AlpInvest Partners, a subsidiary of Carlyle, has raised $3.2bn for its AlpInvest Strategic Portfolio Finance Fund II, inclusive of parallel SMAs and co-investments, exceeding its initial target and more than tripling the size of its prior programme, ASPF I.
Including the simultaneous closing of multiple Senior Portfolio Lending mandates and co-investments, which invest in investment grade Portfolio Financings, total new capital raised for AlpInvest’s Portfolio Finance platform exceeds $4bn.
The fund, ASPF II, provides financing solutions to private equity funds, GPs, and LPs, while also pursuing Credit Secondaries investments, which support an optimised portfolio construction.
It will take a private credit approach, emphasising downside mitigation through cross-collateralisation, diversification, and significant equity over-collateralisation, while offering cash yield and optimised duration.
Leveraging AlpInvest’s leadership in the global secondaries market, ASPF II benefits from the firm’s integrated Secondaries and Portfolio Finance platform, which provides a full range of solutions from credit to equity as well as deep relationships with over 380 GPs worldwide.
ASPF II received backing from a broad mix of institutional investors globally, including insurance companies, sovereign wealth funds, pensions, corporations, and family offices, and received very strong support from existing investors in ASPF I.
ASPF II has already executed 10 transactions, spanning financings for private equity and private credit funds, GP commitment financings, LP portfolio recapitalisations for sovereign wealth funds and asset managers, and Credit Secondaries such as the spinout of Norwest Mezzanine Partners.
