UBS's $4bn real estate and private markets business, part of the Swiss bank's asset management division, has hired three staff to its infrastructure team to cater for growing investor appetite for the asset class.

Figures from data monitor Preqin showed Europe-focused unlisted infrastructure funds that closed in 2016 secured a record amount of capital, surpassing the level recorded in 2015 by 50%. By May, the average size of Europe-focused unlisted infrastructure fund was $1.3bn — up from $862m at the end of 2016.