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Ropes & Gray Advises AlpInvest Partners on Fundraising for Seventh Secondaries Program, Reaching Hard Cap of $9 Billion

Practices: Asset Management, Private Funds, Secondary Transactions, Sponsor Representation, Tax, ERISA

Ropes & Gray advised AlpInvest Partners, The Carlyle Group’s dedicated private equity primary fund, co-investment, and secondary solutions platform, in its $9 billion fundraise for AlpInvest Secondaries Program VII (“ASP VII”), in closed and reserved commitments. ASP VII’s final close was announced today, Dec. 16, closing with an additional $1.2 billion in committed co-investment vehicles. ASP VII exceeds its $8 billion target and reached its hard cap.

ASP VII is a dedicated secondaries investment program that will seek to acquire positions in existing private equity funds in the secondaries market through both the acquisition of fund interests and GP-centered investments. More than 170 new and existing investors committed capital to ASP VII, including sovereign wealth 

The Ropes & Gray team advising AlpInvest on ASP VII was led by asset management partners Lindsey Goldstein and Marc Biamonte. The team also included tax partner Adam Greenwood, ERISA partner Josh Lichtenstein, asset management counsel Nicole Krea, asset management associates Carlos Hanco Jr., Chidi Oteh, Casey White, Shudan Shen, April Herleikson, Tim Parrington, Jay Yi, and tax associates Brandon Dunn and Hudson Todd.

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