Morgan Stanley Investment Management (MSIM) has introduced a new evergreen private equity fund aimed at expanding access to institutional-quality investments for individual investors.
The newly launched North Haven Private Assets Fund (NHPAF) is registered with the US Securities and Exchange Commission and designed to provide exposure to private equity through co-investments and secondaries, with a focus on the lower middle market. This marks Morgan Stanley’s first private equity strategy in an evergreen structure – a model that offers ongoing capital inflows, simplified tax reporting, and periodic liquidity options.
“Increased democratization of alternatives provides individuals access to what had been traditionally institutional asset classes,” said David N. Miller, global head of private credit and equity at MSIM.
The fund is managed by Morgan Stanley Private Equity Solutions, a platform with more than two decades of experience and over $27 billion committed across 1,200 private markets investments. The group seeks to leverage Morgan Stanley’s broader institutional network to access deal flow and perform due diligence.
Neha Champaneria Markle, head of the private equity solutions unit, said NHPAF’s focus on the lower middle market is based on its “greater potential for organic and M&A-driven growth” and “more liquidity options” compared with larger-cap investments. “We think this thematic emphasis, along with our demonstrated history of experience, and disciplined and careful manager diversification, will enable us to offer the potential for differentiated performance and downside risk protection,” Markle noted.
The NHPAF initiative follows MSIM’s broader efforts to expand its alternatives platform, which manages $240 billion in assets, to include private credit and real assets strategies targeted at private wealth clients. With NHPAF, Morgan Stanley seeks to offer a product that provides diversified access across sectors, geographies, and asset managers.
The launch underscores a growing trend among asset managers seeking to widen individual access to private market opportunities once reserved for institutional portfolios.
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