AlpInvest Partners, the fund of funds arm of The Carlyle Group, has acquired a stake in an Asian-focused Carlyle fund for an undisclosed sum, according to a UK regulatory filing.
AlpInvest bought an entire stake in CAP III AIV (Scot) from Taiwanese insurance firm Cathay Life Insurance. Amsterdam-based AlpInvest bought the stake through eight different vehicles including AlpInvest Partners US Secondary Investments 2014 II and AlpInvest Secondaries Fund V CV. The deal was completed on 30 June.
Carlyle Asia Partners III is a $2.6 billion buyout fund launched in 2007 that conducts leveraged buyouts in Asia in targeted industries, according to Carlyle’s website.
AlpInvest and Carlyle both declined to comment on the deal. Cathay Life Insurance couldn’t be reached.
In June, AlpInvest re-hired Neal Costello to head its secondaries investment team in Amsterdam. Costello had previously left the firm in 2013 to work at the Canada Pension Plan Investment Board (CPPIB). The firm also hired Justine Gordon in September last year to focus on secondaries and co-investments in the energy and infrastructure sectors from AlpInvest’s New York office, Secondaries Investor previously reported.
AlpInvest manages about $45.3 billion in assets under management for over 30 institutional investors and has offices in New York, Amsterdam, Hong Kong, and Indianapolis.