Oryx Midstream Services LLC received a roughly $550 million investment from Qatar Investment Authority, which acquired a "significant stake" in the Permian Basin-focused crude midstream operator from Stonepeak Infrastructure Partners.

Under the commitment, Qatar's sovereign wealth fund, also known as QIA, would invest in the development of Oryx in cooperation with Stonepeak, according to an Aug. 7 news release.

Oryx is the largest privately-held midstream crude operator in the Permian, transporting crude to market hubs for deliveries to the Gulf Coast. The Oryx system provides supply to domestic refineries and export markets. Once the final portion of the system is completed, Oryx's total transportation capacity would increase to over 900,000 barrels per day, the company said.

The deal is part of QIA's strategy to boost its U.S. portfolio and grow its total investments to $45 billion in the coming years.

White & Case LLP was the legal adviser to QIA. Sidley Austin LLP acted as Stonepeak's legal adviser.