Hangzhou Industrial & Commercial Trust (Hangzhou Trust) is a state-owned, Morgan Stanley (NYSE: MS) joint venture. Headquartered in Hangzhou with offices in Shanghai and Beijing, Hangzhou Trust is a leading alternative asset management firm in China, specializing in real estate mezzanine and equity investments through a series of investment vehicles including separate accounts, private equity funds and joint ventures. As of 2014, Hangzhou Trust has over $4.8 billion in assets under management on behalf of HNWI and institutional investors. Since its inception in 1998, Hangzhou Trust has a proven track record for providing real estate developers/managers a broad range of funding options and providing investors with high risk-adjusted returns. Hangzhou Trust originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. About the joint venture: November 26, 2008, Hangzhou Trust and Morgan Stanley announced the formation of a strategic business alliance in Mainland China. As part of the alliance, which has received approval from the China Banking Regulatory Commission, Morgan Stanley has acquired a 19.9% equity stake in Hangzhou Trust (Foreign banks cannot legally own more than 20% of any Chinese financial institution). May 18, 2011, Morgan Stanley and Hangzhou Trust announced the establishment of a RMB private equity fund management joint venture. The new joint venture, Morgan Stanley (China) Private Equity Investment Management Company Limited, is registered and headquartered in Hangzhou, Zhejiang Province, China. Morgan Stanley holds an 80% stake in the new entity with Hangzhou Trust owning the remaining interest. The joint venture is the management company for Morgan Stanley's RMB-denominated private equity investments in China.