July 1 (Bloomberg) -- Morgan Stanley, owner of the world’s largest brokerage, said its money-management division raised $770 million for a pool that will buy interests in private-equity funds in the secondary market.
The division of the New York-based bank said today in a statement that it exceeded its $600 million target for the fund, called Morgan Stanley Global Secondary Opportunities Fund LP II. The pool will invest in “off-market” deals such as smaller buyouts and special situations, according to the statement.
“We recently completed several restructuring deals and believe these types of deals are an ever-important and growing part of the broader secondary market,” Jon Costello, senior portfolio manager at Morgan Stanley Alternative Investment Partners, said in the statement.
Investors include existing clients of Morgan Stanley Alternative Investment Partners as well as new limited partners that include wealthy individuals, insurance companies, endowments and pension plans, according to the statement.
To contact the reporter on this story: Zeke Faux in New York at email@example.com