Morgan Stanley Alternative Investment Partners has raised $500m for secondaries stategies.

The capital, for its AIP Phoenix Global Real Estate Secondaries Fund II and fund of funds separate accounts, came from a range of investors.

Morgan Stanley said global pension funds, sovereign wealth funds, insurance companies and high net worth individuals backed the vehicles,

Phoenix II, which will focus on acquiring secondary interests in private equity real estate funds, is also making co-investments alongside fund managers.

The AIP Real Estate group, which runs Phoenix, is based in New York, London and Hong Kong.

The secondaries market has seen significant activity in recent months. Late last yearPartners Group raised $1.95bn (€1.54bn) for its global real estate ’secondaries’ strategy.

The investment manager said Partners Group Real Estate Secondary 2013 was “heavily over-subscribed”, following strong interest from institutional investors.

The capital raise was claimed to be the largest for a programme dedicated to trading in real estate fund and portfolio interests on the secondary market.