Morgan Stanley Alternative Investment Partners has raised $65.5 million in commitments so far for its second such fund, according to an SEC filing.
The Morgan Stanley AIP Phoenix Global Real Estate Secondaries Fund II is targeting $500 million, and began raising commitments at the end of last year.
Its predecessor, the 2009-vintage Phoenix Global Real Estate Secondaries Fund I, closed in March 2010 on $370 million, over its target of $250 million. LPs in the first fund included Norway’s AP Fonden III and the West Midlands Pension Fund.
Morgan Stanley’s most recent secondaries fund, Morgan Stanley Alternative Investment Partners’ Global Secondary Opportunities Fund II, closed on $770 million in July last year, exceeding its $600 million target, reported Private Equity International at the time.
Its previous Fund I, a 2009 vintage, raised $585 million, becoming fully invested in 2012. Before raising its debut fund, Morgan Stanley’s alternative investments group had bought fund interests using capital from its global private equity fund of funds.
The fund of funds manager has $17 billion of assets under management, as of 4 December, according to PEI’s research and analytics division. Morgan Stanley’s Alternative Investment Partners allocates just under $1 billion to private equity. Its first private equity investment was in 1994, according to the data.