Morgan Stanley Investment Management announced today that funds managed by Morgan Stanley Expansion Capital have led a $33 million growth financing for Subtle Medical (the Company), a medical imaging software company using artificial intelligence to improve imaging workflow efficiency and image quality across MRI, PET and CT.

Water has long been treated as a cheap industrial input. That assumption is starting to fail. As mines, semiconductor fabrication plants and data centers expand in water-stressed regions, access to a reliable supply is becoming a constraint on growth, permitting and returns on capital.

The key investment question for 2026 isn’t whether growth collapses — it’s whether investors can adapt to a world where nominal growth, inflation, and interest rates all settle structurally higher than the last decade.

Discover why a Total Portfolio Approach can be hard to implement and how including Parametric’s Liquid Factor Model helps unify risk across public and private assets.