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Laxman Pai, Opalesque Asia: Morgan Stanley Investment Management closed its latest private credit fund, North Haven Credit Partners III (NHCP III), at $1.6 billion, which is 29% larger than its fundraising target.
According to a press release from the investment management services provider with $1.5tn AUM, NHCP III, managed by the Morgan Stanley Private Credit team, focuses on junior capital investments including second lien debt, mezzanine debt, and preferred equity in North American businesses.
Investors in NHCP III, the successor fund to North Haven Credit Partners II, include public and private pension funds, sovereign wealth funds, insurance companies, and individual investors.
Investors in the fund include the $25.4 billion Louisiana Teachers' Retirement System, Baton Rouge.
"We are pleased with the strong support for NHCP III from new and returning investors which expands our substantial Private Credit business to over $10 billion in investable assets including anticipated leverage," said David N. Miller, Head of Global Private Credit and Equity for Morgan Stanley Investment Management.
"We believe the Fund holds certain significant competitive advantages by having access to the Morgan Stanley network for deal sourcing, investment research, and due diligence," added Henry (Hank) D'Alessandro, Co-Portfolio Manager of NHCP III. "Coupled with a track record of investing across market cycles and optionality to hold publicly traded debt instrume...................... To view our full article Click here
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