Morgan Stanley’s money management division, Alternative
Investment Partners, has raised $770 for the firm’s Global Secondary
Opportunities Fund II.

The capital exceeds the firm’s initial $600 million target
and will be used to acquire interests in private equity funds in the secondary
market, said Morgan Stanley Investment Management in a statement.

“As an integrated platform participating in both the primary
and secondary markets, AIP is well-positioned to employ its differentiated
investment approach to take advantage of secondary opportunities globally,”
said John Wolak, co-head of AIP private equity and head of the AIP private
equity secondary team. 

The pool will invest in “off-market” deals such as smaller
buyouts and special situation funds, according to the statement. Investors
include existing AIP clients and new limited partners, such as endowments,
foundations, public and corporate pension plans, family offices, insurance
companies and high net worth individuals.

GSOF II is the successor to AIP’s 2009 Global Secondary
Opportunities Fund I, a $585 million fund that completed its investment program
in 2012.