Tuesday, 31 March 2015
Last updated 5 hours ago
Mar 23 2010 | 3:29am ET
Morgan Stanley’s fund of funds unit has launched a secondaries fund that will invest in private equity real-estate funds.
The firm’s Alternative Investment Partners garnered $370 million in commitments for the Morgan Stanley AIP Phoenix Global Real Estate Secondaries 2009 fund. That’s nearly 50% more than the fund’s $250 million target.
The new vehicle will buy off-market secondary interests in opportunistic and value-added real-estate funds. It will seek out p.e. funds with sustainable strategies for generating returns, emphases on fundamentals and knowledge of local markets.
“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,” said Joseph Stecher, chief investment officer of AIP Real Estate Fund of Funds. “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.”
Strecher’s team is based in New York and London.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…