Footnotes/references +US$85 billion in capital since inception [5]
AlpInvest Partners is a global private equityasset manager with over $85 billion of assets under management as of December 31, 2024. The firm invests on behalf of more than 500 institutional investors from North America, Asia, Europe, South America and Africa.
As of the end of 2024, the firm had invested in more than 800 private equity funds managed by more than 350 private equity firms. According to the PEI 300, AlpInvest ranked among the 50 largest private equity firms globally.[6]
Since 2011, AlpInvest has operated as a subsidiary of The Carlyle Group, a global private equity firm. Prior to 2011, AlpInvest has been owned through a joint venture of its two clients, the Dutch pension funds (ABP and PFZW).
With over $85 billion of funds under management, AlpInvest is one of the largest investors in the private equity asset class globally.[7][8][9] AlpInvest pursues investment opportunities across the entire spectrum of private equity including: large buyout, middle-market buyout, venture capital, growth capital, mezzanine, distressed and sustainable energy investments. AlpInvest also invests across the range of private equity investment channels:
AlpInvest will invest with these firms either by making commitments to new investment funds or by purchasing funds through the private equity secondary market. AlpInvest is one of the largest private equity fund investors and is also among the largest and most active and experienced investors in private equity secondaries.
AlpInvest also invests directly alongside some of the largest private equity investors through an active co-investment program and will make mezzanine debt investments into companies owned by financial sponsors.[11]
Following this spin-off of its European middle market leveraged buyout platform, which was subsequently renamed Taros Capital[12] AlpInvest, by itself, no longer makes control investments directly in privately held companies, but rather invests alongside selected private equity managers.
History
The logo used by AlpInvest from 2004 through 2019The logo used by Alpinvest N.V., a publicly quoted investment vehicle and predecessor of AlpInvest PartnersThe logo used by NIB Capital Private Equity, the direct predecessor of AlpInvest Partners
AlpInvest as it is currently known, was established in 1999 as an initiative by its two sponsors, the Dutch pension funds ABP and PFZW (then PGGM), to create an independent and professional manager for their private equity allocations.[13]
AlpInvest's predecessor, NIB Capital Private Equity, originally operated as one integrated investment firm with distinct teams focusing on fund investments as well as lead buyout investments in mid-sized companies located in the Benelux and Germany. As the firm evolved, AlpInvest shifted its focus toward an expansion of its investment management business.
Beginning in 2000, AlpInvest expanded its investment platform, by creating three dedicated investment teams to invest in funds managed by its core private equity managers or in leveraged buyouts alongside these managers. In 2002, AlpInvest launched its Secondaries strategy, which has emerged as one of the largest buyers of private equity assets in the secondaries market across LP interest secondaries, GP-led secondaries and portfolio financings.
Foundations and Predecessors
During the 1980s, Dutch pension funds ABP and PGGM independently established their own in-house private equity investment programs. These programs focused on investing primarily in private equity funds, laying the groundwork for their future role as major institutional investors in the asset class. In the early 1990s, Alpinvest Holding N.V. was founded as an evergreen investment fund to provide private equity and mezzanine capital to middle-market companies in the Benelux region and Germany. Stan Vermeulen was appointed CEO in 1993, and the firm gained prominence as a key investor in European private equity. By 1997, Alpinvest Holding N.V. began trading on the Amsterdam Stock Exchange on June 11, 1997. Major shareholders included the Dutch government and ABN AMRO Bank NV.
Creation of NIB Capital Private Equity. In 1999, ABP and PGGM sought to consolidate and expand their private equity investments, leading to the formation of NIB Capital Private Equity. The firm, initially led by Volkert Doeksen and Paul de Klerk, was created by integrating investment teams from NIB Bank NV and Parnib Holding NV. This initiative was designed to strengthen the pension funds' position in the private equity market.
In 2000, ABP and PGGM acquired Alpinvest Holding N.V. and merged it into Parnib Holding N.V. and NIB Capital Private Equity. This consolidation resulted in the creation of AlpInvest Partners, a dedicated private equity asset manager. The acquisition was a competitive process, with ABP and PGGM outbidding GIMV to gain full control.[14]
Following its formation, NIB Capital received its first investment mandate of €13 billion from ABP and PGGM, with €7 billion designated for new investments between 2000 and 2002. The remainder consisted of assuming management of existing private equity investments made by ABP, PGGM, and NIB Capital’s predecessors.
Early 2000s: International Expansion and New Investment Mandates. In 2001, AlpInvest expanded internationally by opening an office in New York, marking the firm’s entry into the North American market. By 2002, the firm had launched a dedicated secondary investment strategy with a €1 billion mandate, focusing on acquiring existing private equity fund interests.
In 2003, ABP and PGGM reaffirmed their commitment to AlpInvest by granting a €7 billion investment mandate covering primary fund investments, secondary investments, co-investments, and lead investments in the Benelux and German mid-market.
