Now On Demand
Tax Forward Approach to Alternatives
The Tax Forward Approach to Alternatives session explores integrating alternative investments into client portfolios to help maximize after-tax outcomes while aligning with clients’ investment objectives. Accepted for 1 CFP / CFA / IWI CE Credit.
WELCOME TO THE
Alternatives Investing Center
Optimize client outcomes by integrating alternative and traditional investments within a thoughtful portfolio construction framework.
WHITE PAPER
Portfolio Construction with Alternative Investments
Alternative investments are playing an increasingly important role in delivering consistent returns, reduced volatility and enhanced diversification in client portfolios. This white paper explores modern portfolio construction considerations that may help to better align with client financial goals and potentially provide better outcomes.
About Us
Morgan Stanley Investment Management has been investing in private markets for over 40 years and is widely recognized as a pioneer in allocating across alternatives. We’re uniquely positioned to help financial advisors optimize client outcomes by integrating alternative and traditional investments within a thoughtful portfolio construction framework.
Alternatives On The Rise
With new fund structures making private investments more available to accredited and mass affluent investors, increasing advisor education and knowledge on private market investing has become essential.
• Macro
• Equity Hedge
• Relative Value
• Event Driven
• Direct Lending
• Asset-based Finance
• Distressed Debt
• Mezzanine Lending
• Special Situations
• Venture Debt
• Buyout
• Growth
• Venture Capital
• Core
• Core Plus
• Value Add
• Core
• Core Plus
• Value Add
• Opportunistic
Source: Bloomberg, Morgan Stanley Wealth Management Global Investment Office, Private Equity Index Data: The Cambridge Associates Private Equity Index tracks the returns of a variety of private equity strategies, including buyout, control-oriented distressed, growth equity, energy, upstream energy and royalties, and venture capital. The data is updated quarterly using the Cambridge Associates Benchmark Calculator, with a lag of several months. Private equity returns are net to limited partners. Stocks are represented by the S&P 500 Total Return Index. Bonds are represented by Bloomberg US Aggregate. Alternatives Investments are composed of 16.6% Equity Hedge (HFRI Equity Hedge Index), 16.6% Equity Neutral (HFRI Equity Market Neutral Index), 33% Private Equity, and 33% Real Estate (National Council of Real Estate Investment Fiduciaries Property Index – NCREIF). Alternatives Investments are not suitable for all investors.
Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material.
Source: Bloomberg, Morgan Stanley Wealth Management Global Investment Office, Private Equity Index Data: The Cambridge Associates Private Equity Index tracks the returns of a variety of private equity strategies, including buyout, control-oriented distressed, growth equity, energy, upstream energy and royalties, and venture capital. The data is updated quarterly using the Cambridge Associates Benchmark Calculator, with a lag of several months. Private equity returns are net to limited partners. Stocks are represented by the S&P 500 Total Return Index. Bonds are represented by Bloomberg US Aggregate. Alternatives Investments are composed of 16.6% Equity Hedge (HFRI Equity Hedge Index), 16.6% Equity Neutral (HFRI Equity Market Neutral Index), 33% Private Equity, and 33% Real Estate (National Council of Real Estate Investment Fiduciaries Property Index – NCREIF). Alternatives Investments are not suitable for all investors.
Past performance is no guarantee of future results. Estimates of future performance are based on assumptions that may not be realized. This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. Please refer to important information, disclosures and qualifications at the end of this material.
Introductory Videos
Alternative investments represent strategies that can deliver different sources of return than traditional stocks and bonds—making them important components of portfolio construction. These foundational videos provide a high-level overview of key segments within the alternatives universe.
-
3:24 -
3:24 -
3:24 -
8:00 -
3:24 -
3:24 -
3:24 -
3:24 -
3:24
Upcoming Classes
Class 6
Real Estate & Infrastructure
Tuesday, February 10, 2026 · 11:00am ET
The Real Estate and Infrastructure session provides an overview of real asset investing, including real estate, infrastructure, farmland, timberland, and commodities.
