FINANCE: Morgan Stanley Alternative Investment Partners has raised more than $500m (£323m) for its real estate fund-of-funds.
The capital will go towards its AIP Phoenix Global Real Estate Secondaries Fund II (Phoenix II) and some separate accounts.
The fund takes secondary interests in private equity real estate funds and also co-invests alongside fund managers.
The fundraising included commitments come from a variety of backers including pension funds, sovereign wealth funds and some high net worth individuals.
David Boyle, chief investment officer at MS Alternative Investment Partners, said the fund took an approach that delivered consistent performances through the real estate cycle.
He added: “Key to that approach has been our ability to partner with what we believe are leading small to mid-sized fund managers around the world − groups that we believe have a competitive edge in their local market and are able to generate returns through fundamental analysis.”
