Morgan's fund of funds raises $370m

NEW YORK Morgan Stanley, the sixth-largest bank by assets, said its fund of funds business raised $370 million (Dh1.35 billion) to invest in private-equity real-estate funds. Morgan Stanley's Alternative Investment Partners raised the commitments that exceeded the firm's $250m target for its Phoenix Global Real Estate Secondaries 2009 LP fund, the New York-based company said yesterday in a statement. The fund will take secondary interests from mostly small to mid-size fund managers.