AlpInvest Partners, a global private equity firm and subsidiary of Carlyle, announced the successful fundraising of $3.2 billion for its AlpInvest Strategic Portfolio Finance Fund II (ASPF II). This new fund surpasses its original target and more than triples the size of the previous program, ASPF I. When combined with parallel Separate Managed Accounts (SMAs) and co-investments, the total raised for AlpInvest’s Portfolio Finance Platform exceeds $4 billion.

ASPF II is designed to provide financing solutions to private equity funds, general partners (GPs), and limited partners (LPs). It aims to optimize portfolio construction through Credit Secondaries investments, utilizing a private credit approach with a focus on downside mitigation, cash yield, and optimized duration. The strategy leverages AlpInvest’s global secondaries market expertise and deep relationships with over 380 GPs worldwide.

"The strong investor demand for ASPF II and our broader Portfolio Finance strategy is a testament to the market’s recognition of our differentiated approach and the value our solutions bring to private equity sponsors and investors," said Michael Hacker, Global Head of Portfolio Finance at AlpInvest. "With over $4 billion in total capital raised this cycle, we are now well-positioned to leverage our deep GP relationships, extensive structuring expertise, and the scale of the broader AlpInvest platform to deliver innovative and flexible financing solutions. This milestone represents the full realization of our vision for Portfolio Finance as a key pillar of the AlpInvest platform."

The fund attracted a diverse group of institutional investors, including insurance companies, sovereign wealth funds, pensions, corporations, and family offices, along with strong support from existing ASPF I investors. “We are pleased to close ASPF II with such strong support from a range of investors, underscoring the caliber of our team, the capabilities of the AlpInvest platform, and the momentum and demand we are seeing across our offering of portfolio financing solutions,” said Ruulke Bagijn, Head of Carlyle AlpInvest.

Chris Perriello, Global Head of Secondaries at AlpInvest, commented on the strategic importance of Portfolio Finance, noting, "We were among the first global players to recognize that Portfolio Finance would be an essential strategic complement to our existing Secondaries platform. This approach allows us to offer flexible solutions to GPs and LPs while enhancing liquidity and optimizing portfolios."

To date, ASPF II has completed 10 transactions, including financings for private equity and private credit funds, GP commitment financings, LP portfolio recapitalizations for sovereign wealth funds and asset managers, and Credit Secondaries transactions such as the spinout of Norwest Mezzanine Partners.

AlpInvest Partners, with over $85 billion in assets under management as of December 31, 2024, continues to be a formidable player in the private equity landscape, employing more than 250 people across offices in New York, Amsterdam, Hong Kong, London, and Singapore.