Carlyle AlpInvest Raised $20 Billion for Secondaries

Ropes & Gray advised Carlyle AlpInvest, a leading global private equity investor, in successfully raising $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. The transaction was announced in a Sept. 4 press release.  

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.

The Ropes & Gray team included asset management partners Lindsey Goldstein, Marc Biamonte, Joel Wattenbarger and Nicole Krea, tax partners Adam Greenwood and Brandon Dunn, and ERISA and benefits partner Joshua Lichtenstein.