Morgan Stanley Raises $1.3B for Growth and Innovation Fund

Morgan Stanley Investment Management has closed its inaugural North Haven Growth & Innovation Fund with $1.3 billion in commitment. The oversubscribed fund seeks to combine the capabilities and relationships of Morgan Stanley’s investment management, institutional securities and wealth management businesses. Morgan Stanley, its affiliates and employees collectively supplied 24% of the vehicle’s capital, representing approximately $312 million.

“Many of today’s leading growth companies are staying private for longer, with more value creation occurring in the private markets,” said Pedro Teixeira, managing director of private credit and equity at Morgan Stanley Investment Management.

The fund will target companies with established execution records, rapid growth, experienced leadership and exposure to large addressable markets. It can provide flexible capital through primary investments, secondary transactions and company-led liquidity solutions.

Its initial portfolio includes data and artificial intelligence platform Databricks, defense technology company Anduril Industries and financial operations platform Ramp.

North Haven Growth & Innovation Fund is part of Morgan Stanley Investment Management’s $280 billion alternatives platform. The broader investment manager oversaw or supervised approximately $2 trillion as of June 30.

David N. Miller, global head of private credit and equity, said Morgan Stanley can work with growth companies throughout their development, from early capital formation and private financing to strategic advice, liquidity events and public-market access.