Morgan Stanley Alternative Investment Partners (AIP) has raised US$770 million in commitments for its Global Secondary Opportunities Fund LP II (GSOF II), a fund dedicated to acquiring interests in private equity funds in the secondary market.
The capital raised exceeded AIP’s initial US$600 million target.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The goal of GSOF II is to target off-market secondary opportunities across the private equity spectrum, with an emphasis on small- and mid-cap buyouts and special situations funds.
According to Morgan Stanley, GSOF II will seek diversification by managers, strategies, regions, vintage years and portfolio companies.
Investors include existing AIP clients and new limited partners, such as endowments, foundations, public and corporate pension plans, family offices, insurance companies and high net worth individuals.
Jon Costello, senior portfolio manager for the AIP Private Equity Secondary team, said: "We believe substantial opportunities continue to exist in areas of the market where we focus and that our solutions-based approach to secondary investing will remain attractive to both sellers and general partners through all phases of the economic cycle.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"We continue to be a buyer of secondaries across our platform and will continue to focus on what we believe are less efficient segments of the secondary market globally," Costello added.
GSOF II is the successor fund to AIP’s 2009 vintage secondary fund, Morgan Stanley Global Secondary Opportunities Fund I LP, a US$585 million fund that completed its investment program in 2012.
Morgan Stanley Alternative Investment Partners, part of Morgan Stanley Investment Management, specializes in designing and managing alternative investment programs. Its investment teams have expertise in fund investing, secondaries and co-investing across private equity, hedge fund, real estate and multi-asset class strategies.
