AlpInvest set to wrap up fundraise for latest flagship programme next year

Carlyle’s AlpInvest Partners expects to wrap up the raising of its latest flagship programme next year.

The Amsterdam-headquartered group is seeking upwards of $10 billion for AlpInvest Secondaries Program VIII, Secondaries Investor reported in February.

Carlyle’s global investment solutions business – where AlpInvest sits – raised $2.4 billion in the third quarter, CFO John Redett said on the firm’s latest earnings call this week.

This was largely driven by the unit’s secondaries and co-investment strategies “which will continue to raise capital and finalise their fundraising in 2024”, he added. The investment solutions business raised $8.1 billion in the first three quarters of the year, according to Carlyle’s earnings release.

If ASP VIII raises at least $10 billion, it would be at least 11 percent larger than its $9 billion previous programme, which closed in 2020.

It is understood ASP VIII will also include separate accounts, though it is unclear whether this is part of or on top of the roughly $10 billion figure.

AlpInvest is also in market with AlpInvest Strategic Portfolio Finance Fund II and its latest single-asset continuation fund-focused vehicle AlpInvest Atom Fund II, according to Secondaries Investor data. Targets for the funds are not disclosed.

The unit’s debut Atom Fund closed on $344.7 million this year, Secondaries Investor data shows. The group had been targeting $500 million for the strategy, Secondaries Investor reported in December.

Overall, Carlyle raised $6.3 billion in the third quarter and has brought in $20.2 billion in commitments year-to-date, according to the firm’s earnings release.