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Alternative Market Briefing

Morgan Stanley raises almost three times initial target for private debt fund

Thursday, December 13, 2018

Laxman Pai, Opalesque Asia:

The New York-based investment bank Morgan Stanley raised $1.4bn, almost three times its initial target. The bank plans to invest in a wide range of asset classes and industries.

North Haven Tactical Value Fund seeks to invest in private, long-term and often illiquid opportunities that are identified primarily by leveraging the global Morgan Stanley network and come from a wide range of asset classes, sectors and geographies.

Investors in the Fund, the first offering from the team, include some of the world's largest and most sophisticated institutional investors as well as qualified individual investors.

According to David Miller, head of private credit and equity at Morgan Stanley Investment Management, the fund was created to meet demand for private investments in the Volcker Rule era. As much of two-thirds of the fund's investments could come from within the bank's capital-markets division, its wealth manager and asset manager, a press release quoted him as saying.

"There's been a lack of capital that can invest in these illiquid, longer-dated investments. Bank balance sheets were shrinking, and hedge funds that were stepping in for a while to make these longer-term investments were stepping away," he added.

"Given the scarcity of opportunistic capital, we see a clear opening in the market for a fund to fill the supply/demand gap," said Thomas Cahill, Co-Head of Morgan Stanley Tactical Value Investing.

Pedro Teixeira, Co-He......................

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