US alternatives manager and buyout firm Blackstone Group will raise between $2bn (€1.6bn) and $3bn for its first infrastructure fund, taking the total value of private equity infrastructure funds on the road to close to $100bn, as firms look to benefit from the stable returns on offer from the sector.

Blackstone, which has yet to set a firm target and upper limit for the fund, is likely to start raising the vehicle in the next couple of months, according to a source close to the situation.