Morgan Stanley IM Launches Its 1st Evergreen PE Fund for HNW Clients
Morgan Stanley Investment Management announced the launch of the North Haven Private Assets Fund, its first registered evergreen private equity fund. This fund extends the firm’s renowned North Haven strategy, offering individual investors access to institutional-grade private equity through co-investments and secondaries, primarily targeting the lower middle market.
The North Haven Private Assets Fund builds on Morgan Stanley’s Private Equity Solutions, part of its $240 billion alternatives platform. Since its inception, the team has deployed over $27 billion across more than 1,200 private market investments. The new fund follows Morgan Stanley’s recent retail-focused private credit and real assets strategies, marking its expansion into evergreen private equity.
“We believe that the lower middle market offers a broad opportunity set characterized by lower entry valuations, greater potential for organic and M&A-driven growth, and more liquidity options compared to the large cap segment,” said Neha Champaneria Markle, the head of Morgan Stanley Private Equity Solutions.
Evergreen funds, which offer enhanced liquidity, are increasingly popular among private market firms, particularly for attracting assets from registered investment advisor channels. The fund’s focus aligns with growing demand for unique return profiles. Platforms like Charles Schwab, iCapital, and CAIS have facilitated broader access to such private equity strategies through strategic partnerships.
