Morgan Stanley Offers PE Fund to Wider Swath of Millionaires (1)

Morgan Stanley is launching a private equity fund for its widest audience yet — investors wielding a few million dollars — as asset managers help broader masses into the once-exclusive realm.

The North Haven Private Assets Fund will offer exposure to co-investments and secondaries in the lower middle market, according to a statement Wednesday. The firm’s $1.6 trillion investment-management arm hasn’t set a fundraising target but it could gather “a few billion dollars in the near to medium term,” Neha Champaneria Markle, head of private equity solutions, said in an interview.

Morgan Stanley offices in New York

Photographer: Bing Guan/Bloomberg

Private equity firms once catered almost exclusively ...