New Morgan Stanley AIP Fund Focuses On PE Secondary Market

Jul 1 2013 | 11:08am ET

Morgan Stanley's fund of funds unit, Alternative Investment Partners, has raised $770 million for a fund dedicated to acquiring interests in private equity funds in the secondary market.

Commitments for the Morgan Stanley Global Secondary Opportunities Fund LP II exceeded AIP's initial $600 million target. Investors include existing AIP clients and new limited partners, such as endowments, foundations, public and corporate pension plans, family offices, insurance companies and high-net-worth individuals.

The new fund will target off-market secondary opportunities across the private equity spectrum, with an emphasis on small- and mid-cap buyouts and special situations funds. GSOF II will seek diversification by managers, strategies, regions, vintage years and portfolio companies.

“We believe substantial opportunities continue to exist in areas of the market where we focus and that our solutions-based approach to secondary investing will remain attractive to both sellers and general partners through all phases of the economic cycle. We recently completed several restructuring deals and believe these types of deals are an ever-important and growing part of the broader secondary market,” said Jon Costello, senior portfolio manager for the AIP private equity secondary team, in a statement. 

“We continue to be a buyer of secondaries across our platform and will continue to focus on what we believe are less efficient segments of the secondary market globally.”

GSOF II is the successor fund to AIP’s 2009 vintage secondary fund, Morgan Stanley Global Secondary Opportunities Fund I LP, a $585 million fund that completed its investment program in 2012.
 


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this race. The Citadel...

Guest Contributor

Top 5 Predicted Outcomes Of CalPERS' Hedge Fund Divestment

Sep 22 2014 | 8:35am ET

CalPERS’ announcement to divest of hedge funds has created a significant buzz...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.