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Morgan Stanley beats target for fourth Asian fund

7 Jul 2014

asiaUS banking group Morgan Stanley’s Asian unit has closed its latest vehicle on $1.7bn, beating its $1.5bn target.

Morgan Stanley Private Equity Asia (MSPEA) IV has invested in two companies in South Korea and India.

The bank committed $50m to the fund with the rest of the capital provided by outside investors.

MSPEA IV follows Morgan’s third Asian fund, which raised $1.5bn in 2007.

In the past two years, Morgan has seen the most attractive entry prices in China in the last ten years, MSPEA CEO Chin Chou told Reuters.

It was previously reported that Morgan was expecting to close the fund in January this year.

Last October AltAssets reported that MSPEA IV had raised $506m since November 2012.

Earlier in 2013, AltAssets revealed that was hoping to hold a first close of up to $750m before the end of January that year, and hoped to wrap up the fundraise within another six months.

LPs that have backed the fund include the Pennsylvania Public School Employees’ Retirement System and the University of Michigan.

The fund will be focused on buyout deals across India, China, South Korea, Singapore, Japan, Taiwan and Australia.

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