OSLO, Norway--(BUSINESS WIRE)--
Pareto Project Finance (PPF), the syndication and real asset management arm of Pareto Group, a leading financial services company in Norway, announced today that it has partnered with Morgan Stanley Alternative Investment Partners (Morgan Stanley AIP) to complete a secondary purchase and restructuring of Pareto World Wide Shipping AS (PWWS), a 2006 vintage fund with approximately $274 million in original commitments and 27 active investments. Morgan Stanley AIP's participation reflects the importance of PPF’s increasing focus on its maritime asset management business that leverages Pareto Group’s extensive resources for deal flow, financing solutions, structuring opportunities and asset sales in the maritime sector.
Richard Jansen, Head of Maritime Portfolio Management at PPF, said: “Pareto is proud to have completed this secondary transaction that has provided our clients with flexibility for their fund investment. Morgan Stanley AIP is one of the world’s most respected institutional investors in private equity and has significant expertise in fund restructuring secondary transactions. We look forward to working together with Morgan Stanley AIP to create value for our investors. This is an important milestone in our effort to develop an institutional offering for investors seeking exposure to the attractive opportunities in today’s maritime markets.”
Jonathan Costello, Senior Portfolio Manager for the Morgan Stanley AIP Private Equity Secondary Team, said: “Pareto is a leader in maritime asset management and we expect their team to create significant value in this portfolio through income generation and strategic sales. We continue to look for firms like Pareto that have the experience and capabilities that are core to the success of the special situations focused managers that we seek to invest in.”
The Credit Suisse Private Fund Group served as exclusive financial advisor to PWWS and PPF, using their substantial fund restructuring and secondary market experience to facilitate an effective and professional transaction process.
Legal advice was provided to PPF by Wikborg, Rein & Co and to Morgan Stanley AIP by Michael Belsley from Kirkland & Ellis LLP.
About Pareto Project Finance
Pareto Project Finance AS is a Norwegian based specialist in the structuring, syndication and management of investments in the shipping, offshore and real estate sectors. PPF also offers a broad range of real asset investment funds within real estate, maritime sectors and private equity. Since 2006, PPF has raised $440 million across its maritime asset investment funds and syndicated $5.1 billion of total maritime transaction value across 50 projects and 170 vessels. PPF has 65 professionals spread across the group’s syndication, asset management, and business management teams and is headquartered in Oslo, Norway. For further information about PPF, please visit www.paretoprojectfinance.no.
About Morgan Stanley AIP
Morgan Stanley Alternative Investment Partners, part of Morgan Stanley Investment Management, specializes in assisting investors achieve their goals through the design, integration and management of alternative investment programs. Morgan Stanley AIP’s investment teams have unique expertise in fund investing, secondaries and co-investing across private equity, hedge fund, real estate and multi-asset class strategies. For further information about Morgan Stanley AIP, please visit www.morganstanleyaip.com.
- Private Equity & Hedge Funds
- Morgan Stanley
- Pareto Group
- asset management
Richard Jansen, +47 22 01 58 96