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AIP Raises $770 Million for Global Secondary Opportunities Fund II

03/07/2013 07:38 (290 Day 12:21 minutes ago)

The FINANCIAL -- Morgan Stanley Alternative Investment Partners (AIP) raised $770 million in commitments for the Morgan Stanley 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 $600 million target, according to Morgan Stanley.

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“This successful fundraising demonstrates the strength of our investment approach and our talented team,” said John Wolak, Co-Head of AIP Private Equity and Head of the AIP Private Equity Secondary team.  “As an integrated platform participating in both the primary and secondary markets, AIP is well-positioned to employ its differentiated investment approach to take advantage of secondary opportunities globally,” he added.

 

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.  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, according to Morgan Stanley.

 

“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.  We recently completed several restructuring deals and believe these types of deals are an ever-important and growing part of the broader secondary market,” said Jon Costello, Senior Portfolio Manager for the AIP Private Equity Secondary team.  “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,” he added.

GSOF II is the successor fund to AIP’s 2009 vintage secondary fund, Morgan Stanley Global Secondary Opportunities Fund I LP, a $585 million fund that completed its investment program in 2012.

“The AIP team of private equity professionals is one of the most experienced and knowledgeable in the industry,” said Arthur Lev, Head of AIP.  “We are proud that our investment expertise, world-class service for clients and reputation for excellence have led to this successful fundraising result,” he added.

 

 

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