Morgan Stanley Capital Partners co-head Alan Jones to step down

  • Jones departure won’t trigger key-man provisions
  • Sack to become sole head of MS Capital Partners
  • Group closed latest mid-market fund last year

Alan Jones, co-head of Morgan Stanley Capital Partners, is moving to a senior advisory role and will leave the bank at year-end, a source close to Morgan Stanley confirmed.

Jones will stay through the year as part of an orderly transition. The group’s other co-head, Aaron Sack, will become sole head of the group, the source said.

Jones’s departure will not trigger any key-man provisions in the funds, the source said.

Why Jones is leaving is unclear. He did not respond to a connection request over LinkedIn.

Morgan Stanley Capital Partners invests in middle-market companies across B2B services, consumer and industrial sectors. It resides within Morgan Stanley Investment Management.

The group last year closed North Haven Capital Partners VI on more than $1.5 billion, a statement from the bank says. The fund originally launched as Morgan Stanley Capital Partners VI but changed its name in 2015.

Jones has worked in the in-house PE group at Morgan Stanley since 2007, when he and Steve Trevor reestablished it.

The bank had spun off most of its in-house private equity operations in 2004 into an independent firm called Metalmark Capital amid concerns among many banks that PE investing was causing conflicts with clients, Buyouts previously reported.

Jones formerly headed Morgan Stanley’s corporate finance department, while Trevor joined from Goldman Sachs, where he was a managing director in the principal investment area.

Trevor stepped down as co-head of the group in 2010.

Jones has held several roles at Morgan Stanley since 1993, his LinkedIn profile shows. He was co-head of global financial sponsor coverage from 2002 to 2005; co-head and head of global leveraged finance from 2000 to 2002; head of European leveraged finance from 1997 to 2000; and worked in financial sponsor coverage from 1993 to 1997, his profile said.

From 1987 to 1993 he worked in high-yield finance at First Boston Corp.

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Photo of Alan Jones sourced from the Morgan Stanley Capital Partners website