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The global infrastructure investment platform of the $507 billion AuM manager Morgan Stanley Investment Management said in a press note that the previous fund, North Haven Infrastructure Partners II, closed at $3.6 billion in 2016.

The new infrastructure fund focuses on sectors including digital infrastructure, natural gas infrastructure, power generation, and transportation.

North Haven Infrastructure Partners III includes some of the world's largest and most sophisticated institutional infrastructure investors, including public and private pension funds, sovereign wealth funds and insurance companies.

Investors include the $215.4 billion New York State Common Retirement Fund, Albany, and the $157.6 billion Texas Teacher Retirement System, Austin.

"We are grateful for the trust and support from both our long-standing partners as well as new investors," said Markus Hottenrott, Chief Investment Officer for Morgan Stanley Infrastructure Partners. "We are confident that our active approach to value creation, together with the reach of the Morgan Stanley platform, will continue to deliver results for our clients."

Already, the fund has agreed to transactions involving German wind energy project developer PNE AG and Altice Europe NV's Portuguese fiber assets.

"Private alternatives continue to be an area of focus for Morgan Stanley Investment Management and our clients, and we are pleased that Morgan Stanley Infrastructure Partners' differentiated approach has resonated strongly with investors," said Dan Simkowitz, Head of Morgan Stanley Investment Management.