Carlyle’s AlpInvest raises $4bn to power private equity liquidity as tariffs freeze exits
AlpInvest Partners, the private markets investment arm of The Carlyle Group, closed its second portfolio finance fund at approximately $4bn, underscoring the growing importance of liquidity solutions.
The AlpInvest Strategic Portfolio Finance Fund II secured $3.2bn in capital commitments, alongside senior lending mandates and co-investment capital.
The fund offers net asset value (NAV)-based and asset-backed financing solutions tailored for private equity funds, general partners, and limited partners. It also targets credit secondaries, broadening its appeal to institutional investors in need of portfolio-level liquidity.
The fundraise comes just as newly imposed tariffs by President Donald Trump spark further volatility across financial markets. With IPO activity stalling and exit strategies delayed, private equity sponsors are increasingly turning to structured finance solutions to maintain momentum and support maturing portfolio companies.
To date, AlpInvest has already deployed capital across 10 investments from the fund, supporting a range of transactions including GP commitment financings, private equity and private credit fund support, and LP portfolio recapitalisations.
Part of Carlyle’s expansive platform, AlpInvest now manages more than $85bn in assets across primary fund commitments, secondaries, co-investments, and portfolio finance strategies. The latest close reinforces the pivotal role private equity-backed lenders are playing in helping sponsors adapt to a rapidly evolving exit environment.