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

Morgan Stanley research memo on implied valuation of future performance fees for alternative asset managers 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 high‑profile political or intelligence actors. The only potential investigative angle is the valuation assumptions, which may be of interest to investors but not to a public‑interest investigation. Key insights: Morgan Stanley uses a 15x multiple on core fee‑related earnings (FRE) to back‑solve market implied value of future carry.; Average implied multiple for future performance fees across the sample is 7.5x (median 6.5x).; Adjustments are made for Ares (BDC fees) and OAK (20% stake in DoubleLine valued at $1B).