Morgan Stanley Alternative Investment Partners, the funds of funds management arm of the US investment bank, has raised $1.14 billion for Morgan Stanley Private Markets Fund IV.
The capital raised represents a near 15% increase over that of the fund’s predecessor, which closed in 2006 on $1bn.
Stu Bohart, co-head of Morgan Stanley Investment Management and head of alternative investments, says, “AIP’s successful fundraising effort during an extremely challenging market environment demonstrates the strength of our investment approach and our stable team of talented managers.”
“We believe that demand for comprehensive expertise in the private equity investment space combined with our unique investment strategy contributed to strong demand from investors on a global basis, says Cory Pulfrey, head of AIP. We were especially pleased with the robust level of commitments to Private Markets Fund IV from both existing AIP investors and new limited partners.”
The fund incorporates three main strategies: buy-outs, primarily in North America and Western Europe, global venture capital and global special situations. AIP’s investment strategy emphasises less efficient market segments and targets managers with differentiated skill sets in the US, Western Europe and emerging private equity markets, the firm says.
D.C.