T. Rowe Price has launched the Global Infrastructure Fund, a long-term growth fund that will invest in infrastructure-related companies around the world, including the U.S. It is available as a no-load mutual fund or through adviser class shares.

The fund will invest in 60 to 90 stocks in at least five countries, with a particular emphasis on emerging markets and high dividend-yielding stocks covering transportation, communication, energy and other essential services required for the function of modern society.

“We expect increased infrastructure spending over the long term around the world to offer significant, durable investment opportunities,” said Sustanta Mazumdar, manager of the Global Infrastructure Fund. “The investable universe in this sector is expanding as developing markets build out infrastructure and developed markets grapple with decaying infrastructure.

“Over time, we expect to shift the focus of the portfolio between more defensive utility companies to higher-growth infrastructure stocks,” added the portfolio manager, is based in T. Rowe Price’s Singapore office.

Prior to joining T. Rowe in 2006, Mazumdar was director of equity research at UBS, covering the Indian oil and gas and infrastructure sectors.