UBS took a 50% stake in a US power generating company, marking the debut investment from the Swiss bank's infrastructure asset management fund which is scheduled for its first close later this year.

UBS has set a target of $1.5bn (€1.1bn) for its infrastructure asset management fund. The fund launched in 2006 and UBS expects an initial close by the end of the third quarter. The infrastructure asset management business is a relatively new, but fast-growing business with 25 people based in New York, London and Sydney.