Morgan Stanley capped off its second private equity fund of funds, Morgan Stanley AIP Global Diversified Fund LP. The firm, which sold off its direct-investing private equity arm last year, corralled $500 million for its second fund-of-funds, exceeding its $310 million, 2002 predecessor fund, and topping its $350 million target.
Morgan Stanley AIP Co-head Corey Pulfrey says that about 60% of the capital will to go toward buyouts, while the balance will be about split between venture capital and special situations.
Also, more than half of the fund will be committed to international opportunities and 35% of the total fund has been set aside for secondary interests and direct co-investments.
The new fund of funds has already made about a dozen commitments to date, and has approximately 80% of its capital remaining.