Morgan Stanley Opens $1B PMAX Interval Fund to Non-Accredited Investors, Launches Growth Companion

Morgan Stanley Wealth Management has re-registered its PMAX – Balanced interval fund in a form that removes the accredited investor requirement, lowers the minimum investment to $10,000, and permits daily subscriptions.

The fund, which first launched in June 2025 and has accumulated more than $1 billion in assets under management, offers diversified exposure across private equity, private credit, real estate, and infrastructure through a single-ticket evergreen structure. Morgan Stanley said the registration change also simplifies the subscription process by eliminating subscription documents.

Alongside the PMAX – Balanced changes, Morgan Stanley is launching PMAX – Growth, a new fund targeting long-term capital appreciation through diversified private equity exposure. The growth fund will allocate primarily to buyout strategies, complemented by growth equity, venture capital, and other opportunistic allocations. It carries a $10,000 initial investment minimum and $5,000 minimum for subsequent contributions.

Both funds are closed-end investment companies and do not offer daily redemptions. Liquidity is available only through quarterly repurchase offers conducted at the discretion of each fund’s board of trustees. The funds permit daily purchases and provide consolidated tax reporting without capital calls.

Asset allocation and manager selection for both funds draw on Morgan Stanley Wealth Management’s global investment committee and global investment manager analysis team. PMAX – Balanced targets a mix of private equity, private credit, and real assets. PMAX – Growth emphasizes private equity with flexibility to add opportunistic strategies.

Morgan Stanley Wealth Management reported more than $300 billion in alternative investment client assets as of May 2026, a figure the firm said includes assets tracked through its alternative investments performance reporting system. The firm said it has a dedicated team of nearly 350 alternatives professionals.

In other Morgan Stanley news, North Haven Private Income Fund LLC – the $7 billion private business development company managed by Morgan Stanley Private Credit – said this week it would repurchase 5% of its outstanding units in its second-quarter tender offer after investors submitted redemption requests covering 11.6% of units outstanding – more than double the quarterly cap.

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