Carlyle AlpInvest has announced the successful close of its global Secondaries strategy, raising a total of $20 billion and marking a significant milestone in the evolution of private equity investing. The centerpiece of this achievement is the final close of AlpInvest Secondaries Fund VIII, which reached its hard cap of $15 billion.
This flagship fund is part of the broader AlpInvest Secondaries Program VIII, a dedicated initiative aimed at providing liquidity solutions across the private equity landscape. The total capital raised also includes $3.2 billion in co-investment commitments and $2 billion allocated to private wealth vehicles investing alongside the central fund, reflecting a doubling of investable capital compared to the previous program.
This accomplishment comes at a time when the secondaries market is undergoing a profound transformation. Once considered a niche segment of private equity, secondaries have now become a core component of the industry’s infrastructure. As private equity portfolios have grown in size and complexity, the need for flexible liquidity options has intensified.
Carlyle AlpInvest has positioned itself at the forefront of this change, offering a range of solutions that address the evolving needs of both General Partners and Limited Partners. These include the acquisition of fund interests, continuation funds, and other GP-centered structures that allow for more strategic management of long-term assets.
The success of ASP VIII is underpinned by Carlyle AlpInvest’s integrated Secondaries and Portfolio Finance platform, which provides scalable investment options across the capital structure—from credit to equity. This approach enables the firm to tailor solutions to a wide variety of investor profiles and transaction types, enhancing its ability to respond to market dynamics and client demands.
Investor interest in ASP VIII was broad and global, with more than 325 institutions and private wealth clients committing capital. The participants included insurance companies, public and corporate pension funds, financial institutions, asset managers, foundations, and family offices from 50 countries across North America, Latin America, Europe, the Middle East, Africa, and the Asia-Pacific region. This diverse base of support reflects the growing recognition of secondaries as a strategic tool for portfolio management and capital deployment.
Carlyle AlpInvest’s track record in the secondaries space is extensive. Over the past two decades, the firm has committed more than $40 billion across 245 transactions, building a reputation for thoughtful deal structuring and disciplined execution. The firm’s investment team, comprising 60 professionals based in New York, Amsterdam, London, and Hong Kong, brings deep expertise and global reach to every transaction. The team’s ability to navigate complex markets and deliver tailored solutions has been instrumental in the firm’s sustained success.
The close of ASP VIII follows the firm’s previous secondaries program, which raised $10.2 billion in 2020, exceeding its $8 billion target and reaching its hard cap. That program laid the groundwork for the current expansion, demonstrating strong performance and validating the firm’s strategic approach.
In parallel, Carlyle AlpInvest has also made significant strides in its Portfolio Finance strategies, recently raising over $4 billion, including $3.2 billion for AlpInvest Strategic Portfolio Finance Fund II. These efforts bring the total combined fundraising for the integrated Secondaries and Portfolio Finance platform to $24 billion.
KEY QUOTES:
“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 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.”
Chris Perriello, Partner and Global Head of Secondaries at Carlyle AlpInvest
“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.”
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. 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.”
Michael Hacker, Partner and Global Head of Portfolio Finance at Carlyle AlpInvest
