Global financial services firm Morgan Stanley has announced that it has raised more than $125 million for its first global impact fund.
Launched by Morgan Stanley Investment Management in partnership with the Morgan Stanley Institute for Sustainable Investing, PMF Integro Fund I will invest in private-equity funds that offer the potential for compelling financial returns while demonstrating positive environmental or social impact, or both. To be managed by AIP Private Markets, the private markets solutions team within Morgan Stanley Investment Management, the fund will work to maximize financial returns to investors while boosting access to quality jobs, education, and health care for underserved populations. The fund also will target funds that support positive environmental impact and efforts to reduce the effects of climate change.
While the fund seeks geographic diversification, its focus is likely to be opportunities in emerging and frontier markets.
"Sustainable Investing is an incredibly important part of our firm's DNA, and the launch of Integro underscores our commitment to promote sustainable finance solutions while serving the needs of our clients," said James Gorman, chairman and CEO of Morgan Stanley. "From education and health care in South Asia, to financial inclusion in South America, the fund epitomizes our belief as a firm that there are opportunities for investors of all types to pursue both positive financial return and sustainable impact."