According to The Wall Street Journal, Citigroup (C) is winding down part of its private-equity holdings in an effort to exit alternative investments.

The nation's third-largest bank by assets said it won't be investing in new infrastructure deals for a $3.4 billion fund, according to a memo to investors that was reviewed by The Wall Street Journal. The fund, which Citi raised in 2007 with $500 million of its own capital, owns assets like a U.K. water supplier and a Spanish toll road.