Morgan Stanley Expansion Capital

Pete Chung leads the platform as Head of Morgan Stanley Expansion Capital. He is supported by a dedicated investment committee that operates within Morgan Stanley Investment Management but maintains a distinct process from the bank's broader principal investment groups. Chung has been with Morgan Stanley since 2001 and took the helm of Expansion Capital at its formation in 2014.

The group draws on Morgan Stanley's global investment banking network, which provides origination access across more than 40 countries. This gives the team proprietary visibility into late-stage private companies that are actively engaged with the bank on capital-markets advisory, credit, or IPO preparation — a sourcing channel that independent venture firms cannot replicate.

The platform focuses on late-stage growth companies with demonstrated product-market fit and meaningful revenue traction, typically Series D and beyond. Check sizes generally range from $20 million to $75 million, positioned as minority equity or structured equity investments in businesses approaching a liquidity event within two to four years.

While the United States and Canada represent the core geography, the group also deploys in Europe and has a notable secondary concentration in Israel, particularly within enterprise software and cybersecurity. This footprint mirrors the global distribution of Morgan Stanley's technology banking coverage.

It operates as a hybrid: capital is committed from Morgan Stanley's balance sheet and through third-party institutional investor vehicles. This dual-capital structure allows the team to retain flexibility on hold periods and position sizing without the strict deployment timelines that constrain traditional fund structures.

The platform concentrates on technology and technology-enabled services and explicitly avoids sectors outside that mandate — including hard assets, traditional energy, materials, and early-stage biotech. Its focus is enterprise software, fintech, digital health, cybersecurity, and AI/ML infrastructure and applications.

The group regularly co-invests alongside venture and growth firms that lead rounds, including firms such as Accel and Insight Partners. It does not require a lead position and will take pro-rata follow-on rights when offered, but the team evaluates each co-investment on a deal-by-deal basis rather than through a formalized syndicate program.