New York State Common Retirement Fund (NYSCRF) is investing $300m (€265m) in Morgan Stanley Infrastructure Partners’ latest fund.

The pension fund said it had approved the investment in North Haven Infrastructure Partners III, which has so far raised more than half of the $4bn it is targeting.

The global infrastructure fund has a value-add strategy and will invest in energy, ultilities and transportation assets in developed markets.

NYSCRF also said it had invested in a real estate debt fund through its $300m emerging-managers investment programme managed by GCM Grosvenor.

It has committed $12.5m to Lifebridge Commercial Fund I, a vehicle managed by Stillwater Asset Management that plans to buy existing loans from US financial institutions.

NYSCRF’s commitment forms part of a $150m fundraise closed at the end of September.