Morgan Stanley raises $1.14bn fund-of-funds

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Fund

Morgan Stanley Alternative Investment Partners (AIP) has closed its fourth fund-of-funds, Morgan Stanley Private Markets Fund IV, on $1.14bn. The lifespan of the fund is 13 years subject to four one-year extensions. PMF IV held its first close in November 2007 at $77.1m. The capital raised for the latest fund represents a 15% increase from its predecessor, PMF III, which closed in 2006 at $1bn. The minimum subscription for PMF IV is $500,000 for individual investors and $1m for institutional LPs. Davis Polk & Wardwell provided legal advice.

Investors

LPs include insurance companies, endowments, foundations, public and corporate pension plans, family offices, and other high-net-worth investors.

Investments

The fund will focus on three main areas: buyouts, primarily in North America and Western Europe; global venture capital; and global special situations. Morgan Stanley AIP expects to invest in approximately 30-35 primary funds, 10-20 co-investments and 5-10 secondaries over the course of the fund's life.

People

The fund is managed by Morgan Stanley AIP. The team has offices in West Conshohocken, Pennsylvania, New York, London and Hong Kong.

Name: Morgan Stanley Private Markets Fund IV

Closed on: $1.14bn

Focus: Buyouts, venture capital, special situations, global

Contact: Neil Harper

Address: Morgan Stanley AIP

25 Cabot Square, Canary Wharf

London E14 4QA

Tel: +44 20 7425-8000

Fax: +44 20 7425-8990

Advisers