Fund: North Haven Capital Partners VI
Target: $1.5 bln
Amount raised: $1 bln
Placement Agent: Probitas
North Haven Capital Partners, part of Morgan Stanley’s line of closed-end private equity funds, has reached $1 billion in commitments for its sixth pool, which is targeting $1.5 billion, according to sources.
The fund is targeting a final close for June after publicly disclosing $767 million raised in 2015, a source said.
A Morgan Stanley spokesman declined to comment.
Executives working on the fund include Alan Jones, head of global private equity at Morgan Stanley, according to his LinkedIn profile and a filing. Jones is also chairman of Morgan Stanley’s Global Private Equity Investment Committee.
Eric Fry, managing director at Morgan Stanley since 2007, is also the roster for North Haven Capital Partners VI, along with James Howland, Christopher Norris, Gary Matthews, Aaron Sack, Richard Schultz, Eric Kanter and John Moon, according to a filing and a LinkedIn page.
The fund originally launched as Morgan Stanley Capital Partners VI but changed its name to North Haven last year because of requirements under the Volcker Rule section of the Dodd-Frank Act.
The name North Haven refers to an area in Maine where Morgan Stanley founders gathered to launch the firm some 80 years ago, according to a prepared statement.
The fund is part of Morgan Stanley Merchant Banking & Real Estate Investing, the direct private investing unit of the New York-based bank.
On that front, Morgan Stanley said last year it raised $1.7 billion for North Haven Real Estate Fund VIII Global (G8), according to a statement. Another example of the fund family is North Haven Infrastructure Partners II, which disclosed $937 million in commitments last year.
The Volcker Rule requires certain changes to banks’ sponsorship of private investment funds, including the requirement that banks not include their own name as part of the name for these funds, the bank said last April.
“Our investment philosophy remains unchanged, and Morgan Stanley Merchant Banking & Real Estate Investing will continue to serve clients by implementing a disciplined investment approach that emphasizes consistency and value creation,” Ed Moriarty, head of Merchant Banking & Real Estate Investing, said in a prepared statement last year. Moriarty, who joined Morgan Stanley in 2010, is leaving the bank to pursue other opportunities, Reuters reported on February 25.
Action Item: See Organizing and offering a covered fund section of Volcker Rule FAQ, http://1.usa.gov/1TLyz9p
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