Morgan Stanley Gets $770 Million for Private-Equity Fund

 

Morgan Stanley Gets $770 Million for Private-Equity Fund

Morgan Stanley (MS), owner of the world’s largest brokerage, said its money-management division raised $770 million for a pool that will buy interests in private-equity funds in the secondary market.

The division of the New York-based bank said today in a statement that it exceeded its $600 million target for the fund, called Morgan Stanley Global Secondary Opportunities Fund LP II. The pool will invest in “off-market” deals such as smaller buyouts and special situations, according to the statement.

“We recently completed several restructuring deals and believe these types of deals are an ever-important and growing part of the broader secondary market,” Jon Costello, senior portfolio manager at Morgan Stanley Alternative Investment Partners, said in the statement.

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