Managers rushing to invest in infrastructure reached an important milestone on Monday when Morgan Stanley and a private equity firm backed by Credit Suisse and General Electric announced they had raised a combined $10bn for two funds.

The $5.6bn fund by Global Infrastructure Partners, which co-owns London City Airport and Biffa, a UK waste management group, is one of the biggest raised, while Morgan Stanley’s $4bn fund vastly exceeded its target of $2.5bn.