Morgan Stanley Infrastructure Partners has raised more than half of the $4bn (€3.6bn) it set out to raise for its latest fund.

According to sources, North Haven Infrastructure Partners III received $2.1bn (€1.9bn) of commitments in a first close in June.

The fund’s predecessor raised $3.6bn in 2016.

The new fund has a global value-add strategy and will target energy, utilities and transportation assets in developed markets.

The Teacher Retirement System of Texas said it approved a $200m commitment last month.

The $153bn pension fund also said it had committed $75m to the Actis Long Life Infrastructure Fund, an emerging markets-focused fund.

Last month, Actis said it raised $1.23bn for the fund, which together with co-investment means it has up to $2bn of investment capacity.

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