Morgan Stanley Credit Partners raises $956 million for mezzanine fund

By Toni Weeks

San Diego, Jan. 12 - Morgan Stanley Investment Management announced today in a news release that its first dedicated corporate mezzanine fund, Morgan Stanley Credit Partners LP, has held its final closing with $956 million in capital commitments.

"This successful fund raise demonstrates the strength of the Morgan Stanley Credit Partners' investment team and the confidence investors have in Morgan Stanley," Gregory Fleming, president of Morgan Stanley Investment Management and Global Research, said in the release.

According to the release, Morgan Stanley Credit invests primarily in fixed-income securities issued by middle-market companies in the context of leveraged buyouts, debt refinancing, acquisitions and recapitalizations across a broad range of industry sectors, with a geographic focus in North America and Western Europe. To date, the fund has invested more than $160 million in five portfolio companies.

"The market for mezzanine debt investing is benefiting from favorable secular trends resulting from an underlying imbalance between the demand for and the supply of capital, particularly for middle-market companies," said Hank D'Alessandro, managing director and head of Morgan Stanley Credit Partners, in the release.

Morgan Stanley Credit Partners, part of Morgan Stanley Investment Management's Merchant Banking business, was established in 2009. Based in New York, Morgan Stanley is a global financial services company providing investment banking, securities, investment management, wealth management and credit services.

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