Guided by Ropes & Gray LLP, a unit of The Carlyle Group has successfully raised $20 billion for its latest secondary fund, marking a significant milestone in the private equity secondary market. The fund attracted more than 325 new and existing investors committed to providing liquidity solutions.
Carlyle AlpInvest, the private equity solutions group of The Carlyle Group, announced that its AlpInvest Secondaries Fund VIII reached its $15 billion hard cap, raised $3.2 billion in co-investment commitments, and secured $2 billion from private wealth vehicles investing alongside the fund. Carlyle AlpInvest’s prior secondary program raised $10.2 billion in 2020.
“The secondaries market has entered a new era in recent years, evolving from a niche liquidity tool into a core pillar of the private equity ecosystem,” said Chris Perriello, Partner and Global Head of Secondaries at Carlyle AlpInvest. The firm noted that it has now raised $24 billion for liquidity solutions across its platform.
Investors in the latest secondary fund span over 50 countries and include insurance companies, public and corporate pension funds, financial institutions, asset managers, foundations, and family offices. The private equity secondary market allows investors to sell stakes in existing funds before their terms officially expire, providing much-needed liquidity. Secondary transactions have grown increasingly common as traditional exits, such as initial public offerings and acquisitions, have slowed in recent years.
Carlyle AlpInvest was represented by Lindsey Goldstein, Marc Biamonte, Joel Wattenbarger, Nicole Krea, Adam Greenwood, Brandon Dunn, and Joshua Lichtenstein of Ropes & Gray LLP in this landmark transaction.
