Carlyle AlpInvest has closed its second Collateralized Fund Obligation (CFO) offering, raising $1.25 billion. This marks the largest publicly rated GP-led CFO to date and follows a $1 billion CFO completed by Carlyle AlpInvest in October 2024. The two transactions together total $2.25 billion in aggregate issuance.
The new CFO provides investors with access to a diversified portfolio of private equity investments across various strategies, regions, and vintages. The underlying assets include exposure to Carlyle AlpInvest’s private equity secondaries, portfolio finance, and co-investment strategies. Participants in the offering included insurance companies, asset managers, banks, and family offices.
Michael Hacker, Partner and Global Head of Portfolio Finance at Carlyle AlpInvest, said: “This CFO transaction is another milestone for Carlyle AlpInvest that showcases the convergence of our core capabilities: our ability to originate compelling private market portfolios through our secondaries and portfolio finance platform, and our expertise in providing structured solutions that can also meet growing demand for capital-efficient exposure to private markets.”
Matthew Romanczuk, Managing Director at Carlyle AlpInvest added: “The reception to the CFO validates our thesis that certain institutional investors increasingly value structured exposure to diversified private equity portfolios with high-quality underwriting, operational transparency, and attractive risk-adjusted return potential.”
Recently, Carlyle AlpInvest raised more than $4 billion for its Portfolio Finance platform. Of this amount, $3.2 billion was allocated to the AlpInvest Strategic Portfolio Finance Fund II (ASPF II), including parallel separately managed accounts (SMAs) and co-investments.
Evercore acted as lead bookrunner, lead structuring agent and joint placement agent for the latest transaction. TCG Securities and Wells Fargo Securities served as co-structuring agents, joint placement agents and co-managers. Ropes & Gray LLP was legal advisor to Carlyle AlpInvest.
Carlyle AlpInvest manages $97 billion in assets as of June 30, 2025. The firm has invested with over 380 private equity managers globally and committed more than $100 billion across primary fund commitments, secondary transactions, portfolio financings and co-investments. It employs over 230 people across offices in New York, Amsterdam, Hong Kong, London and Singapore.
For more information about Carlyle AlpInvest’s operations or offerings visit www.carlylealpinvest.com.
