Fundraising

AlpInvest races to $10.2bn total on seventh secondaries programme

The Carlyle subsidiary has hit the hard-cap on ASP VII and raised $1.2bn for co-investments, with support of LPs such as the California Public Employees' Retirement System.

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AlpInvest Partners has held the final close on its latest secondaries programme after barely a year in market.

The Amsterdam-headquartered investment manager has raised $9 billion for AlpInvest Secondaries Program VII and an additional $1.2 billion for co-investments, according to a statement. The fund was targeting $8 billion.

“It is a significant milestone for AlpInvest to have concluded another successful fundraise, largely executed remotely,” said Wouter Moerel, managing director and co-head of secondary investments. We are delighted with the strong investor support, which we believe validates the calibre of our team, and the breadth and depth of the AlpInvest and Carlyle platforms.”

More than 170 new and existing investors committed capital to ASP VII from more than 45 countries, the statement noted.

ASP VII came to market in November last year, according to Secondaries Investor data. Limited partners include China Life Insurance Company (Taiwan), which committed $30 million and the California Public Employees’ Retirement System, which committed $500 million.

That commitment was top decile by size for CalPERS, Secondaries Investor reported in November.

The ASP VII vehicle is the eighth largest secondaries fund ever raised, behind Ardian’s 2014-vintage ASF VI and ahead of HarbourVest Partners’ Dover Street X, which closed this year, according to Secondaries Investor data.

The Carlyle Group subsidiary’s 2016-vintage Secondaries Program VI raised $6.5 billion, against a target of $6 billion. It had delivered a net internal rate of return of 7 percent and a multiple of 1.2x as of 30 September, Secondaries Investor reported.

AlpInvest targets GP-led and LP secondaries deals, with a preference for more complex deals.

“We’ve focused on high-quality GP-led restructurings, whole or partial asset sales, and we still invest in stapled transactions with GPs we like,” said secondaries co-head Chris Perriello in September last year.

Secondaries deals AlpInvest has backed this year include a $300 million GP-led process on Kinderhook Industries‘ third fund and the sale of a A$6 billion ($4 billion; €3.6 billion) portfolio by Australian sovereign wealth fund Future Fund.