Press Release
May 31, 2023

Morgan Stanley Private Equity Secondaries Completes Investment Alongside Clairvest in Top Aces


Press Release

Morgan Stanley Private Equity Secondaries Completes Investment Alongside Clairvest in Top Aces

Morgan Stanley Private Equity Secondaries Completes Investment Alongside Clairvest in Top Aces

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May 31, 2023


NEW YORKMay 31, 2023

Investment funds managed by Morgan Stanley Private Equity Secondaries and Clairvest Group (Clairvest) announced today the completion of a growth equity investment in Top Aces alongside Top Aces’ other shareholders, which includes global investment group CDPQ.

Top Aces provides advanced adversary air (ADAIR) and Joint Terminal Attack Controller (JTAC) training to the armed forces of the United States, Canada, Germany and other NATO allies. Top Aces today operates out of 11 bases in four countries. It has the largest fleet of commercially operated fighter aircraft in active service and is the world's only commercial owner/operator of the F-16. Top Aces has more than 500 employees including 70 fighter pilots, many of whom are graduates of the prestigious Top Gun Fighter Weapons Instructor course.

Nash Waterman, Head of Morgan Stanley Private Equity Secondaries, said: “We are pleased to partner with Clairvest, CDPQ and the team at Top Aces as they deliver the highest end, real-world adversary training experience while creating significant cost efficiencies for their customers. This investment seeks to support the growth of Top Aces’ aircraft fleet and the expansion of the company’s mission-critical training to enhance the operational readiness of the next generation of combat forces around the world.”

Ken Rotman, CEO and Managing Director of Clairvest, noted: “We are delighted to be investing alongside Morgan Stanley Private Equity Secondaries as well as CDPQ in this latest round to support the continued growth of Top Aces. Morgan Stanley Private Equity Secondaries’ sophistication and agility helped make an otherwise complicated transaction close seamlessly. Through our collective support of the dedicated management team at Top Aces, we have helped create the industry leader in this rapidly growing segment of the defense industry.”

About Morgan Stanley Private Equity Secondaries

Morgan Stanley Private Equity Secondaries, an investment team within Morgan Stanley Investment Management, seeks to deliver innovative private market solutions to a global client base. As part of a broader team of 50 dedicated private markets focused professionals, the secondaries business draws on decades of investment experience across private markets. For further information, visit

About Morgan Stanley Investment Management

Morgan Stanley Investment Management, together with its investment advisory affiliates, has more than 1,300 investment professionals around the world and $1.4 trillion in assets under management or supervision as of March 31, 2023. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide. For further information about Morgan Stanley Investment Management, please visit

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit

About Clairvest

Clairvest’s mission is to partner with entrepreneurs to help them build strategically significant businesses. Founded in 1987 by a group of successful Canadian entrepreneurs, Clairvest is a top performing private equity management firm with over CAD $3.3 billion of capital under management. Clairvest invests its own capital and that of third parties through the Clairvest Equity Partners limited partnerships in owner-led businesses. Under the current management team, Clairvest has initiated investments in 62 different platform companies and generated top quartile performance over an extended period.


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