NEW YORK, February 02, 2023—(BUSINESS WIRE)–Morgan Stanley Investment Management (MSIM) announced today that it has held the final closing of the Ashbridge Transformational Secondaries Fund II (Ashbridge II) at $2.5 billion of total capital commitments. The amount represents nearly four times what was raised in the predecessor fund, Ashbridge Transformational Secondaries Fund I (Ashbridge I), which closed 2018 at $675 million. Ashbridge II is one of the largest funds raised to date that is focused exclusively on single asset GP managed vehicles. Investors include a sophisticated group of public and private pension funds, sovereign wealth funds, non-profit organizations, funds of funds, family offices and high net worth individuals from around the world.
Part of MSIM’s $200 billion Alternative Investments business, Ashbridge II seeks to invest in the best performing assets in middle market private equity funds, providing general partners with additional time and capital to execute their value creation strategy and gives limited partners the ability to take liquidity or maintain their exposure and capture upside potential.
“The secondary market has more than tripled in size since 2011, with GP-led secondaries accounting for approximately half of the market as sponsors look for solutions to longer holding periods, duration mismatches between investors and additional capital for effective implementation of value creation strategies,” said Nash Waterman, managing director and head of Morgan Stanley Private Equity Secondary. “With Ashbridge II, we are pleased to provide high-performing middle market private equity sponsors with a customized solution for their highest conviction assets that seeks to improve compliance and optimize outcomes for all stakeholders.”
Commenting on Ashbridge II, David N. Miller, Managing Director and Head of Morgan Stanley Private Credit & Equity, said: “With more than $40 billion in assets under management through private credit and equity strategies, we provide liquidity to the alpha affluent middle market segment. Ashbridge II is emblematic of the range of solutions we provide to enable investors to access private markets according to their risk, return, duration and liquidity needs. We have committed $3.6 billion in GP-led single asset secondary transactions since 2006, and we are pleased that our investors have trusted us to deploy their capital through this strategy.”
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,200 investment professionals worldwide and $1.3 trillion in assets under management or supervision as of December 31, 2022. Morgan Stanley Investment Management strives to deliver exceptional long-term investment results , services and a complete suite of investment management solutions for a diverse client base that includes governments, institutions, corporations and individuals worldwide. For additional information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a broad range of investment banking, securities, wealth management and investment management services. With offices in 41 countries, the firm’s employees serve clients worldwide, including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.
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