Chicago parking meter deal puts spotlight on Stonepeak
May 22, 2026
The private equity firm seeking control of Chicago Parking Meters LLC has ties to ICE-linked aviation operations, expanding fossil fuel infrastructure investments, and documented public health impacts
Crain’s Chicago Business recently reported that Stonepeak Partners has reached a deal to acquire Chicago Parking Meters LLC, the consortium that controls Chicago’s 75-year parking meter lease agreement. The transfer would still require City Council approval.
Much of the public discussion surrounding the proposed deal has focused on the city’s original 2008 parking meter privatization agreement, one of the most controversial public infrastructure deals in Chicago history. But the proposed transfer is also drawing attention to the broader business operations and infrastructure investments of Stonepeak itself.
Stonepeak is a private equity and infrastructure investment firm with investments spanning fossil fuel infrastructure, aviation, shipping, transportation, and energy systems around the world.
Recent reporting has highlighted Stonepeak’s ownership of Omni Air International, a charter airline involved in ICE deportation flights. Mother Jones reported earlier this year that ICE deportation operations tied to Omni Air International expanded significantly following Stonepeak’s acquisition of the airline. The parking sale comes as Chicago leaders and aldermen have publicly positioned themselves against aggressive federal immigration enforcement tactics and mass deportation efforts.
Stonepeak’s energy portfolio has also expanded in recent years. Analysis from the Private Equity Climate Risks consortium found Stonepeak was among the private equity firms that increased the number of fossil fuel companies in its portfolio in 2025. According to the consortium’s research, 71% of the energy companies in Stonepeak’s portfolio were fossil fuel-based as of 2024. The consortium’s tracking also identified Stonepeak investments tied to fossil fuel transport systems, LNG infrastructure, and energy terminals.
Research by the Private Equity Stakeholder Project identified 46 active LNG tankers backed by Stonepeak through its portfolio company Seapeak. Three of those vessels recently operated near the Strait of Hormuz amid escalating military and shipping tensions tied to the Iran conflict. The Strait of Hormuz remains one of the world’s most critical energy shipping routes, carrying a significant share of globally traded oil and liquefied natural gas.
Separate research from the Private Equity Climate Risks consortium estimated that facilities linked to Stonepeak are associated with roughly $55 million to $86 million in annual health-related costs nationwide, including approximately 2,800 asthma incidents and six premature deaths annually. In Illinois alone, Stonepeak-linked facilities were associated with an estimated $1.4 million to $2 million in annual health-related costs, with additional impacts concentrated in Cook County.
The proposed parking meter transfer also comes as Chicago officials continue to emphasize renewable energy and climate initiatives. In recent years, city leaders have announced new rooftop solar projects and highlighted municipal renewable energy milestones as part of broader climate commitments.
