The prior fund, North Haven Infrastructure Partners II, closed at $3.6 billion in February of 2016, below the fund’s $4 billion target. At least six co-investment funds have been created alongside Fund II, including Lightyear Co-Investment V and Lightyear Co-Investment VI, two 2019-vintage funds.
The fund will invest in the transportation, natural gas, digital infrastructure and power generation, including renewable generation, sectors. Additionally, the fund will invest in companies “with the potential to be transformed into core infrastructure assets,” Morgan Stanley said in a statement on Thursday.
Investors in the fund include pensions, sovereign wealth funds and insurance companies, including a $60 million commitment from Taiwan Life Insurance, $100 million from Fubon Life Insurance, $200 million from the Teacher Retirement System of Texas and $300 million from the New York State Common Retirement Fund, Infrastructure Investor reports.
The firm is currently in market with the North Haven India Infrastructure Fund, Infrastructure Investor data shows.