Morgan Stanley Next Level Fund, L.P.
Morgan Stanley Next Level Fund · adviser of record: MS Capital Partners Adviser Inc. · 2021 vintage
Morgan Stanley Next Level Fund, L.P. is a 2021 venture fund managed by Morgan Stanley Next Level Fund, with $23.3mm raised (Form D, amount sold). It reported $36.5mm in gross assets at year-end 2025, 1.57x its size, against a peak of $44.6mm in 2023.
- Latest value held
- $36.5mm year-end 2025
- Peak
- $44.6mm year-end 2023
- Fund size
- $23.3mm Form D, amount sold
- Held vs. size
- 1.57x peak 1.91x
Value held by year-end
Gross asset value reported on Form ADV at each year-end. Dashed line: fund size. Open in the Fund Tracker
| Year-end | Gross assets | ÷ size | Change |
|---|---|---|---|
| 2025 | $36.5mm | 1.57x | -18% over 2 yrs |
| 2023 | $44.6mm | 1.91x | +34% |
| 2022 | $33.3mm | 1.43x | +233% |
| 2021 | $10mm | 0.43x | – |
Other funds from Morgan Stanley Next Level Fund
- Morgan Stanley Dean Witter Venture Partners IV, L.P. 2011
- Morgan Stanley Venture Partners III, L.P. 2011
- Morgan Stanley Venture Partners 2002 Fund, L.P. 2011
- The Morgan Stanley Venture Partners Entrepreneur Fund, L.P. 2011
All Morgan Stanley Next Level Fund funds
About these numbers
Gross asset value is what the manager reports holding in the fund at each fiscal year-end, on SEC Form ADV, Schedule D. It includes the GP’s own commitment and is before carried interest, so it is not the LPs’ net return, and it does not show cash already distributed. A fall in value can mean distributions, markdowns or both. Fund size is the amount sold reported on Form D, which for some funds reflects only a first close. Private fund ID 805-1950052674. Data updated October 13, 2026.
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