Performance Watch: AlpInvest Partners

As AlpInvest Partners seeks $8bn for its latest secondaries programme, we look at the Carlyle Group subsidiary's performance so far.

In November, Secondaries Investor revealed that AlpInvest Partners is returning to market with its seventh secondaries programme, targeting $8 billion.

The Carlyle subsidiary’s last fund, AlpInvest Secondaries Program VI, raised $6.5 billion, including separately managed accounts, by final close in March 2017. Investors in the fund include AP Fonden 6 and the Nobel Foundation, according to Secondaries Investor data.

AlpInvest’s funds do an average of 10-12 deals a year, focusing on GP-led restructurings, whole or partial asset sales and stapled deals, managing director Chris Perrielo told Secondaries Investor. In 2019, it backed the acquisition of a $1.7 billion portfolio from insurer Manulife, a single-asset restructuring on Warburg Pincus’s 2012-vintage fund and the €2 billion restructuring of PAI Partners V.

The interactive chart below shows the firm’s private equity fund history, based on its third-quarter results. The performance data covers the main fund only, not associated SMAs. Toggle between the tabs to see how the funds have fared by internal rate of return and multiple of invested capital. The bubbles are sized proportionately to the size of the fund; hover over them to see fund data.

AlpInvest did not wish to comment.

Lexington Partners, Ardian and Goldman Sachs Asset Management are among the other firms featured in the Performance Watch Series.