Bloomberg has announced that Bastion Infrastructure Group is seeking $2 billion for a debut fund that will invest in power, water, transportation and energy-related industries in OECD countries.

According to this source, the fund could be called Bastion Infrastructure Fund I LP.

Bastion, headed by managing partner Ron Lepin - former chief operating officer of Morgan Stanley's infrastructure arm, is based in Toronto. Bastion is majority owned and controlled by the management team.

Lepin was a managing director at Morgan Stanley and COO of the bank's $4 billion infrastructure fund. Prior to Morgan Stanley, he founded the direct infrastructure program at Ontario Teachers' Pension Plan.

Bastion announced in June it hired Wael Elkhouly to head the asset-management division. Elkhouly was previously head of asset management at London-based Eiser Infrastructure Partners LLP.

Recently, Bastion hired global infrastructure expert, Mr. Enrique Fuentes, ex- KPMG and Cintra. Enrique has over 20 years of infrastructure investment and management experience.