Carlyle AlpInvest has announced the successful close of its global Secondaries strategy fundraising, reaching $20 billion. The effort was led by the final close of AlpInvest Secondaries Fund VIII (ASP VIII), which achieved its hard cap of $15 billion. Additional capital included $3.2 billion in co-investment commitments and $2 billion from private wealth vehicles investing alongside ASP VIII. This marks a doubling of Carlyle AlpInvest’s investable capital in secondaries compared to its previous program.
ASP VIII is focused on acquiring existing private equity assets and providing liquidity solutions for both General Partners (GPs) and Limited Partners (LPs). The fund invests through various approaches, including the acquisition of fund interests and continuation funds, benefiting from an integrated platform that combines secondaries with portfolio finance strategies.
The fundraising drew commitments from more than 325 investors worldwide, representing institutional and private wealth sources such as insurance companies, pension funds, financial institutions, asset managers, foundations, and family offices across 50 countries.
Chris Perriello, Partner and Global Head of Secondaries at Carlyle AlpInvest, said: “The secondaries market has entered a new era in recent years, evolving from a niche liquidity tool into a core pillar of the private equity ecosystem. ASP VIII is purpose-built for this moment. It reflects our conviction in the long-term opportunity ahead and the strength of our integrated global platform. Reaching the program’s hard cap is a testament to the trust our investors place in our team and our ability to deliver flexible, creative solutions to both LPs and GPs around the world.”
Ruulke Bagijn, Head of Carlyle AlpInvest, stated: “The broad support from both longstanding partners and new investors in ASP VIII is a clear endorsement of Carlyle AlpInvest’s track record and platform. Their confidence underscores the enduring relationships we have built with our limited partners and highlights the role Carlyle AlpInvest plays as a trusted partner.”
Michael Hacker, Partner and Global Head of Portfolio Finance at Carlyle AlpInvest added: “This fundraise is not only a milestone for our secondaries strategy, but also a validation of the integrated platform we’ve built across Secondaries and Portfolio Finance. With over $24 billion raised for liquidity solutions across our platform, we are well positioned to provide private equity sponsors and investors with a comprehensive toolkit of liquidity and capital solutions. This scale and flexibility reflect the evolving needs of the market and the forward-looking strategy we’ve developed.”
Over two decades, Carlyle AlpInvest has committed more than $40 billion across over 245 transactions within secondaries and portfolio finance strategies. Its investment team consists of 60 professionals based in New York, Amsterdam, London, and Hong Kong.
In 2020, its seventh secondaries program raised $10.2 billion including co-investment vehicles—exceeding its target by more than $2 billion.
Recently, more than $4 billion was raised for Portfolio Finance strategies alone; this includes $3.2 billion for AlpInvest Strategic Portfolio Finance Fund II (ASPF II), bringing total combined fundraising for these platforms to $24 billion.
As reported by Carlyle AlpInvest, it manages $97 billion in assets as of June 30, 2025; it has invested with over 385 private equity managers globally since inception.
