Debevoise & Plimpton LLP has advised Morgan Stanley Investment Management (MSIM) in the formation of Morgan Stanley Next Level Fund, L.P. at its target size of $50 million of total capital commitments. Next Level builds upon the expertise of the Morgan Stanley Inclusive Ventures Lab and HearstLab to invest in primarily early-stage technology and technology-enabled companies with underrepresented members as part of the founding team. Target sectors include technology, consumer/retail, financial technology, healthcare, consumer products and media and entertainment. Investors in the strategy include the inaugural corporate partners Hearst, Microsoft and Walmart as well as Altria, Ten Figures Ventures and Phalanx Impact Partners. For more information, please see the press release.

The Debevoise team was led by investment management group partner Sally Bergmann Hardesty and included staff attorney Natasha Alexis and tax partner Rafael Kariyev.