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Laxman Pai, Opalesque Asia: Morgan Stanley Investment Management (MSIM), the asset management subsidiary of global investment bank Morgan Stanley, has raised $2.5 billion for Ashbridge Transformational Secondaries Fund II.
Fund II, providing yet more evidence of investor appetite for vehicles that offer LPs an exit avenue from their private equity commitments, is about four times larger than Fund I, which closed in 2018 on $674 million. Fund II focuses exclusively on single-asset GP-led continuation vehicles in the middle market.
Investors include a sophisticated group of public and private pension funds, sovereign wealth funds, non-profits, fund of funds, family offices, and high net-worth individuals from around the world, said a press release from the global financial services firm.
"Part of MSIM's $200 billion alternative investments business, Ashbridge II seeks to invest in the highest performing assets in middle market private equity funds, providing general partners with additional time and capital to execute on their value creation strategy, and giving limited partners the option to take liquidity or maintain their exposure and capture potential upside," the release said.
"The secondaries market has more than tripled in size since 2011, with GP-led secondaries representing approximately half of the market as sponsors seek solutions for longer hold periods, duration mismatch between investors, and additional capital to effectively implement value creatio...................... To view our full article Click here
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