Carlyle AlpInvest, a global private equity investor, has closed its second Collateralized Fund Obligation (CFO) at $1.25 billion—the largest publicly rated GP-led CFO to date. This marks the firm’s third securitization deal and brings total recent CFO issuance to $2.25 billion.
The new CFO provides investors with diversified access to private equity across strategies, geographies, and vintages, mirroring its previous offerings. The portfolio includes secondaries, portfolio finance, and co-investment strategies, attracting institutional investors like insurance companies, asset managers, banks, and family offices.
Separately, Carlyle AlpInvest raised over $4 billion for its Portfolio Finance platform, including $3.2 billion for the AlpInvest Strategic Portfolio Finance Fund II (ASPF II), supporting tailored financing solutions for private equity entities.
Advisors: Evercore led the transaction as bookrunner and structuring agent. TCG Securities and Wells Fargo Securities were co-structuring agents and joint placement agents, while Ropes & Gray LLP advised Carlyle AlpInvest legally.
KEY QUOTES:
“This CFO transaction is another milestone for Carlyle AlpInvest that showcases the convergence of our core capabilities: our ability to originate compelling private market portfolios through our secondaries and portfolio finance platform, and our expertise in providing structured solutions that can also meet growing demand for capital-efficient exposure to private markets.”
Michael Hacker, Partner and Global Head of Portfolio Finance at Carlyle AlpInvest
“The reception to the CFO validates our thesis that certain institutional investors increasingly value structured exposure to diversified private equity portfolios with high-quality underwriting, operational transparency, and attractive risk-adjusted return potential.”
Matthew Romanczuk, Managing Director at Carlyle AlpInvest