Learning Objectives:
- Understand the opportunities presented by private and public investments in real estate, infrastructure, and other real assets
- Differentiate between the risk and return tradeoffs of core, core-plus, value-added, and opportunistic investments
- Discuss the relationship between inflation and the returns to stocks, bonds, and real asset investments
CREDITS
2
CFP / CFA / IWI
CE Credits
Class 7
Deep Dive on Net Lease Investing
Tuesday, March 10, 2026 · 11:00am ET
The Deep Dive on Net Lease Investing session discusses why net lease investing has grown increasingly popular in recent years as an approach to real estate investing.
Learning Objectives:
- Understand the characteristics of net lease investments
- Explain net lease investing strategies and their benefits
- Discuss net lease investments in today’s more volatile environment
CREDITS
1
CFP / CFA / IWI
CE Credit
Class 8
Private Credit
Tuesday, April 7, 2026 · 11:00am ET
The Private Credit session compares investments in floating rate private credit loans and fixed rate public bond markets.
Learning Objectives:
- Understand the differences in risk and return by investing in public and private credit, as well as fixed and floating rate investments
- Discuss the range of private credit investments, including business development companies (BDCs), direct lending, mezzanine, distressed, specialty finance, real asset credit, bridge financing, and special situations
- List the risk, return, and liquidity characteristics of private credit, including the portfolio construction implications of funding allocations from equity, investment grade, and high yield debt
CREDITS
2
CFP / CFA / IWI
CE Credits
Class 9
Direct Lending
Tuesday, May 5, 2026 · 11:00am ET
The Direct Lending session take a deep dive into incorporating tailored lending solutions for middle-market companies. Direct Lending has become the largest segment of the growing Private Credit market, and this course explains why.
Learning Objectives:
- Understand Direct Lending’s growing role in providing capital to middle market companies. This includes Direct Lending’s benefits and risks, such as higher interest rates and the negotiation of protective covenants.
- Learn the attributes of Direct Lending that motivate middle market companies to use this strategy for their capital needs, outside the syndicated loan market.
- Identify characteristics that make Direct Lending a worthy option for investors, including enhanced returns and downside risk mitigation.
CREDITS
1
CFP / CFA / IWI
CE Credit
Class 10
Private Equity Co-Investments
Tuesday, June 23, 2026 · 11:00am ET
The Private Equity Co-Investments session explores the ability to make direct investments in companies alongside private equity sponsors. Co-Investments offer investors favorable terms by minimizing traditional management fees and carried interest.
Learning Objectives:
- Understand how private equity co-investments are structured to maintain an alignment of interests between co-investors and sponsors.
- Discuss the reasons sponsors are often motivated to offer access to co-investments on terms that are similar to those of the sponsor.
- Understand different types of co-investment strategies.
CREDITS
1
CFP / CFA / IWI
CE Credit
Class 11
Blending Private and Public Credit
Tuesday, July 28, 2026 · 11:00am ET
The Blending Private and Public Credit session delves into the growing demand from retail and high-net-worth investors for evergreen interval funds that blend private credit and public credit to combine the best of both worlds, including the need for stable income and liquidity.
Learning Objectives:
- Examine how managers of blended credit funds balance the desire for higher returns, through the illiquidity of private credit, with the desire for stable returns and periodic redemptions.
- Understand the background behind the increasing popularity of private credit among retail investors.
- See how blended funds integrate public debt instruments with private credit strategies, including private corporate loans, private asset-based loans, private asset-backed lending facilities, high yield bonds and emerging market debt.
CREDITS
1
CFP / CFA / IWI
CE Credit
Class 12
Hedge Funds
Tuesday, September 1, 2026 · 11:00am ET
The Hedge Funds session defines the portfolio role played by hedge funds, which offer higher long-term returns than investment-grade fixed income while diversifying the portfolio beyond equity and fixed income risks.
Learning Objectives:
- Explain accredited investors, qualified purchasers, and the private placement exemption available to funds offered only to these high-net-worth investors
- Differentiate between Event Driven, Relative Value, Hedged Equity, and Macro and Managed Futures Strategies
- Define convergent and divergent hedge fund strategies and explain their implications for portfolio risk
CREDITS
1
CFP / CFA / IWI
CE Credit
On Demand Classes
Class 5
Tax Forward Approach to Alternatives
Now On Demand
The Tax Forward Approach to Alternatives session explores integrating alternative investments into client portfolios to help maximize after-tax outcomes while aligning with clients’ investment objectives.