Transition from NIB Capital to AlpInvest Partners
AlpInvest's offices in Amsterdam
In 2004, NIB Capital Private Equity was spun out from ABP and PGGM and was renamed AlpInvest Partners. The pension funds, ABP and PGGM retained 100% ownership of AlpInvest until 2011.
Following the spinout, in 2005 the firm underwent strategic restructuring by spinning off its European middle-market buyout division, which was subsequently renamed Taros Capital.[12][15] That same year, ABP and PGGM sold their interests in NIB Capital Bank to JC Flowers.[16]
Expansion and Diversification during the 2000s. Now a semi-independent firm, in 2006, AlpInvest secured an €11 billion investment mandate from ABP and PGGM, covering the period from 2006 to 2008. This was one of the largest private equity mandates ever granted in the global market.[17] As part of this growth in assets under management, in 2006, AlpInvest expanded into Asia by opening its first office in Hong Kong. In 2008, the firm also strengthened its European presence by opening an office in London.[18]
AlpInvest continued its growth and further expanded its investment focus into private credit in 2007, further by securing a €2 billion mandate for global mezzanine debt transactions[19] and an additional €500 million for Cleantech investments covering 2007–2009.
Carlyle Group Acquisition and Institutional Growth
Press conference announcing the creation of a joint venture with The Carlyle Group.
In 2011, AlpInvest completed its spinout from its two Dutch pension clients through a management buyout completed by a strategic joint venture between AlpInvest management and The Carlyle Group. The transaction allowed AlpInvest to raise capital from new investors for the first time.[20][21][22]
By 2013, AlpInvest had successfully raised $4.2 billion for AlpInvest Secondaries Fund V.[23] Later that year, The Carlyle Group acquired the remaining 40% of AlpInvest, making it a fully owned subsidiary.[24] Carlyle's acquisition of the remaining stake in AlpInvest was part of formation of a new Solutions division that also encompassed the acquisition of Metropolitan Real Estate and Diversified Global Asset Management.[25]
In 2019, AlpInvest completed a strategy venture capital investment in the technology company Chronograph, which provides of portfolio monitoring and reporting solutions for institutional private capital investors. AlpInvest led the Series A round alongside Nasdaq[26]
AlpInvest continued to attract new investor commitments through a series of new investment funds, reinforcing its position as a leading private equity investor:
In 2017, the firm raised $6.5 billion for AlpInvest Secondaries Fund VI.[27]
In 2020, AlpInvest secured $9 billion for AlpInvest Secondaries Fund VII.[28]
In 2021, the firm raised $3.5 billion for AlpInvest Co-Investment Fund VIII.[29]
In 2022, AlpInvest also reportedly reorganized elements of its Secondaries business to focus on credit secondaries and portfolio finance.[30] AlpInvest further expanded into Portfolio Finance in 2024 with a $2 billion fund focused on credit oriented investments.[31] AlpInvest also completed a $1 billion securitization, known as a Collateralized fund obligation in 2024.[32]
Primary Fund Investments
AlpInvest is among the largest investors in private equity funds, globally, historically allocating as much as $2-3 billion per year to leveraged buyout (large-cap, middle-market, lower middle market), venture capital and special situations funds, among other strategies. AlpInvest maintains relationships with many of the leading managers in difficult to access segments of private equity. In many cases, AlpInvest is a strategic investor and tends to be among the largest investors in each fund in which it invests. AlpInvest's funds team is made up of more than 25 professionals based globally in Europe, North America and Asia.
As of the end of 2022, the firm had invested in more than 600 private equity funds managed by more than 325 private equity firms. According to the PEI 300, AlpInvest ranked among the 50 largest private equity firms globally.[33]
Secondary Investments
AlpInvest's secondary investments group focuses on acquiring existing portfolios of private equity assets. The firm operates as an independent investment group with a dedicated team, positioning itself as one of the largest and most active buyers in the private equity secondary market.[34]
AlpInvest engages in various types of secondary transactions, including purchases of limited partnership interests, spin-outs of captive private equity groups, stapled secondary transactions, securitizations, joint ventures, and secondary direct transactions. While many of its transactions remain confidential, several notable deals have been publicly disclosed.
