Carlyle Group is preparing to raise more than $4bn for a new portfolio finance vehicle through its AlpInvest unit, giving LPs and GPs fresh options to unlock liquidity from illiquid private equity stakes, according to a report by Bloomberg.
Some insiders suggest commitments could climb closer to $5bn, with co-investment alongside the fund expected.
The move comes just weeks after AlpInvest closed a $20bn secondaries fund focusing on more traditional secondaries transactions, including buying private equity stakes from investors seeking access to cash. While the firm’s flagship buyout franchise faces slower deployment, secondaries and related financing strategies have emerged as a key profit engine, now accounting for roughly 21% of Carlyle’s AUM.
AlpInvest, led by Ruulke Bagijn, has capitalised on the liquidity crunch facing LPs, structuring deals that accelerate cash returns, including collateralised fund obligations that appeal to insurers. Its latest $1.25bn CFO, the largest publicly rated instrument of its kind, highlights how secondary platforms are evolving into full-service liquidity providers for the industry.
The fundraising reflects a wider surge in secondaries activity, with deal volumes reaching a record $162bn last year, up 45% year-on-year.
