AlpInvest Partners, the private equity investment arm of The Carlyle Group, has secured $4.1bn for its ninth dedicated co-investment vehicle, AlpInvest Co-Investment Fund IX (ACF IX), marking a significant uptick in fundraising appetite for co-investment strategies.
The fund, which surpasses the $3.5bn raised for its predecessor in 2021, attracted commitments from 185 global LPs, including pension plans, asset managers, and family offices. ACF IX also encompasses related co-investment strategies, offering investors broad exposure to private equity-backed transactions worldwide.
The successful raise highlights sustained demand from both existing and new investors seeking access to high-quality direct private equity deal flow — an increasingly difficult segment of the market to replicate independently.
“Part of our value proposition is giving investors access to a part of the market that we believe is incredibly difficult for them to replicate,” said Richard Dunne, who co-leads AlpInvest’s co-investment programme alongside Roberto Torrini.
The fund will target whole-company buyouts and minority equity stakes across industries and geographies, with a particular focus on mid-market transactions. According to Dunne, this segment offers “better value” opportunities at 15% to 20% discounts compared to peak pricing seen in the early 2020s.
The fundraising process for ACF IX began in 2023, with the extended timeline playing a strategic role in onboarding a wider range of new investors. “For newer investors to the asset class, we believe we are a compelling option, so staying open for longer helped drive us to the finish,” Dunne added.
AlpInvest has a long-standing track record in the co-investment space, having committed more than $19bn across over 400 equity co-investments over the past 25 years. Its broader platform spans fund secondaries and private credit, providing flexible capital solutions across the private equity ecosystem.
