Credit Suisse and General Electric Co. announced today that they intend to form a US$1 billion joint venture to invest in global infrastructure assets.

The joint venture, which Credit Suisse plans to form with GE Infrastructure, intends to invest in energy and transportation infrastructure assets worldwide. Targets will include power generation and transmission, gas storage and pipelines, water assets, airports, air traffic control, ports, railroads and toll roads.

Each firm plans to commit US$500 million to the joint venture. They have yet to name an executive team to lead the JV.

“We are delighted to partner with GE and believe there is a real untapped opportunity for investment in this attractive asset class,” said Brian Finn, head of Alternative Investments at Credit Suisse. “As a leading global financial institution, the breadth of our expertise in developed and emerging markets, alternative investments, investment banking, project finance and capital markets, when combined with GE’s longstanding industry expertise and leadership, makes for a dynamic partnership.”

“This joint venture will help propel our international growth in serving the global need for trillions of dollars of investments to improve energy and transportation infrastructure,” added Dave Calhoun, vice chairman for GE Infrastructure. “Combining GE’s and Credit Suisse’s expertise, global footprint and financial strength is a compelling way to satisfy the thirst for infrastructure investment.”