Morgan Stanley Alternative Investment Partners today announced it has raised $1 billion (€790 million) for its third private equity fund of funds.
The fund, Morgan Stanley Private Markets Fund III, will invest in North American and Western European buyout funds, venture capital funds globally and special situations funds. The vehicle has an allocation for co-investments and direct secondaries.
Morgan Stanley’s previous fund raised $500 million in 2005.
Cory Pulfrey, Head of Morgan Stanley AIP, said in a statement: “We’ve had strong demand for this offering from clients worldwide.”
Pulfrey added the fund added new limited partners, including insurance companies, endowments, foundations, pension plans, family offices and high net worth individuals.
Morgan Stanley AIP’s private markets group oversees more than $4.39 billion in private equity commitments in portfolios of private equity funds and separately managed accounts.