Key Takeaways MS is expanding into alternatives, targeting AUM growth via private markets and wealth channels.MS acquired EquityZen to offer pre-IPO access, boosting appeal to high-net-worth clients.Private credit expansion faces risks from higher rates, defaults and liquidity pressures in tighter markets.Morgan Stanley (MS) has intensified its push into alternatives by expanding its private markets ecosystem, a strategy that is aligned with a broader industry shift, where alternatives have grown into a rou ...