The capital exceeds the firm’s initial $600 million target and will be used to acquire interests in private equity funds in the secondary market, said Morgan Stanley Investment Management in a statement.

“As an integrated platform participating in both the primary and secondary markets, AIP is well-positioned to employ its differentiated investment approach to take advantage of secondary opportunities globally,” said John Wolak, co-head of AIP private equity and head of the AIP private equity secondary team. 

The pool will invest in “off-market” deals such as smaller buyouts and special situation funds, according to the statement. Investors include existing AIP clients and new limited partners, such as endowments, foundations, public and corporate pension plans, family offices, insurance companies and high net worth individuals.

GSOF II is the successor to AIP’s 2009 Global Secondary Opportunities Fund I, a $585 million fund that completed its investment program in 2012.