The Carlyle Group Inc.
04/07/2025 | Press release | Distributed by Public on 04/07/2025 07:06
AlpInvest Partners Raises Over $4 Billion for Portfolio Finance Platform
AlpInvest Strategic Portfolio Finance Fund II ("ASPF II") exceeds its initial target and more than triples prior program size at $3.2 billion when including parallel SMAs and co-investments
Successful fundraise coincides with the closing of multiple Senior Portfolio Lending mandates and co-investments, bringing new capital raised for AlpInvest's Portfolio Finance Platform to over $4 billion
New York and London, April 7, 2025 - AlpInvest Partners, a leading global private equity investor and subsidiary of Carlyle (NASDAQ: CG), has raised $3.2 billion for AlpInvest Strategic Portfolio Finance Fund II ("ASPF II"), inclusive of parallel SMAs and co-investments, exceeding its initial target and more than tripling the size of its prior program, ASPF I. Including the simultaneous closing of multiple Senior Portfolio Lending mandates and co-investments, which invest in investment grade Portfolio Financings, total new capital raised for AlpInvest's Portfolio Finance platform exceeds $4 billion.
The fund, ASPF II, provides financing solutions to private equity funds, GPs, and LPs. It also pursues Credit Secondaries investments, which support an optimized portfolio construction. The fund takes a private credit approach, emphasizing downside mitigation through cross-collateralization, diversification, and significant equity overcollateralization, while offering cash yield and optimized duration. Leveraging AlpInvest's leadership in the global secondaries market, ASPF II benefits from the firm's integrated Secondaries and Portfolio Finance platform, which provides a full range of solutions from credit to equity as well as deep relationships with over 380 GPs worldwide.
"The strong investor demand for ASPF II and our broader Portfolio Finance strategy is a testament to the market's recognition of our differentiated approach and the value our solutions bring to private equity sponsors and investors," said Michael Hacker, Global Head of Portfolio Finance at AlpInvest. "With over $4 billion in total capital raised this cycle, we are now well-positioned to leverage our deep GP relationships, extensive structuring expertise, and the scale of the broader AlpInvest platform to deliver innovative and flexible financing solutions. This milestone represents the full realization of our vision for Portfolio Finance as a key pillar of the AlpInvest platform."
ASPF II received backing from a broad mix of institutional investors globally, including insurance companies, sovereign wealth funds, pensions, corporations, and family offices, and received very strong support from existing investors in ASPF I.
"We are pleased to close ASPF II with such strong support from a range of investors, underscoring the caliber of our team, the capabilities of the AlpInvest platform, and the momentum and demand we are seeing across our offering of portfolio financing solutions," said Ruulke Bagijn, Head of Carlyle AlpInvest. "This successful fundraise is a testament to our extensive track record of performance and our global GP relationships."
Chris Perriello, Global Head of Secondaries at AlpInvest, added: "We were among the first global players to recognize that Portfolio Finance would be an essential strategic complement to our existing Secondaries platform. This approach allows us to offer flexible solutions to GPs and LPs while enhancing liquidity and optimizing portfolios."
ASPF II has already executed 10 transactions, spanning financings for private equity and private credit funds, GP commitment financings, LP portfolio recapitalizations for sovereign wealth funds and asset managers, and Credit Secondaries such as the spinout of Norwest Mezzanine Partners.
About AlpInvest
AlpInvest, a subsidiary of Carlyle (NASDAQ: CG), is a leading global private equity investor with $85+ billion of assets under management and more than 500 investors as of December 31, 2024. It has invested with over 380 private equity managers and committed over $100 billion across primary commitments to private equity funds, secondary transactions, portfolio financings and co-investments. AlpInvest employs more than 250 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlylealpinvest.com.
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