Citigroup is seeking to shut its Citigroup Alternative Investments unit, which includes a fund that owns assets like a stake in a UK water supplier and a Spanish toll road, according to a memorandum seen by The Wall Street Journal.

The business includes Citi Infrastructure Investors, or CII, which is the manager of Citi Infrastructure Partners, a $3.4 billion fund raised in 2007. Around $500 million of that fund was committed by Citi.