AlpInvest Partners, a leading global private equity investor and subsidiary of Carlyle, announced it has raised $3.2 billion for AlpInvest Strategic Portfolio Finance Fund II (ASPF II), inclusive of parallel SMAs and co-investments. This exceeds the initial target and more than triples the size of the previous program ASPF I.
With the simultaneous closing of multiple Senior Portfolio Lending mandates and co-investments, which invest in investment-grade Portfolio Financings, the total new capital raised for AlpInvest’s Portfolio Finance platform exceeds $4 billion.
The fund ASPF II offers financing solutions to private equity funds, GPs, and LPs. And it also pursues Credit Secondaries investments, which support an optimized portfolio construction. Plus, 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.
Utilizing 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.
ASPF II has 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.
ASPF II 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.
KEY QUOTES:
“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. 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.”
- Michael Hacker, Global Head of Portfolio Finance at AlpInvest
“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. This successful fundraise is a testament to our extensive track record of performance and our global GP relationships.”
- Ruulke Bagijn, Head of Carlyle AlpInvest
“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.”
- Chris Perriello, Global Head of Secondaries at AlpInvest
