Morgan Stanley Tactical Value

Does anyone have any good info on Morgan Stanley Tactical Value? Are they legit? I'm an associate at a buyout fund, but have been thinking about lateralling to a fund with a broader mandate and these guys keep coming up.

They are currently investing out of their first fund (4 or 5 years old) and are raising a second one. So probably too early to actually have any track record with exits. 

Would working at fund within a big firm like Morgan Stanley be a net positive or does it create administrative / process / compliance pain in the ass? Does Morgan Stanley get to keep most of the fund's carry?

I'm looking to work on a wider variety of deals. From what I can see online, these guys mostly do pref equity in random companies, which isn't ideal, since I'd still only be working on one type of deal (that one type just would no longer be buyout). Am I totally off-base?

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Apparently they’re pretty solid. Good deal flow, work on interesting financings, and I think the whole pref / structured equity area is a great place to be in the this environment. Have heard they’re raising a big new fund. 
 

The MS name is a gift and a curse. Probably contributes a lot of deal flow, gets you meetings due to the brand, helps with exit opps if you choose to leave, etc. but on the flip side probably more annoying org stuff to deal with, compliance headaches, possible conflicts of interest, and cheaper on the soft/fringe stuff. 

 

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