Only the two fee-based classes were involved, priced at the June 30 net asset value with final share counts set two weeks after the July pricing date.

July 17, 2026

North Haven Net REIT, the perpetual-life, non-listed real estate investment trust advised by a Morgan Stanley subsidiary, sold approximately $5.6 million of common shares to a feeder vehicle established to hold certain of its share classes, priced at the trust’s June 30 net asset value.

The sale covered 260,989 Class I shares, for consideration of about $5.4 million, and 9,047 Class F-I shares, for about $189,000. Both are fee-based classes that carry no upfront selling commissions, and the transaction was placed under the Regulation D private-placement exemption that governs the trust’s continuous, accredited-investor offering. North Haven priced the shares as of July 1 but did not finalize the share counts until July 14.

Why the feeder structure matters

Feeder vehicles are a routine element of non-traded REIT distribution. Sponsors commonly use them to pool capital from particular investor channels, such as offshore or private-bank platforms, into designated share classes, letting those investors reach the underlying trust through a single aggregating entity. The use of only the Class I and Class F-I classes here is consistent with a feeder oriented toward fee-based or institutional-style access rather than commission-based retail sales.

A modest add-on to the July raise

The placement is modest relative to the broader capital North Haven raised at the start of the month. The trust separately reported selling more than 3.0 million common shares for roughly $63.5 million in a July 1 closing across four classes. This feeder sale, priced off the same June 30 net asset value, adds incrementally to that total.

North Haven has run its private offering on a monthly basis since January 2024, selling shares at its most recently determined net asset value and channeling the proceeds through its operating partnership into investments. Its strategy centers on industrial and other commercial real estate leased long-term on a net basis to tenants for whom the properties are essential to daily operations; the portfolio carried an aggregate fair value of about $2.05 billion at the end of the first quarter.