Carlyle Group Private Equity Investor $97 Billion Carlyle AlpInvest Raised $20.2 Billion for Global Secondaries Strategy with 1) Final Close of AlpInvest Secondaries Program VIII ($15 Billion Hard Cap), 2) $2 Billion for Private Wealth Vehicles Investing Alongside AlpInvest Secondaries Program VIII & 3) $3.2 Billion in Co-Investment Commitments for Secondaries Strategy
5th September | Hong Kong
Carlyle Group private equity investor Carlyle AlpInvest ($97 billion AUM) has raised $20.2 billion for global secondaries strategy with 1) Final close of AlpInvest Secondaries Program VIII ($15 billion hard cap), 2) $2 billion for private wealth vehicles investing alongside AlpInvest Secondaries Program VIII & 3) $3.2 billion in co-investment commitments for secondaries strategy. Announcement (4/9/25): “Carlyle AlpInvest, a leading global private equity investor, has successfully raised $20 billion for its global Secondaries strategy, anchored by the final close of AlpInvest Secondaries Fund VIII, the flagship fund within the AlpInvest Secondaries Program VIII (“ASP VIII”) which reached its $15 billion hard cap. The total amount raised for AlpInvest’s Secondaries strategy also includes $3.2 billion in co-investment commitments, as well as $2 billion for private wealth vehicles investing alongside ASP VIII, and represents a doubling of the firm’s investable capital in Secondaries investments over the predecessor program. ASP VIII is a dedicated secondaries investment program focused on acquiring exposure to existing private equity assets by providing a range of liquidity solutions to both General Partners and Limited Partners — including the acquisition of fund interests, continuation funds, and other GP-Centered solutions. ASP VIII benefits from Carlyle AlpInvest’s integrated Secondaries and Portfolio Finance platform, which offers flexible, scalable solutions across the capital structure ranging from credit to equity. More than 325 new and existing investors committed capital to ASP VIII, across institutional and wealth including insurance companies, public pension funds, corporate pension funds, financial institutions, asset managers, foundations, and family offices that originate from 50 countries spanning North America, Latin America, Europe, the Middle East, Africa, and the Asia-Pacific region. Carlyle AlpInvest has committed more than $40 billion to more than 245 transactions across Secondaries and Portfolio Finance over the past 20 years and currently has a dedicated 60-person investment team based in New York, Amsterdam, London, and Hong Kong. In 2020, the firm’s seventh secondaries program raised $10.2 billion, including co-investment vehicles, exceeding its $8 billion target and also reaching its hard cap. In addition, Carlyle AlpInvest recently raised over $4 billion for its Portfolio Finance strategies. Of this total, $3.2 billion was raised for AlpInvest Strategic Portfolio Finance Fund II (“ASPF II”), inclusive of parallel SMAs and co-investments. This brings total combined fundraising for Carlyle AlpInvest’s integrated Secondaries and Portfolio Finance platform to $24 billion.” In 2025 August, leading private equity firm Carlyle Group ($453 billion AUM) raised $9 billion for the 10th United States opportunistic real estate fund (Carlyle Realty Partners X), having raised $8 billion for the 9th fund (Carlyle Realty Partners IX) in 2021. Carlyle Realty Partners X invests in sectors including residential, self-storage & industrial and expects zero exposure to office, hotel & retail sectors. In 2025 June, Carlyle Group formed a partnership to launch open-ended private equity secondaries for wealth management clients, with UBS Unified Global Alternatives ($295 billion invested assets) & Carlyle AlpInvest to provide institutional quality private equity secondary market opportunities to clients. In 2025 January, Carlyle Group hired Citi Private Bank Brad McCarthy as Head of Asia Pacific for Carlyle Global Wealth. Brad McCarthy has around 30 years of financial services, private banking & asset management industry experience including at Citibank, ABN AMRO & Permal (EnTrust Global). Brad McCarthy joins from Citi Private Bank & Global Wealth, where he was Citi Global Wealth Asia Pacific Head of Alternative Investment Sales. In 2024 September, Carlyle Group hired senior corporate executive & ex-KPMG management consultant Anuj Poddar as Co-Head of Global Portfolio Solutions for Asia, joining from Bajaj Electricals after 8 years including as CEO. In 2024 August, Carlyle Group extended the closing timeline of the 6th regional Pan-Asian buyout fund. The target fund size was originally $8.5 billion, and current commitments is around $3 billion. In 2024 June, Carlyle Group launched a new evergreen private equity fund for investors Worldwide ex-United States, with the new fund (Carlyle AlpInvest Private Markets SICAV) investing in AlpInvest’s secondary, co-investment fund opportunities & primary fund investments. In 2023 February, Harvey Schwartz was appointed as the new Carlyle CEO, leading the private equity group with 3 business segments in Private Equity, Global Credit & Global Investment Solutions (15/2/23). Carlyle interim CEO Bill Conway will step down and continue his role as Co-Chairman of the Board.
“ Carlyle Group Private Equity Investor $97 Billion Carlyle AlpInvest Raised $20.2 Billion for Global Secondaries Strategy with 1) Final Close of AlpInvest Secondaries Program VIII ($15 Billion Hard Cap), 2) $2 Billion for Private Wealth Vehicles Investing Alongside AlpInvest Secondaries Program VIII & 3) $3.2 Billion in Co-Investment Commitments for Secondaries Strategy “
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Chris Perriello, Partner and Global Head of Secondaries at Carlyle AlpInvest: “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. ASP VIII is purpose-built for this moment. It reflects our conviction in the long-term opportunity ahead and the strength of our integrated global platform. Reaching the program’s hard cap is a testament to the trust our investors place in our team and our ability to deliver flexible, creative solutions to both LPs and GPs around the world.”
