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Morgan Stanley Private Equity hires Eric Fry, Michael Hehn26/10/2007. Source: AltAssets. 
 Morgan Stanley has appointed former Allianz Capital Partners director Michael Hehn and former Metalmark Capital managing director Eric Fry as managing directors in its private equity group. Fry has joined the firm's New York office and Hehn will be based in London from December 2007.
Fry and Hehn will be responsible for building the firm's global private equity business for third-party investors, focusing on LBOs, corporate divestitures, sponsored recapitalisations, joint ventures and other direct investments in their respective regions.
Fry rejoins Morgan Stanley after serving as a managing director at Metalmark since 2004. He was part of the team that spun off from Morgan Stanley in summer 2004 to form Metalmark. Fry first joined Morgan Stanley in 1989 and Morgan Stanley Capital Partners in 1991. He was a member of the investment committees of Morgan Stanley Capital Partners III, Morgan Stanley Capital Partners IV and the Morgan Stanley Global Emerging Markets Fund.
Hehn most recently served as director and a member of the executive committee at Allianz Capital Partners, focused on majority investments in Western Europe. He also worked at Merrill Lynch's Mercury Private Equity (now HgCapital) and The Boston Consulting Group. His career started at Andersen Consulting.
'Since determining to re-enter the global private equity business, we have assembled a team of top talent from both inside and outside Morgan Stanley,' said Steve Trevor, co-head of both Morgan Stanley Private Equity and the Merchant Banking Division. 'Private equity investing is an important business to the firm and with our strong leadership team in place we will capitalise on the firm's unique relationships around the world and utilise the full resources and capabilities of our firm to create industry-leading private equity products and, we believe, above-market returns for the investors we serve.'
Morgan Stanley's roots in private equity investing date back to 1985 with the Morgan Stanley Capital Partners private equity funds.
Morgan Stanley Private Equity, part of Morgan Stanley Investment Management's Merchant Banking Division, makes private equity and equity-related investments on a global basis.
To date, Morgan Stanley Private Equity and its predecessor funds have invested nearly $6.5bn of equity across a broad spectrum of industries. Morgan Stanley Capital Partners is currently raising a $6bn buy-out fund, according to Dow Jones LBO Wire.
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