Morgan Stanley Investment Management has raised $1.6 billion for North Haven Credit Partners III (NHCP III), exceeding its original fundraising target by 29 per cent.

Investors in NHCP III, the successor fund to North Haven Credit Partners II, include public and private pension funds, sovereign wealth funds, insurance companies and individual investors. The Fund, managed by the Morgan Stanley Private Credit team, will focus primarily on junior capital investments in private North American businesses including 2nd lien debt, mezzanine debt, preferred equity and special situations.

“We are pleased with the strong support for NHCP III from new and returning investors which expands our substantial Private Credit business to over USD10 billion in investable assets including anticipated leverage,” says David N Miller, Head of Global Private Credit and Equity for Morgan Stanley Investment Management. “This latest offering builds on our long and successful tenure in the asset class as a flexible capital-solutions provider to the middle market.”

Read more/Source: Private Equity Wire