Morgan Stanley loses fund of fund executive

Karl Beinkampen has left the bank’s private equity fund of funds business, which recently raised more than $1bn for its fourth fund of funds.

Karl Beinkampen, a portfolio manager with Morgan Stanley’s private equity fund of funds team, has left the firm.

He had been with the firm since 1994, but it's not clear how long Beinkampen has been with the private equity fund of funds business. 

Morgan Stanley confirmed the departure but declined to comment further. It’s not clear if Beinkampen has taken a new position with a different firm.

Morgan Stanley’s private equity fund of funds team consists of 30 investment professionals, including five portfolio managers, 13 associates and analysts and other employees.

The private equity fund of funds team is led by Tom Dorr, who also serves as chief investment officer. Dorr took over in May for Cory Pulfrey, who stepped down from leading the private equity fund of funds group to serve as senior advisor to Morgan Stanley Investment Management, which houses the Alternative Investment Partners (AIP) group. Morgan Stanley's funds of funds are housed under the AIP group.

The private equity fund of funds recently raised $1.14 billion for its fourth fund of funds, a 15 percent increase over its third fund of funds, which closed on $1 billion in 2006.

Morgan Stanley Private Markets Fund IV targets buyout funds based in North America and Western Europe, global venture funds and global special situation funds. The team expects to invest in about 30 to 35 primary funds, 10 to 20 co-investments and five to 10 secondaries. About 45 percent to 50 percent of the investments will be in the US, 30 percent to 40 percent in Western Europe and 15 percent to 20 percent in the rest of the world, including developed economies like Japan and emerging markets.

In May, Morgan Stanley combined Morgan Stanley Global Wealth Management's Greystone Research with AIP, to be headed by Jacques Chappius. The combined units manage about $20 billion in assets.

Last year, AIP opened an office in Hong Kong to cover Asian private equity fund of funds investments.