(Bloomberg) Morgan Stanley’s alternative investment group raised $516 million to invest alongside hedge funds in longer-term wagers, as clients move away from more traditional bets in public markets.
In addition to co-investing, the pool of money will also buy investments in hedge funds from other limited partners — primarily so-called side pockets of illiquid securities created before 2008 that tend to sell at a large discount to the value of their holdings, said Mark van der Zwan, chief investment officer and head of the hedge fund team for the unit.
