AlpInvest collects $4.2bn for secondaries

The Carlyle Group’s private equity fund of funds arm AlpInvest has raised $4.2bn for secondaries, including $750m for its AlpInvest Secondaries Fund V.

AlpInvest Partners has raised $4.2 billion for its AlpInvest Secondaries Program, according to a statement from the firm.

The $4.2 billion includes $750 million raised for AlpInvest Secondaries Fund V. Fund V had a target of $500 million and a hard-cap of $750 million. The fund received commitments from 18 new investors, including global sovereign wealth funds, corporate pensions, insurance companies, asset managers and foundations.

“The new commitments to the ASP [AlpInvest Secondaries Program] allow us to invest further in attractive opportunities within the secondaries arena for our recently magnified investor base,” chairman of AlpInvest Volkert Doeksen said in the statement.

Fund V collected $150 million during the first quarter of this year, according to Carlyle’s first quarter earnings report.

The AlpInvest Secondaries Program had invested about $780 million as of 20 May and will continue to invest in Asia-Pacific and Western Europe investments, according to Private Equity International’s Research and Analytics division. In August, AlpInvest and group of secondary investors including HarbourVest Partners acquired the BT Pension Scheme’s €400 million investment in funds managed by Bridgepoint Development Capital. BDC is the small-cap arm of Bridgepoint, a UK-based upper mid-market investor.

Netherlands-based AlpInvest was founded in 1999 and was initially invested exclusively on behalf of Dutch pension asset managers APG and PGGM. Carlyle bought a 60 percent stake in the firm in 2011 and acquired the remaining stake in June for 2.8 million shares and €4 million cash.

AlpInvest has committed more than $9 billion through 84 transactions and has offices in New York, Amsterdam and Hong Kong. As of 30 June, the firm had more than $48 billion in assets under management.