New York-based Morgan Stanley Real Estate has appointed Naresh Naik as an executive director and head of asset management in India. Naik will be based in the firm’s Mumbai office.
Prior to joining Morgan Stanley, Naik was head of asset management for Lehman Brothers in India, within its private equity real estate group. Prior to that, he was a portfolio manager with Trimont Real Estate Advisors in Atlanta, Georgia.
Fred Schmidt, head of Asia investing for Morgan Stanley Real Estate, said in a statement that India represented a “major market” for the firm and a location where he expected to see “significant opportunities”. Morgan Stanley has invested more than $750 million in Indian property since 2006 through its real estate funds, according to the firm, with a focus on acquiring stakes in local developers and real estate projects.
The firm is currently in market with a $12 billion global vehicle, MSREF VII International. According to information released by the US pension, the Pennsylvania Public School Employees’ Retirement System (PSERS), the fund will invest in distressed real estate as well as investing in China, India and other emerging markets where “the demand for quality real estate assets far outstrips supply.” PSERS commited $400 million to the fund.