Picus Capital has closed a €150 million preferred equity financing from Carlyle AlpInvest, a private markets manager, in a deal the Munich-headquartered venture capital firm said will provide flexible capital for new investments and continued support for its portfolio of nearly 200 companies.
The transaction is positioned as a long-term strategic partnership aimed at expanding Picus’ global investment platform, which backs technology companies from pre-seed through later growth stages. Picus cited investments including Personio and Enpal among its portfolio holdings.
Picus said the financing strengthens its ability to scale and further institutionalize its investment approach. The firm also recently closed Picus Venture Fund II at a hard cap of €250 million, more than double the size of its predecessor fund.
Carlyle AlpInvest said the partnership reflects its conviction in the quality and diversification of Picus’ portfolio and the strategy underpinning its performance. AlpInvest described the transaction as aligned with its focus on providing strategic capital solutions to established investment platforms.
Picus Capital is headquartered in Munich and has offices in New York, Berlin, London and Bangalore. Carlyle AlpInvest said it had $102 billion in assets under management as of September 30, 2025.
Support: PJT Park Hill served as the exclusive financial adviser to the transaction. Simpson Thacher & Bartlett and Poellath acted as legal counsel for Picus Capital, while Kirkland & Ellis advised Carlyle AlpInvest.
KEY QUOTES:
“This solution will provide flexible financing to support the growth of our existing portfolio, while enabling us to further drive the next chapter of growth across these companies and expand investment activity across our platform.”
Raphael Mukomilow, Partner And Head Of Growth Investments, Picus Capital
“Partnering with Carlyle AlpInvest allows us to continue supporting our existing portfolio companies and their visionary founders as they scale, while advancing our mission to invest in new innovation leaders and deliver strong risk-adjusted returns across all stages.”
Robin Godenrath, Managing Partner And Founder, Picus Capital
“We have had the unique opportunity to build our relationship with Picus over time, giving us deep conviction in both the quality of the portfolio today and the strategy driving its continued success.”
Michael Hacker, Global Head Of Portfolio Finance, Carlyle AlpInvest
