Morgan Stanley Wealth Management announced that it has expanded access to the Morgan Stanley Private Markets and Alternatives Fund (“PMAX”) by registering it as PMAX – Balanced. This change removes the accredited investor requirement, lowers minimum investment amounts, and introduces daily subscriptions, making private market strategies accessible to a broader range of clients through a simplified, professionally managed investment vehicle.

Morgan Stanley Wealth Management is also adding to its PMAX product suite with the launch of PMAX – Growth, a fund with a growth-focused allocation, and plans to introduce additional strategies with targeted investment objectives.

Historically, access to private markets was primarily limited to institutions and ultra-high-net-worth investors, but the PMAX fund platform now broadens access to institutional-quality private market investment managers for more clients.

This expansion comes as private markets continue to gain momentum. Global Alternatives AUM is expected to exceed $30 trillion in 2030, up from less than $10 trillion a decade ago, driven by companies staying private longer and increasing investor demand for opportunities beyond public markets.¹ Over the same period, the number of public companies has declined significantly, while 84% of companies generating $100 million or more in revenue remain private.²

Morgan Stanley Wealth Management continues to see substantial growth in alternative investments, with over $300 billion in client assets under management.³ This achievement positions the Firm as a leading provider of alternative investment solutions in the wealth management sector and underscores its 45-year history of excellence in this space, extensive resources, and a dedicated team of nearly 350 alternatives professionals.

“Our PMAX platform reflects our commitment to broadening access to private markets through innovative products designed to meet a wider range of client needs,” said Alison Nest, Head of Investment Solutions Products. “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 platform overview

PMAX – Balanced, with currently over $1B in AUM⁴, is a multi-manager portfolio offering diversified exposure across private equity, private credit, real estate and infrastructure through a simplified, single-ticket evergreen vehicle. With a diversified allocation across these strategies, it seeks to offer the potential for risk-adjusted higher returns, income and lower correlation relative to traditional investments.

PMAX – Growth is a growth-oriented private markets approach for clients seeking increased exposure to long-term capital appreciation opportunities. The fund provides diversified exposure to private equity through a curated, multi-manager portfolio across sectors, geographies and vintages, combining growth‑oriented and buyout strategies that seek to pursue long‑term capital appreciation while providing diversification.

The funds require a $10,000 initial investment and $5,000 for subsequent contributions. The funds permit daily purchases and allow clients to benefit from consolidated tax reporting and fully funded exposure without capital calls. Additionally, the streamlined investor experience removes the need for subscription documents, making the process simpler and more efficient for clients.

The funds are closed-end investment companies and do not offer daily redemptions. Liquidity is anticipated only through limited quarterly repurchase offers that occur at the discretion of each fund’s Board of Trustees.

“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,” said Brian Holzer, Head of Alternative Investments Distribution. “With these offerings, we are continuing to build a differentiated platform that helps advisors deliver institutional-quality private market strategies.”

Investment approach

The funds utilize the intellectual capital of Morgan Stanley Wealth Management’s Global Investment Committee for asset allocation and Global Investment Manager Analysis team for manager selection and due diligence.

PMAX – Balanced targets allocations to private equity, private credit and real assets. This calibrated mix is designed to pursue higher risk-adjusted returns, income and diversification across private market strategies that may have lower correlation to public markets. The strategy also seeks diversification across sub-strategy, geography, sectors and managers, while retaining flexibility to incorporate additional strategies as opportunities arise.

PMAX – Growth targets allocation ranges that emphasize buyout strategies, as a core component, complemented by growth equity and venture capital and other opportunistic strategies. Overall, the approach focuses on diversification within private equity through manager selection, asset allocation, and periodic rebalancing, with the goal of seeking attractive risk‑adjusted returns over time.

¹Private Markets in 2030 (2025). Preqin.com.

 ²Capital IQ. U.S. public and private operating companies and subsidiaries with annual revenue greater than $100 million. Based on latest available fiscal year data as of June 10, 2026.

³Morgan Stanley Wealth Management Alternative Investments Group as of May 2026. Includes Alternative Investments Performance Reporting assets.

⁴ PMAX first launched in June 2025.

Source: Morgan Stanley Wealth Management