NEW YORK -- Morgan Stanley said on Monday it has raised a $4 billion infrastructure fund, exceeding its target, and is targeting investments in sectors like transportation, energy and utilities.

At $4 billion, the fund shot past its original target of $2.5 billion, raising capital in North America, Europe, Australia, the Middle East and Asia, Morgan Stanley said in a statement.

Investors ranged from big pension funds and insurance companies to Morgan Stanley employees.

The fund comes at a time of economic uncertainty, but current market conditions are "creating unique opportunities for the infrastructure sector," Chief Investment Officer Sadek Wahba said.

"Infrastructure is now an important component of any asset allocation strategy; it offers portfolio diversification and the ability to invest in 'real' assets, with uncorrelated investment returns relative to other asset classes," Morgan Stanley co-president James Gorman said.

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Morgan Stanley Infrastructure's investment team is in New York, London, Hong Kong and Beijing.

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