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Morgan Stanley Raises $370M for Secondaries Fund

NEW YORK CITY-The company's Alternative Investment Partners business will target off-market secondary opportunities in private equity real estate funds.

By Paul Bubny | Updated on March 22, 2010

NEW YORK CITY-Morgan Stanley said Monday that its Alternative Investment Partners business has raised $370 million in commitments for a secondaries fund targeting private equity real estate funds. The capital raised exceeded AIP’s initial goal of $250 million, according to a release.

“For the first time ever, investors in private equity real estate funds are selling significant interests in the secondary market, and as a result, we are finding tremendous opportunities to acquire high quality assets at attractive valuations,” Joseph D. Stecher, CIO of AIP real estate fund of funds, says in the release. “We are focusing on best-in-class small- to mid-size fund managers globally as we seek to capitalize on several distinct advantages of investing in the secondary market, including the ability to avoid start-up costs and fees, accelerate investment programs and shorten time for realization and effectively value underlying asset portfolios.”

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