Morgan Stanley and iCapital Launch Tender Offer Fund Targeting Private Markets

Morgan Stanley, through its Consulting Group Advisory Services LLC, in partnership with financial technology company iCapital Fund Advisors LLC, has registered the perpetual, closed-end Morgan Stanley Private Markets and Alternatives Fund under the Investment Company Act of 1940.

According to the registration, the new multi-asset fund is designed as a tender offer and will invest at least 80% of its net assets plus any borrowings for investment purposes in private and alternative investment interests, potentially including private equity, private debt, real estate, infrastructure, energy, agriculture, and other natural resources.

The fund intends to operate as a fund of funds, investing across a broad array of portfolio funds, including private funds managed by third-party managers, registered investment companies, business development companies, real estate investment trusts, and direct investments in equity and/or debt operating companies, among others.

The fund intends to provide monthly net asset value reporting and quarterly redemptions from 0% to 3%.

According to the filing, it will not charge an income incentive or performance fee. The management fee and acquired fund fees and expenses have yet to be determined. The minimum initial investment is $25,000, and the fund is available to accredited investors only.

The fund reportedly represents the sixth interval/tender offer for iCapital, the adviser, and the eighth interval/tender offer fund for Morgan Stanley, the sub-adviser.

iCapital is a financial technology company with approximately $222 billion in platform assets as of Feb. 28, 2025. Consulting Group Advisory Services LLC is an investment manager with $8 billion in assets under management as of Feb. 28, 2025, and is wholly owned by Morgan Stanley.

Click here to visit the AltsWire directory page.