Morgan Stanley Offers PE Fund to Wider Swath of Millionaires

Morgan Stanley is launching a private equity fund for its widest audience yet — investors wielding a few million dollars — as asset managers help broader masses into the once-exclusive realm.

The North Haven Private Assets Fund will offer exposure to co-investments and secondaries in the lower middle market, according to a statement Wednesday. The firm’s $1.6 trillion investment-management arm hasn’t set a fundraising target but it could gather “a few billion dollars in the near to medium term,” Neha Champaneria Markle, head of private equity solutions, said in an interview.