MS Capital Partners Adviser Inc.: Manager Rating and Record

The funds

Insurance-dedicated funds managed by Morgan Stanley

Funds and platform series in our database that file a Form D under an insurance-dedicated name and are managed by this adviser. Gross assets are as reported in the latest Form ADV that lists each fund.

Morgan Stanley

North Haven Alternatives Insurance Fund ACustom multi-manager portfolio (wealth firm / OCIO) · SALI platformUSD 146.1 millionRating in preparation

Morgan Stanley

North Haven Alternatives Insurance Fund CCustom multi-manager portfolio (wealth firm / OCIO) · SALI platformUSD 123.6 million

Morgan Stanley

Mystic Total Alpha Growth Insurance FundCustom multi-manager portfolio (wealth firm / OCIO) · SALI platformUSD 82.6 million

The rating

Why MS Capital Partners Adviser Inc. has four stars

Morgan Stanley runs USD 39 billion of regulatory assets and has been registered with the SEC since 2008. The three matters in its Form ADV concern other companies in its group or individuals, not MS Capital Partners Adviser itself, and count for less. Both of its rated insurance-dedicated funds have four stars.

The rating looks only at the areas below, which matter to a family holding this manager's funds through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.

Conduct and regulatory record

What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.

Reported controls

What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.

Depth and experience of the manager

The assets the manager runs, its investment staff and how long it has been registered with the SEC.

PPLI.comManager Rating

Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours

The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.

The adviser at a glance

Registration and size

Identity

Legal nameMS Capital Partners Adviser Inc.

SEC registrationRegistered investment adviser, 801-69426 IAPD

CRD number147521

Latest Form ADV17 July 2026 ADV

Registered with the SEC since4 August 2008

Assets and staff, as filed

Regulatory assets under managementUSD 38,758,000,000

Of which discretionaryUSD 38,758,000,000

Employees209

Of which investment advisory staff125

Private funds listed in Schedule D67

Regulatory assets are calculated under the SEC's Form ADV instructions and include all funds and accounts the adviser manages, not only those open to insurers. Figures come from the SEC's adviser files of November 2026.

The record

Regulatory and legal record

What the adviser itself discloses in Item 11 of its Form ADV, summarised from the disclosure pages, with a link to the filing. Item 11 is filed for the adviser as a whole, so under each matter the fund it concerns is read from the disclosure itself.

20176 March 2017

Regulatory action by Hellenic Capital Market Commission: civil penalty

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The Hellenic Capital Market Commission (HCMC) alleged that Morgan Stanley committed Market manipulation pursuant to Article 7, par. 2(C) of Law 3340/2005 by disclosing that the firm, through various subsidiaries, had acquired more than 5% of alpha Bank, however 4.16% of the Holding was held by a subsidiary as custodian on behalf of a customer.

Hellenic Capital Market Commission · Decision 24 April 2019 · USD 52,960 · Concerns another company in the group · Form ADV, Item 11 disclosure

201622 March 2016

Regulatory action by Portuguese Securities Market Commission: other sanction

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The Portuguese Securities Market Commission (CMVM) alleged that the firm did not notify the CMVM or the issuing Company of changes to certain qualifying Holdings within the required time period, in violation of Article 16 of the Portuguese Securities Code

Portuguese Securities Market Commission · Decision 5 March 2018 · No monetary sanction reported · Concerns another company in the group · Form ADV, Item 11 disclosure

201611 February 2016

Regulatory action by Office of the Attorney General of the State of Illinois: civil penalty

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The Illinois Attorney General's Office ("ILAG") alleged that Morgan Stanley violated Illinois Law in connection with the marketing, sale, and issuance of certain residential mortgage-backed Securities between 2002 and 2008.

Office of the Attorney General of the State of Illinois · Settled 11 February 2016 · USD 22.5 million · Concerns another company in the group · Form ADV, Item 11 disclosure

201611 February 2016

Regulatory action by Attorney General of the State of new York: civil penalty

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The new York Attorney General's Office ("NYAG") alleged that Morgan Stanley violated new York Law in connection with the marketing, sale, and issuance of certain residential mortgage-backed Securities between 2006 and 2007.

Attorney General of the State of new York · Settled 11 February 2016 · USD 150.0 million · Concerns another company in the group · Form ADV, Item 11 disclosure

These are the matters MS Capital Partners Adviser Inc. reports in Item 11 of its Form ADV, filed 17 July 2026. A reported matter is a fact disclosed by the adviser, not a finding by PPLI.com. None of them concerns the insurance-dedicated funds listed above.

Reader rating

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MS Capital Partners Adviser Inc.

Insurance-dedicated funds managed by Morgan Stanley

Why MS Capital Partners Adviser Inc. has four stars

Conduct and regulatory record

Reported controls

Depth and experience of the manager

Registration and size

Identity

Assets and staff, as filed

Regulatory and legal record

Regulatory action by Hellenic Capital Market Commission: civil penalty

Regulatory action by Portuguese Securities Market Commission: other sanction

Regulatory action by Office of the Attorney General of the State of Illinois: civil penalty

Regulatory action by Attorney General of the State of new York: civil penalty

How would you rate MS Capital Partners Adviser Inc.?

Sources

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