a portion of the Partnership Expenses (excluding

organizational and offering expenses) to be borne by the Partnership and the appropriately apportioned expenses relating to the

Partnership’s portfolio companies, the Feeder Fund, Parallel Partnerships and/or Intermediate Entities to the extent not paid by

such portfolio companies, the Feeder Fund, Parallel Partnerships and/or Intermediate Entities, in each case as determined

pursuant to the terms of the Partnership Agreement (collectively, “Initial Partnership Expenses Support”) through the first

anniversary of the Initial Closing Date. The Partnership will reimburse the Investment Advisor for such advanced Initial

Partnership Expenses Support each month by no later than the date that is sixty (60) months after the first anniversary of the

Initial Closing Date, unless, upon request by the Investment Advisor, the Board agrees for the Partnership to reimburse the

Investment Advisor non-ratably for any month. The Investment Advisor will determine the portion of Initial Partnership

Expenses Support that is attributable to the Partnership or any portfolio entity, Feeder Fund, Parallel Partnership and/or

Intermediate Entity in its sole discretion.

The Investment Advisor will advance all of the Partnership’s organizational and offering expenses on the Partnership’s

behalf (other than Subscription Fees and Servicing Fees) through the first anniversary of Initial Closing Date. The Partnership

will reimburse the Investment Advisor for such advanced expenses each month ratably over the sixty (60) months following the

first anniversary of the Initial Closing Date, unless, upon request by the Investment Advisor, the Board agrees for the

Partnership to reimburse non-ratably amount. For the year ended December 31, 2025, $10,576,861 was payable to the

Investment Advisor.

In the normal course of business, the Partnership enters into contracts that provide a variety of general indemnifications.

Any exposure to the Partnership under these arrangements could involve future claims that may be made against the

Partnership. Currently, no such claims exist or are expected to arise and, accordingly, the Partnership has not accrued any

liability in connection with such indemnifications.

Stonepeak-Plus Infrastructure Fund Master Aggregator LP

Other Commitments [Line Items]

Commitments and Contingencies

Commitments and Contingencies

Commitments

Pursuant to the A&R Investment Advisory Agreement effective March 30, 2026, the Investment Advisor agreed to

advance organizational and offering expenses, other than Servicing Fees, on SP+ INFRA’s behalf through the second

anniversary of the Initial Closing Date. As of December 31, 2025, the Investment Advisor and its affiliates have incurred

organizational and offering expenses on the Master Aggregator’s behalf in the amount of $203,252 of which $203,252 related

to organizational expenses and was expensed as incurred and no costs related to offering costs that would be capitalized as a

deferred expense and amortized over twelve months.

Conditional commitment allocation for SP+ INFRA will be determined at closing. Conditional commitments are subject

to certain terms and conditions prior to closing of the relevant transactions and there can be no assurance that such transactions

will close as expected or at all.

During the period ended December 31, 2025, the Master Aggregator made a total of $351,186,699 in commitments to

affiliated investee funds and portfolio companies as well as a total of $330,000,000 to other affiliated investments. As of

December 31, 2025, unfunded commitments to existing investments in affiliated investee funds and portfolio companies as well

as other affiliated investments was $91,842,485 and $150,051,532, respectively.

In addition to the borrowings made by the Master Aggregator, certain investments held by the Master Aggregator are

indirectly exposed to debt obligations undertaken by entities through which the Master Aggregator is invested.

Stonepeak Imagine Bidco Limited (the “Company”) through Stonepeak Imagine Holdco Limited (the “Imagine

Borrower”) entered into a credit agreement (the “Imagine Credit Agreement”) for a €160,000,000 term loan with Kroll Agency

Services Limited, as agent, and the other lenders on November 23, 2024. The Imagine Borrower guaranteed the obligations and

granted to the agent limited recourse security over all issued shares in the Master Aggregator and over receivables under

intercompany loans made to the Master Aggregator to secure the obligations. As of December 31, 2025, the outstanding amount

of the term loan was €177,078,801. The value of the investment as recorded on the Partnership's Schedule of Investments is net

of the debt allocable to the Partnership.

The Intermediate Entities through which the Partnership indirectly invests in AppleCore LP entered into a credit

agreement with MUFG Bank, Ltd, Société Générale, ING Capital LLC, Mizuho Bank, Ltd., and Sumitomo Mitsui Banking

Corporation. The Intermediate Entities guaranteed the obligations and granted to the administrative agent a security interest in

and lien upon substantially all of their assets, including their investment in AppleCore LP, to secure the obligations. The value

of the investment as recorded on the Partnership's Schedule of Investments is net of the debt allocable to the Partnership.

The Master Aggregator holds a 10.0% indirect interest in Stonepeak Tulia Lower Holdings LLC (the “Company”) and its

subsidiary, Stonepeak Tulia Holdings LLC (the “Tulia Borrower”). The Tulia Borrower entered into a credit agreement on July

22, 2025 for two credit facilities: a $240 million senior secured first lien term loan facility and a $21.9 million senior secured

first lien letter of credit facility. The Master Aggregator and the Tulia Borrower granted the lender recourse via a first-priority

pledge of substantially all of the assets and properties of the Tulia Borrower and a first-priority pledge of all the Fund’s equity

interests in the Tulia Borrower. As of December 31, 2025, the outstanding amount of the credit facilities was $225.9 million.

Contingencies

The Master Aggregator may, from time to time, be party to various legal matters arising in the ordinary course of

business, including claims and litigation proceedings. As of December 31, 2025, the Master Aggregator was not subject to any

material litigation nor was the Master Aggregator aware of any material litigation threatened against it.

Indemnifications

In the normal course of business, the Master Aggregator enters into contracts that contain a variety of indemnification

arrangements. However, the Master Aggregator has not had any claims or losses pursuant to these indemnification

arrangements and expects the potential for a material loss to be remote as of December 31, 2025.