Morgan Stanley Next Level Fund Raises $50 Million to Invest in Early-Stage Technology Companies
21 Novembro 2023 - 11:00AM
Business Wire
- Created in partnership with Hearst, Microsoft and Walmart -
Builds on expertise from the ground-breaking Morgan Stanley
Inclusive Ventures Lab and HearstLab sourcing disruptive technology
and technology-enabled start-ups
Morgan Stanley Investment Management (MSIM) announced the final
close of Morgan Stanley Next Level Fund, L.P. (“Next Level” or the
“Fund”) at its target size $50 million of total capital
commitments. Investors in the strategy include the inaugural
corporate partners Hearst, Microsoft and Walmart as well as Altria,
Ten Figures Ventures and Phalanx Impact Partners.
Next Level, part of MSIM’s $200 billion alternative business,
builds upon the expertise of the Morgan Stanley Inclusive Ventures
Lab and HearstLab to invest in primarily early-stage technology and
technology-enabled companies with underrepresented members as part
of the founding team. Target sectors include technology,
consumer/retail, financial technology, healthcare, consumer
products and media and entertainment. In addition to capital, each
portfolio company may benefit from access to the global resources
and capabilities of the corporate partners invested in the
Fund.
At close, the Fund had deployed a quarter of the capital across
nine companies. Many of these companies were not only founded by
underrepresented groups but serve them as well. This includes
funding for HourWork, a SaaS recruiting and retention platform
founded by Rahkeem Morris and Rob Snyder to transform hourly work
and the gig economy by matching employer demand for labor to
workers who have certified skillsets in specific areas and are
available for work. Additionally, the Fund participated in Series A
funding for Bodily, which was founded by Tovah Haim to provide
information and products to support women from pregnancy to
postpartum and those experiencing pregnancy loss. A full list can
be found here.
Commenting on the fundraise, Alice Vilma, Co-Portfolio Manager,
Morgan Stanley Next Level Fund said: “There is an immense
opportunity to provide overlooked entrepreneurs with much-needed
capital and resources to help them succeed. With the support of our
corporate partners, we are committed to driving a more equitable
funding landscape for promising startups.”
“We are pleased to increase access to capital for
underrepresented founders in our target sectors, and we are proud
to partner with like-minded companies that share our commitment to
closing the early-stage funding gap,” said David N. Miller,
Managing Director and Head of Morgan Stanley Private Credit &
Equity. “In addition to providing capital, our differentiated
investment approach alongside our fund partners’ strategic
expertise seeks to improve financial and operational outcomes for
our portfolio companies.”
Debevoise & Plimpton served as legal counsel to Next Level
in connection with the fundraise.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its
investment advisory affiliates, has more than 1,300 investment
professionals around the world and $1.4 trillion in assets under
management or supervision as of September 30, 2023. Morgan Stanley
Investment Management 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. For further information about Morgan Stanley Investment
Management, please visit www.morganstanley.com/im.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services
firm providing a wide range of investment banking, securities,
wealth management and investment management services. With offices
in 42 countries, the Firm’s employees serve clients worldwide
including corporations, governments, institutions and individuals.
For further information about Morgan Stanley, please visit
www.morganstanley.com.
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