Learning Objectives:
- Explore the structure, mechanics, and tax benefits of Exchange Funds and how they can be used to diversify concentrated equity positions
- Analyze Long/Short Private Fund strategies with a focus on tax management to potentially generate tax-alpha
- Learn how REITs pass through the tax benefits of real estate ownership to individual investors in the form of tax-advantaged income
- Understand how insurance offerings such as private placement life insurance and private placement variable annuities can help clients achieve tax-advantaged growth
- Evaluate the different applications of these vehicles for different client profiles and portfolio objectives
CREDITS
1
CFP / CFA / IWI
CE Credit
Class 4
MSIM’s Approach to Allocating to Private Markets
Now On Demand
The MSIM’s Approach to Allocating to Private Markets session discusses our proprietary Private Markets Asset Allocation Framework (PMAAF), designed to help investors think about how to allocate their dry powder across private markets and cycles.
Learning Objectives:
- Understand the challenges investors face when building a private markets allocation
- Outline our approach to forming medium term signals across private markets asset classes
- Examples of views expressed in portfolio positioning
CREDITS
1
CFP / CFA / IWI
CE Credit
Class 3
Evergreen Private Equity: The Future or a Fad?
Now On Demand
The Evergreen Private Equity: The Future or a Fad session discusses why investors have increasingly embraced semi-liquid evergreen funds to access private equity investments.
Learning Objectives:
- Discuss the diversification benefits of a private equity allocation for individual investors
- Understand the difference between semi-liquid evergreen fund and a closed-end drawdown fund
- Explain the different roles private equity strategies play within an evergreen structure
CREDITS
1
CFP / CFA / IWI
CE Credit
Class 2
Private Equity & Venture Capital
Now On Demand
The Private Equity and Venture Capital session discusses how the broad universe of PE and VC backed companies expand the investible universe beyond publicly traded companies.
Learning Objectives:
- Define the lifecycle of a private company and the investors who finance its growth at each stage
- Highlight key performance analysis for PE and VC funds, including internal rate of return (IRR), public market equivalent (PME), and multiple of invested capital (MOIC) metrics
- Discuss the liquidity implications of PE and VC investing, including committed capital, dry powder, capital calls, and exits
CREDITS
2
CFP / CFA / IWI
CE Credits
Class 1
Portfolio Construction & Asset Allocation
Now On Demand
The Portfolio Construction and Asset Allocation session discusses how portfolios can be built to reflect the specific characteristics and needs of each investor.
Learning Objectives:
- Define the characteristics of clients that shape their preferences for investments ranging from aggressive to moderate to conservative risk tolerance
- Discuss investor goals, including risk, return, inflation, taxes, downside protection, and thematic and tactical allocations
- Identify asset allocation methodologies, including capitalization-weighted global portfolios, scenario-based portfolios, risk parity, optimized quantitative portfolios, and the role of alternative investments
CREDITS
2
CFP / CFA / IWI
CE Credits
Featured Insights From Morgan Stanley Thought Leaders
-
Strategy Deep Dive: Direct Lending
Private Credit investing is a form of lending capital outside of the traditional banking system, whereby lenders work with borrowers…
-
Asset Class Outlook: Real Estate
A combination of motivated sellers, increasingly engaged buyers, and greater availability of debt is creating favorable conditions for a rebound in transaction activity and asset values.
-
Asset Class Outlook: Hedge Funds
Signs of excess in the AI space are appearing – and the market may be ripe for creative destruction in 2026. Thus far, vast amounts of capital have been spent funding a to-be-determined future revenue. We question how long the appetite for funding the hopes of future revenue will persist.
FEATURED
Morgan Stanley Investment Management Alternatives
We have been committed to managing alternative investment strategies since 1985. Today, we are a leading provider across private equity, private credit, hedge funds, real estate and infrastructure.