While it sounds like a good concept, just ask asset managers how they are finding vehicles in which to invest.  Morgan Stanley and Goldman Sachs both have raised billions in infrastructure funds and Goldman is about to launch another offering.  Are investors, though, being rewarded?  Certainly outside the U.S., the infrastructure market is much more mature and liquid.  But, if states continue to run annual deficits, infrastructure opportunities could emerge, but it’s still a political hot potato.   With CALPERS set to invest $9.3 billion in this asset class, look for California municipalities and cities to rethink taking in private funds.  With these funds allocated for 2010, it is not likely to happen.  To date, only $220 million has been earmarked for infrastructure and it typically takes months and even years to put the funds to work even though the returns are very attractive, in many cases hovering just below 20 percent.  (rm)