Carlyle AlpInvest, a private equity investor focused on offering access to global private markets through primary, secondary, and co-investment opportunities, has raised $20bn for its global secondaries strategy.
This total includes the closure of AlpInvest Secondaries Fund VIII, the primary fund within the AlpInvest Secondaries Program VIII (ASP VIII), which reached its $15bn cap.
Additionally, the fundraising comprises $3.2bn in co-investment commitments and $2 billion allocated for private wealth vehicles in tandem with ASP VIII. This development significantly increases the firm’s investable capital for secondaries investments compared to its previous programme.
ASP VIII is designed to target secondaries investments by acquiring interests in existing private equity assets. It offers liquidity solutions for both general partners (GPs) and limited partners (LPs), encompassing acquisitions of fund interests and continuation fund solutions.
Carlyle AlpInvest’s integrated Secondaries and Portfolio Finance platform supports flexible investment strategies across various capital structures.
Commitments to ASP VIII have come from over 325 investors originating from more than 50 countries.
These investors include a diverse range of institutions such as insurance companies, pension funds, financial institutions, asset managers, foundations, and family offices from North America, Latin America, Europe, the Middle East, Africa, and the Asia-Pacific region.
Carlyle AlpInvest partner and secondaries global head Chris Perriello said: “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.
“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 programme’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.”
In its two-decade history, Carlyle AlpInvest has engaged in over 245 transactions within its Secondaries and Portfolio Finance sectors, committing upwards of $40bn.
The firm operates with a team of 60 investment professionals based across New York, Amsterdam, London, and Hong Kong. Notably, its seventh secondaries programme raised $10.2bn in 2020, surpassing its target of $8bn.
In addition to the secondaries strategy fundraising, Carlyle AlpInvest has secured more than $4bn for its Portfolio Finance strategies. Among this amount is $3.2bn raised for the AlpInvest Strategic Portfolio Finance Fund II (ASPF II), which includes parallel separate managed accounts (SMAs) and co-investments.
Consequently, these fundraising efforts have contributed to a total of $24bn for Carlyle AlpInvest’s integrated secondaries and portfolio finance platform.
Recently, Carlyle AlpInvest completed its second collateralised fund obligation (CFO) offering valued at $1.25bn. This marks the largest publicly rated GP-led CFO to date and follows a previous $1bn CFO closed in October 2024.
As of June 30, 2025, Carlyle AlpInvest manages assets totalling $97 billion. The firm has collaborates with over 385 private equity managers and has committed upwards of $113 billion across various investment avenues.
