About This Fund
AlpInvest Co-Investment Fund IX (ACF IX) is a $4.1 billion dedicated co-investment fund managed by AlpInvest Partners, the Amsterdam-headquartered private markets investment platform owned by The Carlyle Group. The fund closed on 3 June 2025, surpassing its predecessor ACF VIII, which had closed at $3.5 billion in 2021, and attracted commitments from more than 185 new and existing investors spanning public pension funds, corporate pension funds, financial institutions, asset managers, foundations, and family offices across North America, Latin America, Europe, the Middle East, and Asia.
ACF IX pursues a strategy of investing alongside high-quality general partners in private equity buyout and growth capital transactions across industry sectors globally. The fund targets whole-company buyout transactions and minority equity stakes, with a particular focus on mid-market deals where AlpInvest's longstanding GP relationships allow access to co-investments often at 15 to 20 percent discounts to peak-period prices. AlpInvest has built one of the world's largest dedicated co-investment platforms, generating deal flow through relationships with more than 380 private equity managers. The fund operates out of offices in New York, Amsterdam, Hong Kong, London, and Singapore.
AlpInvest Partners oversees approximately $89 billion in assets under management as of March 31, 2025, and has committed over $19 billion to more than 400 equity co-investments across its 25-year history. ACF IX continues this track record, offering LPs an efficient route to access high-quality co-investment opportunities without paying traditional management fees and carried interest, while benefiting from AlpInvest's due diligence infrastructure and deal curation capabilities. The fund's global mandate and multi-sector remit reflect the breadth of the AlpInvest co-investment platform.