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Morgan Stanley Wealth Management has broadened access to private market investments through two developments: the re-registration of its existing Morgan Stanley Private Markets and Alternatives Fund as PMAX - Balanced, and the launch of a new PMAX - Growth fund.
The re-registration of PMAX - Balanced removes the accredited investor requirement that previously applied, lowers minimum investment thresholds, and introduces daily subscriptions. The original fund, which first launched in June 2025, has accumulated over $1 billion in assets under management.
Private markets have historically been the preserve of institutions and ultra-high-net-worth investors. Global alternatives assets under management are projected to exceed $30 trillion by 2030, up from less than $10 trillion a decade ago, as companies continue to stay private for longer and investor appetite for opportunities beyond public markets grows. The number of publicly listed companies has declined significantly over the same period, with 84% of companies generating $100 million or more in annual revenue remaining privately held.
Morgan Stanley Wealth Management reports over $300 billion in client assets under management in alternative investments, supported by a team of nearly 350 alternatives professionals and a 45-year track record in the space.
Alison Nest, Head of Investment Solutions Products, Morgan Stanley Wealth Management
Alison Nest, Head of Investment Solutions Products, Morgan Stanley Wealth Management said:
"Our PMAX platform reflects our commitment to broadening access to private markets through innovative products designed to meet a wider range of client needs. By expanding the platform and making it easier to invest, we are giving clients and advisors more ways to build diversified portfolios aligned with their investment objectives."
PMAX - Balanced is structured as a multi-manager portfolio providing diversified exposure across private equity, private credit, real estate, and infrastructure through a single evergreen vehicle. PMAX - Growth, meanwhile, targets clients seeking greater exposure to long-term capital appreciation, with a focus on private equity through a multi-manager approach across sectors, geographies, and vintages, combining growth-oriented and buyout strategies.
Both funds require a $10,000 initial investment, with subsequent contributions from $5,000. Daily purchases are permitted, and investors benefit from consolidated tax reporting and fully funded exposure without capital calls. Neither fund requires subscription documents. The funds are closed-end investment companies and do not offer daily redemptions; liquidity is available only through limited quarterly repurchase offers at the discretion of each fund's Board of Trustees.
Brian Holzer, Head of Alternative Investments Distribution, Morgan Stanley Wealth Management
Brian Holzer, Head of Alternative Investments Distribution, Morgan Stanley Wealth Management commented:
"The PMAX platform brings together Morgan Stanley Wealth Management's scale, alternatives expertise and manager access in a way that is designed to make private markets investing more accessible and more flexible for clients. With these offerings, we are continuing to build a differentiated platform that helps advisors deliver institutional-quality private market strategies."
Asset allocation for the funds draws on the intellectual capital of Morgan Stanley Wealth Management's Global Investment Committee, while manager selection and due diligence is handled by its Global Investment Manager Analysis team.
PMAX - Balanced targets allocations across private equity, private credit, and real assets, with the strategy seeking diversification across sub-strategy, geography, sectors, and managers. PMAX - Growth emphasises buyout strategies as a core component, complemented by growth equity, venture capital, and other opportunistic strategies, with the objective of achieving attractive risk-adjusted returns over time.
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