Morgan Stanley Research Note on FRE Multiples and SOTP Valuation

Morgan Stanley Research Note on FRE Multiples and SOTP Valuation The document is an internal financial analysis discussing valuation multiples for fee‑related earnings. It contains no references to political figures, government agencies, foreign actors, or potential misconduct, offering no actionable investigative leads. Key insights: Analyzes three methods to derive FRE multiples (traditional, C‑corp alts, bond yield).; Proposes an average FRE multiple of 23.4x and a scenario using 22.5x.; Shows implied future carry valuations for several asset managers (e.g., ARES, KKR, OAK).