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Case File
d-22800House Oversight

Morgan Stanley research memo on implied valuation of future performance fees for alternative asset managers

Financial Record

The document is an internal equity research note describing valuation methodology and implied multiples for alternative asset managers. It contains no allegations, financial misconduct, or links to hi Morgan Stanley uses a 15x multiple on core fee‑related earnings (FRE) to back‑solve market implied v Average implied multiple for future performance fees across the sample is 7.5x (median 6.5x). Adju

Date
November 11, 2025
Source
House Oversight
Reference
House Oversight #025568
Pages
2
Persons
1
Integrity
No Hash Available
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