Morgan Stanley Alternative Investment Partners Raises $1.14 Billion for Private Markets Fund IV

NEW YORK--(Business Wire)--
Morgan Stanley Investment Management (MSIM) today announced that Morgan Stanley
Alternative Investment Partners (AIP) raised $1.14 billion in commitments for
Morgan Stanley Private Markets Fund IV ("Private Markets Fund IV"), a private
equity fund of funds. The capital raised for Private Markets Fund IV represents
a nearly 15 percent increase over that of Morgan Stanley Private Markets Fund
III ("Private Markets Fund III"), which AIP closed in 2006.

"AIP`s successful fund-raising effort during an extremely challenging market
environment demonstrates the strength of our investment approach and our stable
team of talented managers," said Stu Bohart, Co-Head of MSIM and Head of
Alternative Investments.

"We believe that demand for comprehensive expertise in the private equity
investment space combined with our unique investment strategy contributed to
strong demand from investors on a global basis," said Cory Pulfrey, Head of AIP.
"We were especially pleased with the robust level of commitments to Private
Markets Fund IV from both existing AIP investors and new limited partners."

Private Markets Fund IV incorporates three main strategies: Buyouts, primarily
in North America and Western Europe, global Venture Capital and global Special
Situations. AIP`s investment strategy emphasizes less efficient market segments
and targets managers with differentiated skill sets in the U.S., Western Europe
and emerging private-equity markets.

"We search broadly for opportunities that are highly differentiated relative to
their peer set," said Tom Dorr, Chief Investment Officer, Private Equity Fund of
Funds Team. "Overall, these opportunities must fit within a diversified
portfolio framework while capitalizing on current market dislocations. In
today`s environment, distressed - including secondary purchases - and
asset-backed strategies are especially attractive."

The objective of Private Markets Fund IV is to provide investors with superior
risk-adjusted returns through global investments in primary funds,
co-investments and direct secondaries. Private Markets Fund III shared the same
objective and raised $1 billion in commitments.

Alternative Investment Partners (AIP) is the fund of funds division of Morgan
Stanley Investment Management. AIP manages portfolios of hedge funds, private
equity funds and real estate funds for some of the world`s largest institutions
and high net worth individuals. AIP has offices in West Conshohocken,
Pennsylvania; New York; London and has recently opened an office in Hong Kong.

Morgan Stanley Investment Management (MSIM), together with its investment
advisory affiliates, has nearly 1,000 investment professionals around the world
and approximately $399 billion in assets under management or supervision as of
November 30, 2008. By leveraging its global `community of boutiques` structure
and the strength of Morgan Stanley, 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.

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing
a wide range of investment banking, securities, investment management and wealth
management services. The Firm's employees serve clients worldwide including
corporations, governments, institutions and individuals from more than 600
offices in 37 countries. For further information about Morgan Stanley, please
visit www.morganstanley.com.

Morgan Stanley
Media Relations
Erica Platt, 212-762-6848

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