(Bloomberg) -- Morgan Stanley has raised $2 billion for its latest private equity fund North Haven Capital Partners VII from investors including clients of its wealth-management arm and institutions.
“Our multiyear industry evaluations and deep sector focus has resulted in an industry expertise, proprietary deal flow and operational value-add that we believe is truly unmatched in the middle market,” Aaron Sack, head of Morgan Stanley Capital Partners, said in an emailed statement.
Morgan Stanley Capital Partners writes average equity checks of about $170 million, and targets U.S. opportunities including founder recapitalizations and platform builds in the industrial, business services, consumer, education and health sectors. Its latest vehicle has invested roughly 42% of committed capital, with the most recent transaction be purchase of a controlling stake in SpendMend, a provider of cost-cycle management and other services to health-care providers.
“We look forward to working together to advance SpendMend's market leadership in profit recovery and continue expanding the company through both organic growth and strategic add-on acquisitions,” Steve Rodgers, managing director and head of health-care at Morgan Stanley Capital Partners, said in an emailed statement.
The latest North Haven fund has also made bets on companies including Alliance Technical Group, Sila Heating & Air Conditioning, Nivel Parts & Manufacturing and Magma HDI General Insurance. Its investors include Investment Management Corp. of Ontario.
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