AlpInvest re-hires Neal Costello to manage secondaries

AlpInvest Partners, the fund of funds arm of The Carlyle Group, has re-hired Neal Costello to manage its secondaries team in Amsterdam, according to a statement.

Costello, who left AlpInvest in 2013, rejoins as managing director of its secondaries investments team and will focus on secondaries strategy in Europe, according to a statement released on Monday. From 2003 to 2013, Costello worked in AlpInvest’s New York office and later in its Hong Kong branch, and since 2013 had been senior principal at the Canada Pension Plan Investment Board (CPPIB).

“Neal thought it was an attractive time to come back to help manage a $4.5 billion secondaries fund,” Wouter Moerel, head of secondary investments at AlpInvest in Amsterdam, told Secondaries Investor. Costello has led and built teams for various private equity products, in the US, Asian and European markets and has an extraordinary understanding of the global private equity market, according to the statement. “His proven experience and knowledge of the secondaries market make him an excellent addition to AlpInvest and our investment committee,” said Moerel in the statement.

Since 2013, Costello had been leading CPPIB‘s European secondaries and co-investments platforms in London. He replaces Tjarko Hektor, who left AlpInvest in April as managing director of secondaries.

“I am excited to be rejoining AlpInvest,” Costello said in the statement. “AlpInvest has a tremendous track record and a management team that has proven it can invest successfully across all cycles and markets.  I look forward to being an integral part of the firm’s continued success.”

AlpInvest’s latest dedicated secondaries fund, Main Fund V, began fundraising in 2011 and closed at its target €340 million, according to PEI data. The Amsterdam-based firm’s activities include primary fund commitments, secondary purchases and co-investments, and it manages assets of approximately $45.3 billion, according to the statement.