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Morgan Stanley names Waterman as sole secondaries head

Nash Waterman and John Wolak had co-led the investment bank's secondaries unit after former secondaries head Jonathan Costello left in 2016.

Morgan Stanley has appointed Nash Waterman as sole head of its AIP Private Equity Secondaries team as part of wider moves at the investment bank.

Neha Champaneria Markle is set to take over as head of the bank’s AIP Private Markets Solutions group, as current chief John Wolak steps into a senior advisor role, according to an internal memo seen by sister title Buyouts.

Champaneria Markle will oversee the group that focuses on primary fund investing, co-investing and impact-oriented strategies. She and Waterman will both report to David Miller, head of private credit and equity for Morgan Stanley.

The bank is targeting $3.5 billion for its second secondaries fund, Ashbridge Transformational Secondaries Fund II, according to a March filing with the US Securities and Exchange Commission.

Wolak will remain a full-time employee and remain on the investment committee and stay engaged with AIP Private Markets’ investment programmes. He had been planning to transition out of day-to-day leadership for some time and this is the first step, the memo noted.

Wolak joined Morgan Stanley in 2002 after working in private markets at DuPont Capital Management from 1995 to 2002, according to his LinkedIn profile.

Champaneria Markle worked at Apax Partners and Springboard Enterprises before joining Morgan Stanley in 2006, according to her LinkedIn profile. Waterman joined Morgan Stanley in 2002.

AIP Private Markets is involved in private equity fund investing, secondaries, co-investments and impact investing, according to its website.