David N. Miller

Global Head of Private Credit & Equity
26 years industry experience

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We take pride in the depth and breadth of our private markets platform and our collaborative approach to return generation across our portfolios.

Biography

David is global head of Private Credit & Equity, leading the team responsible for providing private capital to middle-market companies, and a member of the Morgan Stanley Investment Management Operating Committee and various private equity and private credit fund investment committees, and chairman of the Morgan Stanley Direct Lending Funds.

Prior to joining Morgan Stanley in 2016, David was chief executive officer at Silver Bay Realty Trust Corp. He was also the chief investment officer of the Troubled Asset Relief Program (TARP) at the US Department of Treasury during the 2008 global financial crisis, responsible for managing a $700 billion portfolio and was awarded the Treasury Medal in 2011 for distinguished service and leadership. Prior to Treasury, David held various investment roles, including as a portfolio manager at HBK Investments and in the Special Situations Group at Goldman Sachs, where he focused on opportunistic investments in public and private debt and equity. He has over 25 years of financial services experience.

David has a BA in economics from Dartmouth College and an MBA from Harvard Business School.

Q&A with David

Could you provide us with a brief overview of Morgan Stanley Investment Management’s private credit and equity capabilities?

Sure. We have about 150 professionals dedicated to providing private capital predominantly to middle-market companies. Our investments range from minority equity stakes in growth businesses to majority control of more mature companies. In general, we look to make investments in high-quality businesses that are leading players in their industries and have significant growth potential. We like to see strong and defensible margins, high returns on equity and we especially like to work with founders and management teams that are looking to grow to the next level of size and sophistication. All of our strategies are supported by investment teams with decades of experience and deep expertise within their respective areas. We always look to leverage the broader Morgan Stanley franchise to add additional value to our investments.

What differentiates Morgan Stanley's private investing platform from its competitors?

Being part of one of the best global investment banks in the world. We can sit down with any company interested in receiving capital from us, ask “what are your needs?” and then access not just the expertise of our own professionals across investment management, but also that of Morgan Stanley's bankers, analysts and approximately 56,000 employees.

Can you discuss how an investment from Morgan Stanley may benefit a middle-market company?

I think it comes down to leveraging our firm's network to source and enhance business operations and our access to unparalleled financial expertise. Morgan Stanley's global network not only allows us to source transactions, but it also provides our investment teams with opportunities to significantly enhance the operational and financial performance of our portfolio companies. We can connect executives to other industry leaders, new customers or suppliers and identify and recruit new managers. For example, let’s say we make an investment in a consumer products company. We can leverage our team in China to make introductions and potentially expand distribution channels.

What do you want prospective investors and business partners to know about you and your team?

That we value our relationships and reputation above everything else. We’ll do whatever we can to help any company that we work with, even if we do not take a majority stake in the business. Recently, the CEO and founder of a company in which we made a credit investment a few years earlier got in touch with us and asked us if we could help him work out the company’s future strategy. We looped in one of our senior investment bankers who specializes in the CEO’s industry as well as someone from one of our private equity teams and started a dialogue to help him strategize. We were ultimately able to provide several interesting ideas and connect him with other companies to discuss partnerships and potential acquisitions. We don’t own this company, and he’s not likely to need any more credit from our team, nor would he be an investment banking client, but this is the kind of thing everyone does at Morgan Stanley—we constantly draw on each other’s expertise to assist our clients and partners.

As of September 30, 2017.

All information provided has been prepared solely for information purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision. There is no guarantee that any investment strategy will work under all market conditions, and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market.

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Any investments discussed herein are for illustrative purposes only and are provided solely to demonstrate the Team's views and type of analysis used in implementing their investment strategy. There is no guarantee that the investment mentioned will perform well in the future. The statements above reflect the views and opinions of the Team as of the date hereof and not as of any future date, and will not be updated or supplemented.

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Leveraging Morgan Stanley Resources - Subject to third party confidentiality agreement obligations and information barriers established by Morgan Stanley to manage potential conflicts of interest and applicable allocation policies.

Alternative investments are speculative and include a high degree of risk. Investors could lose all or a substantial amount of their investment. Alternative investments are suitable only for long-term investors willing to forego liquidity and put capital at risk for an indefinite period of time. Alternative investments are typically highly illiquid – there is no secondary market for private funds, and there may be restrictions on redemptions or assigning or otherwise transferring investments into private funds. Alternative investment funds often engage in leverage and other speculative practices that may increase volatility and risk of loss. Alternative investments typically have higher fees and expenses than other investment vehicles, and such fees and expenses will lower returns achieved by investors.

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CRC# 1849484 Expiration Date: October 1, 2018

David N. Miller

Global Head of Private Credit & Equity | 26 years industry experience

David N. Miller

Global Head of Private Credit & Equity 26 years industry experience

Biography

Q&A with David

Global Head of Private Credit & Equity
26 years industry experience