Australian bank the Macquarie Group and China Everbright’s financial services group announced plans to create two funds that will seek US$1.5 billion for infrastructure projects, the New York Times reported. The banks will contribute US$100 million of their own funds to the ventures. One fund will be open to non-retail investors from outside China, and the other will be dedicated to domestic investors. Both funds will focus on water infrastructure and transportation. The announcement is the fourth in a series of infrastructure fund launches. First Eastern Investment Group said this week it is planning to raise US$880 million for infrastructure investment, and brokerage CLSA said it plans to create a US$1.46 billion fund. US-based Blackstone group and the Shanghai municipal government also plan to create a similar private equity fund.