Ruulke Bagijn, Head of Carlyle AlpInvest: “The broad support from both longstanding partners and new investors in ASP VIII is a clear endorsement of Carlyle AlpInvest’s track record and platform. Their confidence underscores the enduring relationships we have built with our limited partners and highlights the role Carlyle AlpInvest plays as a trusted partner.”
Michael Hacker, Partner and Global Head of Portfolio Finance at Carlyle AlpInvest: “This fundraise is not only a milestone for our secondaries strategy, but also a validation of the integrated platform we’ve built across Secondaries and Portfolio Finance. With over $24 billion raised for liquidity solutions across our platform, we are well positioned to provide private equity sponsors and investors with a comprehensive toolkit of liquidity and capital solutions. This scale and flexibility reflect the evolving needs of the market and the forward-looking strategy we’ve developed.”
Carlyle AlpInvest – Carlyle AlpInvest is a leading global private equity investor with $97 billion of assets under management and more than 630 investors as of June 30, 2025. It has invested with over 385 private equity managers and committed over $113 billion across primary commitments to private equity funds, secondary transactions, portfolio financings, and co-investments. AlpInvest employs more than 265 people in New York, Amsterdam, Hong Kong, London, and Singapore.
$453 Billion Private Equity Firm Carlyle Group Raised $9 Billion for 10th United States Opportunistic Real Estate Fund (Carlyle Realty Partners X), Raised $8 Billion for 9th Fund (Carlyle Realty Partners IX) in 2021, Invests in Sectors Including Residential, Self-Storage & Industrial and Expects Zero Exposure to Office, Hotel & Retail Sectors
5th August – Leading private equity firm Carlyle Group ($453 billion AUM) has raised $9 billion for the 10th United States opportunistic real estate fund (Carlyle Realty Partners X), having raised $8 billion for the 9th fund (Carlyle Realty Partners IX) in 2021. Carlyle Realty Partners X invests in sectors including residential, self-storage & industrial and expects zero exposure to office, hotel & retail sectors. Announcement (4/8/25): “Global investment firm Carlyle (NASDAQ: CG) today announced the final close of its tenth U.S. opportunistic real estate fund, Carlyle Realty Partners X (CRP X), with $9 billion of total commitments. The fund follows Carlyle Realty Partners IX (CRP IX), for which the firm raised $8 billion in 2021. This result reflects continued support for Carlyle’s longstanding U.S. Real Estate strategy and experienced investment team. CRP X continues to focus on sectors underpinned by secular demographic and technological tailwinds and attractive supply-demand dynamics, including residential, self-storage, and industrial. CRP X is expected to have no exposure to office, hotel, or retail, sectors which the team has strategically avoided in prior recent vintages. Carlyle U.S. Real Estate is comprised of over 140 professionals, including a senior team with an average tenure of 20 years. CRP X is poised to benefit from the continuity of senior leadership, depth and experience of its investment professionals, and the team’s presence in key target markets.” In 2025 June, Carlyle Group formed a partnership to launch open-ended private equity secondaries for wealth management clients, with UBS Unified Global Alternatives ($295 billion invested assets) & Carlyle AlpInvest to provide institutional quality private equity secondary market opportunities to clients. In 2025 January, Carlyle Group hired Citi Private Bank Brad McCarthy as Head of Asia Pacific for Carlyle Global Wealth. Brad McCarthy has around 30 years of financial services, private banking & asset management industry experience including at Citibank, ABN AMRO & Permal (EnTrust Global). Brad McCarthy joins from Citi Private Bank & Global Wealth, where he was Citi Global Wealth Asia Pacific Head of Alternative Investment Sales. In 2024 September, Carlyle Group hired senior corporate executive & ex-KPMG management consultant Anuj Poddar as Co-Head of Global Portfolio Solutions for Asia, joining from Bajaj Electricals after 8 years including as CEO. In 2024 August, Carlyle Group extended the closing timeline of the 6th regional Pan-Asian buyout fund. The target fund size was originally $8.5 billion, and current commitments is around $3 billion. In 2024 June, Carlyle Group launched a new evergreen private equity fund for investors Worldwide ex-United States, with the new fund (Carlyle AlpInvest Private Markets SICAV) investing in AlpInvest’s secondary, co-investment fund opportunities & primary fund investments. In 2023 February, Harvey Schwartz was appointed as the new Carlyle CEO, leading the private equity group with 3 business segments in Private Equity, Global Credit & Global Investment Solutions (15/2/23). Carlyle interim CEO Bill Conway will step down and continue his role as Co-Chairman of the Board.
Rob Stuckey, Head of Carlyle’s U.S. Real Estate Team: “Amid one of the most difficult fundraising environments for real estate in recent memory, we’re grateful for the trust our limited partners have placed in us. This capital raise reflects both the strength of our team and the proven performance of our strategy, particularly through complex market cycles. Our ability to avoid structurally challenged areas and invest with discipline in a turbulent environment reinforces the value of our distinctive approach to fund construction and has led to meaningful recommitment from existing investors as well as strong support from new relationships. This is a compelling moment to invest, as we see improving fundamentals across our target sectors coupled with an environment of relatively constrained liquidity.”
Carlyle – Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Carlyle AlpInvest. With $453 billion of assets under management as of March 31, 2025, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across five continents
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