Morgan Stanley raises $1.5 for Asia fund

Morgan Stanley has raised $1.5 billion for its third Asia-focused private-equity fund. Morgan Stanley Private Equity Asia III LP will invest in businesses across the region and has already started to review investment opportunities, according to a statement from Morgan Stanley. The fund will invest in China, South Korea, Singapore and Taiwan as well as Japan, India and Australia. It will be run by the firm's private-equity business, which is within Morgan Stanley's merchant banking group. The group has previously made investments in Belle International Holdings Ltd. and Dongxiang Sports in China, CTCI Corp. in Taiwan and Asia Capital Reinsurance in Singapore.