Morgan Stanley's investment manager has gathered $1.3 billion in commitments for the North Haven Growth & Innovation fund. The vehicle was oversubscribed, and 24% of the money came from Morgan Stanley, its affiliates and its employees, according to a Wednesday statement.
The strategy targets fast-growing private companies, with capital available for both primary deals and secondary transactions. It has already invested in Databricks, Anduril Industries Inc. and Ramp.
The unit running the fund oversees about $2 trillion and helps bring financing to early-stage companies. Meanwhile, Morgan Stanley's wealth manager helps employees invest their wealth, and the firm's investment-banking arm is aggressively vying to secure roles on the most profitable initial public offerings.
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David Miller, who oversees Morgan Stanley Investment Management's private credit and equity operations globally, said in the statement, "Morgan Stanley's relationships with growth companies can span their entire lifecycle, from early capital formation through private-market financing, strategic advisory, liquidity and ultimately the public markets."
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