22 days ago
Morgan Stanley seeks $500 mln for illiquid assets fund -document
Morgan Stanley aims to raise $500 million from clients for a new fund that will invest in niche assets that may hard to liquidate quickly and are too complicated for most private equity or hedge funds, according to a document seen by Reuters. The fund could potentially invest in assets that are far from the mainstream such as anticipated royalty sales from biotech firms, tax receivable agreements and index dividend swaps, as well as growth equity in fast-growing companies. The fund must comply with the Volcker Rule, meaning only 3 percent of its capital can come from the bank, with client money comprising the rest.