Infrastructure funds have become a beneficiary of the credit crisis as investors become attracted to their stable cashflows. Investors this month handed almost $10bn (€6.3bn) to funds run by Morgan Stanley Infrastructure Partners and Global Infrastructure Partners. The combined demand for the funds was about $4bn more than expected.

Adebayo Ogunlesi, chairman and managing partner of Global Infrastructure Partners, said: “We were surprised by the level of interest from US investors in the fund, which suggests a change in their attitude towards the asset class. When people are facing economic slowdowns, inflation protection, stable cashflows and long-term investments tend to become more attractive.”