AlpInvest collects $6.5bn for latest secondaries programme

The Carlyle fund of funds unit expects increased global uncertainty to create investment opportunities for its sixth programme.

AlpInvest Partners, the fund of funds unit of The Carlyle Group, has held the final close on its sixth secondaries programme and will focus on private equity and energy fund investments.

The Amsterdam-headquartered firm beat its $6 billion target to raise $6.5 billion for AlpInvest Secondaries Program VI (ASP VI), according to a statement. This includes $3.3 billion for its dedicated commingled vehicle, AlpInvest Secondaries Fund VI (ASF VI), which is almost four and a half times larger than the previous $750 million dedicated fund.

ASP VI includes $3.2 billion in separately managed accounts.

“With this new pool of capital to invest, we will pursue attractive investment opportunities within the private equity secondary market, at a moment where we believe increased global uncertainties create new opportunities,” said Wouter Moerel, AlpInvest’s head of secondaries.

The programme will invest through fund interests and sponsor-centred processes.

ASP VI attracted more than 80 new investors as well as re-ups from existing investors, including sovereign wealth funds, public pension funds, corporate pension funds, financial institutions, asset managers, foundations and family offices globally.

Dutch pension administrators APG and PGGM had previously made cornerstone investments in the firm’s previous AlpInvest Secondaries Program, which closed on $4.2 billion in October 2013.

In February the firm said it was nearing the final close on the programme, including one of its largest co-investment programmes ever.

AlpInvest has $41 billion of assets under management and has committed at least $11 billion to more than 110 secondaries deals over the past 14 years. It employs 23 dedicated secondaries professionals in its New York, Amsterdam and Hong Kong offices, according to the statement.