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Morgan Stanley credit arm collects $442m for second mezzanine fund

20 Jan 2014

loan_lrgMorgan Stanley’s credit arm has raised more than $440m for its second corporate mezzanine fund.

The firm gathered the cash across a string of feeders vehicles registered with the US Securities and Exchange Commission.

Morgan Stanley raised $956m for its debut credit fund in January 2011, and has targeted investments of between $20m and $65m in companies with EBITDA over $15m.

It predominantly targets businesses in the US and Western Europe, and includes capital for leveraged buyouts, debt refinancings, recapitalisations and acquisitions.

No target is given for the latest vehicle.

Earlier this month it emerged that Morgan Stanley had pulled in more than $170m for its latest fund of funds, just over 18 months after closing a series of predecessor vehicles with $1.3bn.

AIP Private Markets Fund VI did not name a target in a US regulatory filing, which often understate the amount soft-circled by private equity fundraisers.

Morgan Stanley gathered about $720m for its fifth AIP fund in April 2012 and another $580m in related separate accounts, beating its initial $1.25bn target.

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