MORGAN Stanley has raised US$4 billion for a fund that invests in infrastructure projects such as ports and parking lots, the company said yesterday.
The amount raised exceeded the company's initial target of US$2.5 billion, Morgan Stanley said.
"The successful fundraising underscores the particular demand for infrastructure investment, and broadly, for alternative assets that generate long-term stable cashflows," James Gorman, co-president, said.
Chief Executive Officer John Mack has bolstered Morgan Stanley's money-management unit by adding alternatives such as hedge funds, private equity and the infrastructure fund, which started in 2006, Bloomberg News said.
Infrastructure funds are tapping a surge in spending by governments and private companies on services such as water, electricity and telecommunications.
The fund is run by Morgan Stanley Infrastructure, whose team has offices in New York, London and Hong Kong. It is headed by Sadek Wahba.