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Morgan Stanley Alternative Investment Partners closes $585m secondaries fund

17 May 2010

Morgan Stanley Alternative Investment Partners, the fund of funds business of investment bank Morgan Stanley, has surpassed its $500m fundraising target for a new secondaries fund, collecting $585m from investors.

The Morgan Stanley Global Secondary Opportunities Fund will look at secondary opportunities across the private equity spectrum, with an emphasis on small- and mid-cap buy-outs, distressed and special situations funds.

John Wolak, head of secondary investing at the fund of funds, said, “We think the market for secondaries is poised for substantial growth in 2010, and we believe that our solutions-oriented approach to secondary investing will continue to be attractive to both sellers and the general partners of the funds we purchase.

“[The firm] has been an active buyer of secondary interests through Morgan Stanley Alternative Investment Partners’ global core private equity fund of funds programme, and through our dedicated fund we will continue to focus on small- to mid-sized managers and the less efficient parts of the private equity universe.”

The fund closing follows Morgan Stanley AIP Phoenix Global Real Estate Secondaries 2009, a $370m vehicle closed in March to purchase secondary interests in private equity real estate funds.

Morgan Stanley Alternative Investment Partners, which invests in private equity, hedge and real estate funds, has $17bn under management.

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