Carlyle AlpInvest, the global private‑markets arm of The Carlyle Group, closed a €150 million preferred equity financing with Munich‑based venture platform Picus Capital on December 18 2025. The deal gives Picus a flexible, long‑term funding source to support its nearly 200‑company portfolio, which includes high‑growth names such as Personio and Enpal.
Picus has recently closed its second fund, Picus Venture Fund II, at a €250 million hard cap—more than double the size of its predecessor—and has delivered an annual internal rate of return exceeding 40 % since 2015. The new capital will accelerate Picus’s multi‑stage investment strategy across energy & climate, fintech, generative AI, cybersecurity, healthcare and enterprise applications, allowing the firm to deploy capital in both early‑stage and growth companies.
From Carlyle’s perspective, the transaction aligns with AlpInvest’s strategy of providing capital‑market solutions that generate fee‑related earnings and expand its secondaries platform. With $102 billion of assets under management as of September 30 2025, Carlyle AlpInvest uses preferred equity to deepen relationships with high‑growth venture platforms and reinforce a resilient, capital‑light earnings stream across its Global Credit, Global Private Equity and AlpInvest segments.
Management commentary underscores the strategic fit: “We are pleased to announce the closing of this transaction with Carlyle AlpInvest, who will serve as a strategic partner to Picus,” said Raphael Mukomilow, Partner and Head of Growth Investments at Picus. “This solution will provide flexible financing to support the growth of our existing portfolio and accelerate new investment activity.” Robin Godenrath, Managing Partner and Founder of Picus, added, “Partnering with Carlyle AlpInvest allows us to continue supporting our portfolio companies and advance our mission to invest in new innovation leaders.” Michael Hacker, Global Head of Portfolio Finance at Carlyle AlpInvest, noted, “Picus has assembled a highly diversified portfolio of category‑defining companies, and the firm’s sustained performance made this an especially attractive partnership.”
The financing deepens Carlyle’s relationship with a high‑growth venture platform, giving Picus a flexible, long‑term capital source while providing Carlyle with fee‑related earnings and an expanded secondaries footprint. It also signals continued investor appetite for well‑performing venture capital firms amid broader market fluctuations, positioning Picus to deploy capital across a diversified portfolio of early‑stage and growth companies.
The deal exemplifies the growing importance of preferred equity financing in private markets, illustrating how large asset managers like Carlyle AlpInvest can support venture platforms that deliver high returns while generating fee‑related income for their own business.
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