Carlyle's AlpInvest Raises Over $4 Billion for Portfolio Finance Platform

CG
October 04, 2025

AlpInvest Partners, a leading global private equity investor and subsidiary of Carlyle, announced on April 7, 2025, that it has raised over $4 billion for its Portfolio Finance platform. This includes $3.2 billion for AlpInvest Strategic Portfolio Finance Fund II (ASPF II), which exceeded its initial target and more than tripled the size of its prior program.

The total capital raised for the platform, including parallel SMAs, co-investments, and Senior Portfolio Lending mandates, now exceeds $4 billion. ASPF II provides financing solutions to private equity funds, GPs, and LPs, and also pursues Credit Secondaries investments, emphasizing downside mitigation through diversification and equity overcollateralization.

This successful fundraise is a testament to AlpInvest's extensive track record and global GP relationships, positioning it to deliver innovative and flexible financing solutions. ASPF II has already executed 10 transactions, demonstrating immediate deployment of capital and reinforcing AlpInvest's vision for Portfolio Finance as a key pillar of its platform.

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