Morgan Staney said its investment management arm in New York has closed on $50 million for its Morgan Stanley Next Level Fund to back early-stage technology and technology-enabled companies with diverse founding management teams. Investors in the fund include companies such as Hearst, Microsoft and Walmart, according to a news release.

The Morgan Stanley Next Level Fund (Next Level) has reached its final close with a total of $50m in capital commitments, reported by Morgan Stanley Investment Management (MSIM).