Morgan Stanley Private Markets ELTIF

Morgan Stanley Private Markets ELTIF at a Glance

Morgan Stanley Private Markets ELTIF is the multi-asset evergreen ELTIF of Morgan Stanley Investment Management, run by its Portfolio Solutions Group. It is a sub-fund of Cabot S.A. SICAV in Luxembourg, the same umbrella that holds Morgan Stanley European Private Income Fund, and launched on 31 October 2025. The fund combines co-investments in private equity and real assets with direct lending to mid-market companies and a sleeve of liquid assets. In August 2026 it reported five co-investments and more than 80 senior secured loans. Retail investors can subscribe monthly from 10,000 and redeem quarterly, subject to a 5% of NAV cap.

Points to weigh. The fund is under a year old and Morgan Stanley has not published a fund size, NAV per share or realised return, so there is no track record to judge. The only forward-looking figures are the KID scenarios for class AHA, which range from -2.99% a year (stress) to 12.81% (favourable) over eight years; these are not targets. Costs are layered: a 1.25% management fee plus up to 0.85% servicing fee on retail A classes, a 12.5% incentive fee over a 7% hurdle from 2027, up to 5% on entry and underlying deal costs. The first-year management-fee holiday lowers early costs but will end. Liquidity is limited: quarterly redemptions need 75 days' notice, are capped at 5% of NAV or less, and cost 2% in the first year. The supplement and the KID give different figures for the liquid-asset limit on redemptions (30% and 50%). Part of the credit exposure may sit in another Morgan Stanley fund, which creates potential conflicts of interest that the supplement discloses.