AlpInvest promotes two in secondaries

The promotions come as AlpInvest starts to deploy its $4.2bn Secondaries Program.

AlpInvest Partners, the private equity fund of funds arm of The Carlyle Group, has promoted Michael Hacker to managing director and Michael Camacho to principal.

Michael Hacker joined AlpInvest’s Secondary Investment team in New York in 2007. He is responsible for sourcing, evaluating and executing transactions in the North American market. Prior to AlpInvest, he worked for UBS and CIBC World Markets.

Camacho joined AlpInvest’s Secondary Investment team in 2007. He currently leads the Asian Secondaries business in Hong Kong. Previously, he was based in AlpInvest’s New York and Amsterdam offices. Michael joined AlpInvest from Bear Stearns’ Investment Banking Division, according to a statement.

The promotions come after AlpInvest further bolstered its team with the hire of Reidan Cruz as a managing director, the firm said in a statement last week. Reidan Cruz will be based in The Carlyle Group’s Solutions Global Sales and Marketing team in New York, where he will work closely together with the AlpInvest Investment Solutions team.

Prior to AlpInvest, Reidan was a director of fundraising at KRG Capital, and before that, a partner at placement agent Probitas Partners. He has also previously worked in Merrill Lynch’s Private Equity Fundraising Group and JP Morgan’s Emerging Markets Operations and Technology Group.

The team changes come as AlpInvest starts to deploy its AlpInvestSecondaries Program, which it closed on $4.2 billion last October. This total includes $750 million raised from external investors for AlpInvestSecondaries Fund V. The rest of the capital comes from Dutch pension asset managers APG and PGGM, on whose behalf Alpinvest invested exclusively from its inception in 1999 until 2011, when Carlyle bought a 60 percent stake. The US-based firm subsequently acquired the remaining 40 percent stake last June for 2.8 million shares and €4 million cash.