Morgan Stanley’s North Haven Capital Partners VI has raised $1.09 billion thus far, according to a regulatory filing with the Securities and Exchange Commission.
The fund, which was previously called Morgan Stanley Capital Partners VI, is targeting $1.5 billion, according to PEI Research & Analytics.
Morgan Stanley renamed the fund in April 2015 to adhere to the Volcker Rule requirement that banks not include their own name for the funds, according to a Morgan Stanley statement at the time.
The firm’s 30 June filing indicated Morgan Stanley’s global private equity team head Alan Jones, managing director James Howland, managing director Gary Matthews, managing director Aaron Sack, executive director Richard Schultz, managing director Eric Kanter, Morgan Stanley Energy Partners head John Moon, managing director Robert Lee, and Christopher Norris are managing this fund.
The document also said there are 12 investors in the fund and Morgan Stanley and Probitas Funds Group are advising the fund. Asset manager Constitution Capital Partners is a limited partner in the fund, according to PEI data.
Morgan Stanley’s global private equity strategy involves targeting mid-market companies with enterprise values between $100 million and $1 billion and earnings before interest, tax, depreciation and amortisation of $10 to $100 million.
Morgan Stanley’s fifth fund, Morgan Stanley Capital Partners V, raised $1.5 billion in 2009, according to PEI data. Investors in Morgan Stanley’s previous funds, such as North Haven Private Equity Asia IV, include the Oregon State Treasury, which committed $75 million to the Asia fund, the Pennsylvania Public School Employees’ Retirement System (PSERS), which committed $100 million, the University of Michigan, which committed $25 million, and Allstate Investments, which committed $55.25 million, according to PEI Research & Analytics.
This Asia fund was generating a 16.4 percent net internal rate of return as of June 2015, according to documents from PSERS.
Morgan Stanley is also currently raising North Haven Energy Capital Fund, which has secured $300 million in commitments and is targeting $1.5 billion, according to PEI data.
A spokesman at Morgan Stanley was not available to comment.