Morgan Stanley Infrastructure has raised $3.6bn (€3.3bn) for North Haven Infrastructure Partners II (NHIP II).
Public and private pension funds, sovereign wealth funds and insurance companies backed the successor fund to North Haven Infrastructure Partners.
The fund will pursue a global value-add strategy in developed markets, focusing on high-quality assets in the energy, utilities and transportation sectors.
A co-investment club of NHIP II investors, and with a nominal amount of up to $2.2bn for a total of $5.8bn of available capital to invest, has also been created.
Dan Simkowitz, head of Morgan Stanley Investment Management, said the opportunity set in infrastructure would be “very attractive in the coming years”.
Markus Hottenrott, CIO at Morgan Stanley Infrastructure, said: “Long-term trends in the infrastructure sector in North America, Europe and Asia-Pacific, coupled with current market dislocations, are supportive of our strategy to acquire assets at attractive valuations and employ our operational expertise to de-risk them and increase profitability.”