Aaron Sack

Aaron Sack is a Managing Director and Head of Morgan Stanley Capital Partners (MSCP), one of the leading middle-market private equity platforms in North America. With over 26 years of investing experience, Sack has built his career at the intersection of investment banking, private equity, and operational value creation. He joined Morgan Stanley in 2007 and has led the firm's middle-market private equity strategy for over 18 years, focusing on recapitalizing closely held businesses and partnering with founders and family owners to unlock value in companies that have not traditionally had exposure to institutional capital.

Sack's career began at Goldman Sachs in 2000, where he served as an Associate in the Mergers and Acquisitions Group until 2003. He then transitioned to Goldman Sachs' Principal Investment Area, serving as Vice President from 2003 to 2005, where he focused on private equity investments in industrial and natural resource companies. In 2005, Sack joined Apollo Advisors as a Principal, where he worked until joining Morgan Stanley in 2007.

Aaron Sack graduated magna cum laude from Dartmouth College and was named a Fulbright Scholar, receiving prestigious recognition for his academic achievements. He holds an MBA from The Wharton School of the University of Pennsylvania, one of the nation's premier business schools. Beyond his professional accomplishments, Sack serves on the board of the Robert & Ethel Kennedy Human Rights Center, where he works to mobilize investors controlling trillions of dollars in assets under management to create positive social impact. His commitment to purpose-driven investing is reflected in MSCP's portfolio companies, several of which maintain strong social missions alongside their business objectives.

Under Sack's leadership, Morgan Stanley Capital Partners closed North Haven Capital Partners VIII (NHCP VIII) in 2024-2025 with total capital commitments of approximately $3.2 billion, completing the fundraise above its target of $2.5 billion and hitting its $3.0 billion third-party hard cap in less than 12 months. This successful fundraise demonstrates strong investor confidence in MSCP's strategy and Sack's leadership during a challenging fundraising environment for private equity.

Morgan Stanley Capital Partners, under Aaron Sack's leadership, targets closely held small and medium-sized businesses, predominantly in the services industry. The firm's investment strategy centers on recapitalizing these companies by partnering with founders and family owners to unlock value in enterprises that have not previously had institutional capital exposure. MSCP emphasizes alignment of interests as the key to successful private equity investing, seeking to partner with business owners over the long term rather than pursuing short-term financial engineering.

Core Investment Philosophy: Sack stresses that "operational improvements and the use of key performance indicators (KPIs) to measure success" are central to value creation at MSCP. The firm develops consistent, transparent KPI methodologies to report progress to investors and portfolio company management teams. This operational focus differentiates MSCP from financial-engineering-focused private equity firms, particularly in the current high-interest-rate environment where genuine value creation is essential.

Sector Focus:

Investment Approach: MSCP pursues a variety of transaction types, including recapitalizations and succession planning for family-owned businesses, management buyouts, industry consolidations, and corporate divestitures. The firm maintains high specialization in its target sectors, which Sack argues is essential for middle-market fund managers to succeed. While larger asset managers can offer diverse strategies, MSCP benefits from focused sector expertise that enables deep operational improvements.

Market Perspective: Sack predicts the private equity market will bifurcate, with high-performing firms demonstrating successful exits thriving, while others struggle to secure new capital. He emphasizes that macroeconomic headwinds—including inflation, regulatory changes, and geopolitical risks—demand adaptive strategies and genuine value creation rather than reliance on multiple arbitrage or financial engineering.

• Business Services (staffing, recruiting, consulting)
• Consumer (retail, branded products, experiential services)
• Healthcare (services, facilities, products)
• Industrials (manufacturing, distribution, specialized services)