We advised Morgan Stanley AIP on the transaction

Davis Polk advised Morgan Stanley Alternative Investment Partners (AIP) on the formation, fundraise and related matters for Ashbridge Transformational Secondaries Fund II (“Ashbridge II”). Morgan Stanley Investment Management (MSIM), an affiliate of AIP, announced that Ashbridge II closed at $2.5 billion of total capital commitments. The amount is nearly four times that raised in the predecessor fund, Ashbridge Transformational Secondaries Fund I, which closed in 2018 at $675 million. Ashbridge II is one of the largest funds raised to date that is focused exclusively on single asset GP-led continuation vehicles. Investors include public and private pension funds, sovereign wealth funds, nonprofits, fund of funds, family offices and high-net-worth individuals from around the world.

Part of MSIM’s $200 billion alternative investments business, Ashbridge II seeks to invest in the highest performing assets in middle market private equity funds, providing general partners with additional time and capital to execute on their value creation strategy, and giving limited partners the option to take liquidity or maintain their exposure and capture potential upside.

MSIM, together with its investment advisory affiliates, had more than 1,200 investment professionals around the world and $1.3 trillion in assets under management or supervision as of December 31, 2022. MSIM strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. The AIP Private Markets team provides investors access to broadly diversified and thematic multi-manager portfolios, secondaries, co-investments, impact investing strategies and custom solutions.

The Davis Polk investment management team included partner Leor Landa, counsel Jennifer Grant Cooper, associates Michael W. Brasher, Alisan Oliver-Li, Tianye Zhang and Caroline R. Zhang. The tax team included partner Ethan R. Goldman and associate April Filtz. Counsel Charles Shi provided ERISA advice. Counsel Marcie A. Goldstein provided blue sky advice. Members of the Davis Polk team are based in the New York office. 

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