Eldridge and Carlyle AlpInvest announced they have partnered to launch the Eldridge Diversified Credit platform, anchored by the closing of Eldridge Diversified Credit Fund I (EDCF I), the inaugural vehicle for the strategy.
The firms said Carlyle AlpInvest and its co-investors made an equity commitment to Eldridge-managed vehicles that, when combined with debt financing arranged by BNP Paribas, is expected to provide up to approximately $1.5 billion of investable capital for the platform.
EDCF I was formed through a credit secondary solution centered on the purchase of a diversified portfolio of loans and leases from Eldridge and its affiliates. The fund’s capital base includes commitments from institutional investors globally, according to the announcement.
Eldridge described the effort as a multi-strategy credit platform intended to address a range of borrower needs across the capital structure. The strategy is designed to provide flexibility in origination and structuring, with the goal of generating attractive risk-adjusted returns while serving institutional borrowers in shifting market conditions.
Carlyle AlpInvest said it viewed Eldridge’s offering as a combination of corporate credit capabilities alongside an asset-based equipment origination franchise, which it said creates a broader toolkit for navigating the market. The firms characterized the fund structure as a tailored managed solution that supports the evolution of Eldridge’s captive platform while maintaining its core strategy.
BNP Paribas arranged and led a senior credit facility in support of EDCF I. PJT Partners served as lead financial adviser and Jefferies served as co-lead financial adviser. Kirkland & Ellis acted as legal counsel to Eldridge, while Ropes & Gray acted as legal counsel to Carlyle AlpInvest.
Eldridge manages more than $70 billion in assets under management across Eldridge Capital Management and Eldridge Wealth Solutions. Within Eldridge Capital Management, the firm cited four investment strategies: diversified credit, GP solutions, real estate credit, and sports and entertainment. Eldridge Wealth Solutions includes insurance and retirement businesses, including Security Benefit and Everly Life.
Carlyle AlpInvest is a global private equity investor with $102 billion of assets under management and more than 700 investors as of September 30, 2025. The firm said it has invested with more than 370 private equity and credit managers and has committed over $111 billion across primary commitments, secondary transactions, portfolio financings, and co-investments, with teams based in New York, Amsterdam, Hong Kong, London, and Singapore.
KEY QUOTES
“Our goal is to meet the evolving needs of institutional borrowers while generating attractive returns through a differentiated, multi-strategy credit platform. The Fund reflects our disciplined origination and structuring, designed with flexibility to support borrowers up and down the capital structure. We are grateful for the trust placed in us by our investors and look forward to continuing to execute on our strategies.”
Nicholas Sandler, Co-President And Co-Head Of Diversified Credit, Eldridge Capital Management
“We are pleased to partner with Eldridge on its first diversified credit fund and support this next phase of growth. Eldridge’s highly compelling diversified credit platform combines its corporate credit capabilities with its leading asset-based equipment origination franchise, creating a broader and more flexible toolkit for navigating the market. We look forward to continuing our partnership across future initiatives.”
Mike Hacker, Partner, Carlyle AlpInvest
“EDCF I is built around a diversified, high-quality private credit portfolio that highlights Eldridge’s differentiated origination and underwriting capabilities. By structuring a tailored managed fund solution, we were able to support the evolution of Eldridge’s captive platform while preserving its core strategy and differentiation.”
Justin Karp, Managing Director, Carlyle AlpInvest
