IFC set to back Morgan Stanley's $300m Thailand fund
The International Finance Corporation (IFC) is considering an investment of up to $25 million in a Thailand-focused fund launched by Morgan Stanley Private Equity Asia (MSPEA).
According to a disclosure, Morgan Stanley’s North Haven Thai Private Equity fund is seeking to raise up to $300 million for investments in domestic mid-market growth-oriented companies. Targeted sectors will include consumer goods, building materials, food processing, media and healthcare services.
North Haven is owned by North Haven Private Equity Asia IV, MSPEA's fourth pan-Asia fund, which launched in 2012 and closed in 2014 at $1.7 billion. It made its first investment in Thailand last year with a THB1.6 billion ($47 million) commitment to DSG International Thailand, a company that makes baby and adult diapers.
Morgan Stanley has launched a number of vehicles under the North Haven brand. The name references the location in the US state of Maine where the firm was founded in 1935 and designates funds with closed-end strategies across private equity, real assets, and credit.
IFC said it expects the pending investment to have a catalytic effect on the GP’s fundraising activity while familiarizing other institutional investors with the Thai private equity environment. The World Bank-affiliated investor previously backed a Thailand-focused fund raised by Lakeshore Capital Asia in 2015.
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