United States $107 Billion Private Equity Investor Carlyle AlpInvest Raised $1.7 Billion for 2nd Single-Asset Continuation Fund (AlpInvest Atom Fund II) to Invest in Companies in North America & Western Europe with Private Equity Sponsors Seeking to Extend Ownership in Top-Performing Portfolio Companies
16th July 2026 | Hong Kong
United States private equity investor Carlyle AlpInvest ($107 billion AUM) has raised $1.7 billion for 2nd single-asset continuation fund (AlpInvest Atom Fund II) to invest in companies in North America & Western Europe with private equity sponsors seeking to extend ownership in top-performing portfolio companies. Announcement (15/7/26): “Carlyle AlpInvest, a leading global private equity investor, today announced the final close of AlpInvest Atom Fund II (“AAF II” or “the Fund”), its second dedicated fund focused exclusively on single-asset continuation vehicle (“SACV”) transactions. AAF II closed at its hard cap of $1.7 billion, exceeding the $1 billion fundraising target. Together with the firm’s evergreen vehicles, AlpInvest Secondaries Program VIII, and related sidecar vehicles, the Fund brings Carlyle AlpInvest’s total SACV investment capacity to $7 billion during the Fund’s investment period. AAF II received strong support from a diverse global group of institutional investors, including pension funds, sovereign wealth funds, insurance companies, banks, endowments, foundations, and family offices across 26 countries in North America, Europe, the Middle East, Africa, and Asia-Pacific. The Fund pursues the same strategy as its predecessor, acquiring significant equity positions in high-quality, sponsor-backed companies through single-asset continuation vehicle transactions in mainly North America and Western Europe. AAF II is purpose-built to partner with leading private equity sponsors seeking to extend their ownership of top-performing portfolio companies, while providing a liquidity option to existing fund investors. The Fund benefits from Carlyle AlpInvest’s integrated GP-solutions platform spanning Secondaries, Portfolio Finance, and Primary Fund Investments, as well as the broader resources of Carlyle, providing a differentiated vantage point on asset quality, pricing, and GP alignment. Carlyle AlpInvest has been investing in single-asset continuation vehicles since 2018 and has committed $7 billion across 31 transactions in the strategy to date. The firm’s integrated platform — spanning LP interest acquisitions, GP-centered secondaries, NAV lending, GP commitment financing, credit secondaries, and evergreen products — provides a distinct structural advantage in assessing and underwriting single-asset transactions, where business and sponsor quality alongside GP alignment are the defining criteria.
“ United States $107 Billion Private Equity Investor Carlyle AlpInvest Raised $1.7 Billion for 2nd Single-Asset Continuation Fund (AlpInvest Atom Fund II) to Invest in Companies in North America & Western Europe with Private Equity Sponsors Seeking to Extend Ownership in Top-Performing Portfolio Companies “
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Chris Perriello, Partner and Global Head of Secondaries at Carlyle AlpInvest: “Single-asset continuation vehicles have become a core pillar of the GP-centered secondaries market, and we’ve built a dedicated team and platform that can execute these types of transactions. We believe AAF II gives us the scale and flexibility to lead the most consequential deals in the market while maintaining the underwriting discipline that has defined our approach.”
Julian Rampelmann, Partner, Head of Single-Asset Secondaries and Deputy Head of Secondaries and Portfolio Finance at Carlyle AlpInvest: “What sets Carlyle AlpInvest apart in this market is not just the dedicated capital, but the platform behind it. Our ability to draw on 25 years of GP relationships, proprietary data across tens of thousands of private companies, and the full breadth of our Secondaries and Portfolio Finance capabilities means we can offer sponsors a scaled, informed, and flexible partner at a critical moment in their asset’s lifecycle.”
Carlyle AlpInvest – Carlyle AlpInvest is a leading global private equity investor with $107 billion of assets under management and more than 710 investors as of March 31, 2026. It has invested with around 390 private equity managers and committed over $118 billion across primary commitments to private equity funds, secondary transactions, portfolio financings, and co-investments. Carlyle AlpInvest employs around 300 people in New York, Amsterdam, Hong Kong, London, and Singapore.
United States $107 Billion Private Equity Investor Carlyle AlpInvest Raised $1.7 Billion for 2nd Single-Asset Continuation Fund (AlpInvest Atom Fund II) to Invest in Companies in North America & Western Europe with Private Equity Sponsors Seeking to Extend Ownership in Top-Performing Portfolio Companies
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