AlpInvest Partners, Europe’s third-largest secondaries firm by fundraising according to the SI 50, is hoping to join the double-digit billion secondaries club with its latest flagship programme, Secondaries Investor has learned.
The Carlyle unit is seeking at least $10 billion for AlpInvest Secondaries Program VIII, according to two sources familiar with the fundraise. If successful, ASP VIII would be at least 11 percent larger than the firm’s $9 billion previous programme, which closed in 2020.
It is understood ASP VIII will also include separate accounts, though it is unclear whether this is part of or on top of the roughly $10 billion figure.
On Carlyle’s full-year earnings call on Tuesday, interim chief executive Bill Conway said the firm would be back in market this year with funds, including secondaries vehicles. In its global investment solutions business, the firm is “well positioned to see growth in this segment as we begin fundraising for our flagship products, including next vintages in our co-investment and secondary strategies,” Conway said.
A spokesperson for Carlyle declined to comment when contacted by Secondaries Investor about AlpInvest’s next fundraise.
Amsterdam-headquartered AlpInvest was also seeking $500 million for a standalone single-asset-focused fund as of December, and was expected to hold the final close on the vehicle that month, Secondaries Investor reported.
Deals the firm backed last year include a process to move two assets out of Deutsche Private Equity‘s 2016-vintage DPE Deutschland III fund and into a continuation vehicle worth roughly €708 million.
AlpInvest Secondaries Fund VII delivered a 1.3x multiple-on-invested-capital and a 19 percent net internal rate of return as of 31 December, according to Carlyle’s latest results.
According to Secondaries Investor data, Ardian, Coller Capital, HarbourVest Partners and Lexington Partners are all in market seeking more than $10 billion each for their latest secondaries funds. LGT Capital Partners is also in market with its sixth flagship programme with an undisclosed target.