Key Takeaways
- Geography: United States.
Analysis
Carlyle AlpInvest has raised a record $20 billion for its global Secondaries strategy, anchored by the close of AlpInvest Secondaries Fund VIII (ASP VIII), which reached its $15 billion hard cap. The total includes $3.2 billion in co-investment commitments and $2 billion in private wealth vehicles investing alongside ASP VIII, doubling the firm’s available capital for secondaries compared to the prior program.
ASP VIII will provide liquidity solutions to both general partners and limited partners, including acquisitions of fund stakes, continuation funds, and GP-led transactions. The program benefits from AlpInvest’s integrated Secondaries and Portfolio Finance platform, which allows the firm to deploy flexible capital across equity and credit structures.
More than 325 institutional and wealth investors participated in the fundraise, spanning pension funds, insurers, financial institutions, foundations, and family offices from over 50 countries across North America, Latin America, Europe, the Middle East, Africa, and Asia-Pacific. With this raise, AlpInvest has now secured more than $24 billion across secondaries and portfolio finance strategies.
The platform has a strong track record, having committed more than $40 billion to over 245 transactions in the past 20 years. Its predecessor fund, ASP VII, raised $10.2 billion in 2020, surpassing its target and reaching its hard cap, while its dedicated Strategic Portfolio Finance Fund II raised an additional $3.2 billion recently.
Comparable secondaries and private equity fundraising rounds underline the strength of investor demand. Blackstone Strategic Partners closed its ninth secondaries fund at $25 billion, one of the largest in the sector. Ardian raised $22 billion for its latest secondaries program, setting a European record. Lexington Partners secured $22.7 billion for its tenth global secondaries fund. In addition, HarbourVest Partners collected more than $11 billion for its latest secondaries vehicle. These mega-raises confirm secondaries as a mainstream pillar of the private equity ecosystem.
With $20 billion raised for ASP VIII and related vehicles, Carlyle AlpInvest is now positioned as one of the largest global players in secondaries, offering both GPs and LPs a comprehensive set of liquidity and portfolio finance solutions at a time when private equity markets are increasingly turning to secondaries for flexibility and growth.