Carlyle AlpInvest Raises $20 Billion for Secondaries

AlpInvest Secondaries Program VIII reaches its hard cap of $15bn; platform surpasses $24bn with integrated Portfolio Finance strategy

New York, Amsterdam, London, and Hong Kong - September 4, 2025 - Carlyle AlpInvest, a leading global private equity investor, has successfully raised $20 billion for its global Secondaries strategy, anchored by the final close of AlpInvest Secondaries Fund VIII, the flagship fund within the AlpInvest Secondaries Program VIII ("ASP VIII") which reached its $15 billion hard cap. The total amount raised for AlpInvest's Secondaries strategy also includes $3.2 billion in co-investment commitments, as well as $2 billion for private wealth vehicles investing alongside ASP VIII, and represents a doubling of the firm's investable capital in Secondaries investments over the predecessor program.

ASP VIII is a dedicated secondaries investment program focused on acquiring exposure to existing private equity assets by providing a range of liquidity solutions to both General Partners and Limited Partners - including the acquisition of fund interests, continuation funds, and other GP-Centered solutions. ASP VIII benefits from Carlyle AlpInvest's integrated Secondaries and Portfolio Finance platform, which offers flexible, scalable solutions across the capital structure ranging from credit to equity.

More than 325 new and existing investors committed capital to ASP VIII, across institutional and wealth including insurance companies, public pension funds, corporate pension funds, financial institutions, asset managers, foundations, and family offices that originate from 50 countries spanning North America, Latin America, Europe, the Middle East, Africa, and the Asia-Pacific region.

"The secondaries market has entered a new era in recent years, evolving from a niche liquidity tool into a core pillar of the private equity ecosystem," said Chris Perriello, Partner and Global Head of Secondaries at Carlyle AlpInvest. "ASP VIII is purpose-built for this moment. It reflects our conviction in the long-term opportunity ahead and the strength of our integrated global platform. Reaching the program's hard cap is a testament to the trust our investors place in our team and our ability to deliver flexible, creative solutions to both LPs and GPs around the world."

"The broad support from both longstanding partners and new investors in ASP VIII is a clear endorsement of Carlyle AlpInvest's track record and platform. Their confidence underscores the enduring relationships we have built with our limited partners and highlights the role Carlyle AlpInvest plays as a trusted partner," said Ruulke Bagijn, Head of Carlyle AlpInvest.

"This fundraise is not only a milestone for our secondaries strategy, but also a validation of the integrated platform we've built across Secondaries and Portfolio Finance," added Michael Hacker, Partner and Global Head of Portfolio Finance at Carlyle AlpInvest. "With over $24 billion raised for liquidity solutions across our platform, we are well positioned to provide private equity sponsors and investors with a comprehensive toolkit of liquidity and capital solutions. This scale and flexibility reflect the evolving needs of the market and the forward-looking strategy we've developed."

Carlyle AlpInvest has committed more than $40 billion to more than 245 transactions across Secondaries and Portfolio Finance over the past 20 years and currently has a dedicated 60-person investment team based in New York, Amsterdam, London, and Hong Kong. In 2020, the firm's seventh secondaries program raised $10.2 billion, including co-investment vehicles, exceeding its $8 billion target and also reaching its hard cap.

In addition, Carlyle AlpInvest recently raised over $4 billion for its Portfolio Finance strategies. Of this total, $3.2 billion was raised for AlpInvest Strategic Portfolio Finance Fund II ("ASPF II"), inclusive of parallel SMAs and co-investments. This brings total combined fundraising for Carlyle AlpInvest's integrated Secondaries and Portfolio Finance platform to $24 billion.

About Carlyle AlpInvest
Carlyle AlpInvest is a leading global private equity investor with $97 billion of assets under management and more than 630 investors as of June 30, 2025. It has invested with over 385 private equity managers and committed over $113 billion across primary commitments to private equity funds, secondary transactions, portfolio financings, and co-investments. AlpInvest employs more than 265 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit https://www.carlylealpinvest.com.

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