Private equity group spins out of Morgan Stanley

A team of investment professionals from Morgan Stanley Capital Partners (MSCP) has established an independent private equity firm named Metalmark Capital. Howard Hoffen, an 18-year private equity veteran and Morgan Stanley managing director, will head the new firm. Hoffen and senior investment team members from MSCP, who have worked together for over 12 years, will be owners of the new firm. Metalmark Capital will manage, through a long-term supervisory role, the Morgan Stanley Capital Partners funds, comprising $3.5bn of private equity investments. Morgan Stanley will continue as general partner for the Capital Partners funds and retain its limited partner interests. Morgan Stanley will operate its other existing principal and real estate investment vehicles as before and will actively pursue additional principal investing opportunities for its clients.

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