Carlyle AlpInvest, a leading global private equity investor with $107 billion in assets under management, has held the final close of AlpInvest Atom Fund II (AAF II) at its hard cap of $1.7 billion, exceeding its $1 billion fundraising target. The fund is dedicated exclusively to single-asset continuation vehicle (SACV) transactions — a fast-growing segment of the GP-centered secondaries market. Combined with the firm’s evergreen vehicles, AlpInvest Secondaries Program VIII, and related sidecar vehicles, AAF II brings Carlyle AlpInvest’s total SACV investment capacity to $7 billion during the fund’s investment period.
AAF II attracted capital from a diverse base of institutional investors across 26 countries, including pension funds, sovereign wealth funds, insurance companies, banks, endowments, foundations, and family offices spanning North America, Europe, the Middle East, Africa, and Asia-Pacific.
Single-asset continuation vehicles are transactions in which a private equity sponsor transfers a top-performing portfolio company from an expiring fund into a new vehicle, giving existing fund investors the option to take liquidity while allowing the GP to maintain ownership and continue compounding value. AAF II pursues significant equity positions in high-quality, sponsor-backed companies through these structures, focused primarily on North America and Western Europe. The strategy is purpose-built to serve GPs seeking to extend ownership of their best assets while providing an orderly liquidity mechanism for fund investors whose holding period has ended.
Carlyle AlpInvest has been active in SACV transactions since 2018 and has now committed $7 billion across 31 transactions in the strategy. The firm’s integrated GP-solutions platform — spanning LP interest acquisitions, GP-centered secondaries, NAV lending, GP commitment financing, credit secondaries, and evergreen products — gives it access to 25 years of GP relationships and proprietary data across tens of thousands of private companies, which it uses to assess business quality and GP alignment in single-asset underwriting. Carlyle AlpInvest employs approximately 300 people across New York, Amsterdam, Hong Kong, London, and Singapore.
KEY QUOTES:
“Single-asset continuation vehicles have become a core pillar of the GP-centered secondaries market, and we’ve built a dedicated team and platform that can execute these types of transactions. We believe AAF II gives us the scale and flexibility to lead the most consequential deals in the market while maintaining the underwriting discipline that has defined our approach.”
Chris Perriello, Partner and Global Head of Secondaries, Carlyle AlpInvest
“What sets Carlyle AlpInvest apart in this market is not just the dedicated capital, but the platform behind it. Our ability to draw on 25 years of GP relationships, proprietary data across tens of thousands of private companies, and the full breadth of our Secondaries and Portfolio Finance capabilities means we can offer sponsors a scaled, informed, and flexible partner at a critical moment in their asset’s lifecycle.”
Julian Rampelmann, Partner, Head of Single-Asset Secondaries and Deputy Head of Secondaries and Portfolio Finance, Carlyle AlpInvest
