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U.S. investment bank Morgan Stanley has begun raising capital for its latest global real estate opportunity fund, Bisnow can reveal. The company registered a new fund called North Haven Real Estate Fund XI Global in Luxembourg, with an SEC filing likely to follow shortly. 

Its last opportunity fund, North Haven Real Estate Fund X, raised $3.1B of equity in 2021. In February last year, investors in that fund agreed to extend its investment period by 12 months to give it more time to invest in a dislocated market.