AlpInvest's New York offices are based in One Vanderbilt
Early Transactions
A major early transaction in the secondary market was its role as a lead investor in the €1.5 billion divestiture of Deutsche Bank’s direct and co-investment private equity portfolio. The deal, which involved over 100 underlying companies, resulted in the spin-out of MidOcean Partners, establishing one of the largest secondary market transactions of its time.[35]
The firm joined forces with Lexington Partners to acquire a $1.2 billion portfolio from Dayton Power & Light, consisting of 46 private equity fund interests. At the time, this was among the largest private equity secondary transactions completed.[36] Around the same time, AlpInvest and AXA Private Equity acquired a cornerstone interest in West Private Equity, later renamed Lyceum Capital from WestLB, while also committing capital to Lyceum Capital's second fund.[37]
In an innovative move, AlpInvest collaborated with Swiss Re and Horizon 21 to structure a managed secondary fund-of-funds transaction. This deal involved leveraging a fund portfolio to optimize cash flow while maintaining investment exposure. AlpInvest and Swiss Re acted as key investors, while Horizon 21 managed the fund and UBS advised the seller.[38] Around the same period, the firm played a key role in securitization transactions, underwriting the equity of a $500 million vintage fund-of-funds, comprising approximately 40 private equity partnerships, in a joint venture with Swiss Re and Horizon 21.[39] Additionally, AlpInvest was a lead investor in the underwriting of an $800 million collateralized fund obligation securitization of 46 private equity fund interests held by Temasek, the Singaporean sovereign wealth fund in the first Astrea transaction.[40]
Another significant transaction involved partnering with Goldman Sachs Capital Partners and the Canada Pension Plan to acquire a $1.5 billion portfolio of 32 European companies managed by AAC Capital Partners, previously held by ABN AMRO.[41]
As part of the shifting landscape of private equity ownership following the implementation of the Volker Rule, AlpInvest was actively involved in the acquisition of private equity assets from various bank balance sheets. The firm partnered with Ridgemont Equity Partners, in an $800 million spinout if its private equity assets from Bank of America in 2012.[43] Similarly, AlpInvest acquired the cornerstone limited partnership interest in private equity funds managed by Pamlico Capital, valued at over $650 million, from Wells Fargo in 2014.[44] AlpInvest also led the $2 billion spin-off of One Equity Partners from JP Morgan. As part of the deal, AlpInvest and Lexington Partners acquired part of JP Morgan’s stake in One Equity, which then became an independent firm known as OEP Capital Advisors LP.[45] More recently, in 2023, AlpInvest led a consortium to acquire approximately $2 billion of private equity investments managed by Norwest Equity Partners from Wells Fargo. The transaction was part of Wells Fargo’s initiative to refocus on its core banking operations. The sale included stakes in Norwest Equity Partners and Norwest Mezzanine Partners.[46]
Beginning in the 2010s, AlpInvest emerged as one of the earliest players in the development of GP-led secondaries. In 2016, AlpInvest partnered with Lee Equity Partners to lead a milestone $1.2 billion secondary fund recapitalization transaction. The deal involved buying out investors in a 2008 fund managed by Lee Equity, which had been founded by legendary private equity investor Thomas H. Lee.[47] In 2021, AlpInvest led a $1.7 billion continuation fund for Audax Group, alongside Lexington Partners and Hamilton Lane. The transaction involved acquiring key assets from Audax Private Equity Fund IV and providing additional capital to support the continued growth of its portfolio companies.[48]
In 2023, AlpInvest partnered with Kinderhook Industries, a middle-market private equity firm, to lead a $1.3 billion continuation fund transaction. The deal involved recapitalizing nine portfolio companies while allowing existing investors to achieve liquidity and providing $300 million in unfunded capital for future growth.[49]
AlpInvest has been an active player in structured secondary market transactions with global financial institutions. Among these transactions, the firm has played a significant role in structuring and underwriting secondary funds for Manulife Investment Management. Manulife partnered with AlpInvest to complete a $1.7 billion managed fund transaction, purchasing a portfolio of private equity funds and co-investments primarily in middle-market buyouts in North America. The fund, called Manulife Private Equity Partners LP, was underwritten by AlpInvest and syndicated to investors, providing exposure to diversified private equity assets.[50] Building on this success, AlpInvest partnered with Manulife again in 2024 to form, Manulife Private Equity Partners II, at approximately $810 million. The managed fund structure was seeded through the secondary purchase of an existing portfolio of private equity fund interests and co-investments, selected by AlpInvest. The portfolio consists of fund stakes and co-investments in North American buyout funds with over 30 private equity managers.[51]
In a notable transaction, AlpInvest launched a $2.3 billion joint venture with Northwestern Mutual Capital, acquiring a large portfolio of private equity fund stakes while simultaneously supporting Northwestern Mutual’s co-investment program. The transaction represents a strategic approach that allows limited partners to capture liquidity from their private equity programs at a time when exit activity in the market has been slow. By structuring the deal , the arrangement enabled Northwestern Mutual to reallocate capital while maintaining exposure to high-quality private equity assets and underscored AlpInvest's ability to structure complex transactions that provide both liquidity and long-term strategic benefits.[52]
The firm has also been an active participant in major secondary transactions with financial institutions in Asia, including leading a managed fund transaction with Ping An Insurance to transfer a portfolio of buyout and growth stakes from North American and European managers into a new $850 million fund, alongside Montana Capital Partners.[53]
These transactions reflect AlpInvest’s role as a strategic secondary market player, facilitating large-scale liquidity solutions and capital formation for institutional investors seeking to optimize their private equity portfolios.
Portfolio Finance
AlpInvest has expanded its investment capabilities beyond traditional secondary transactions into the growing field of Portfolio Finance. This strategy provides credit-oriented liquidity solutions, including NAV lending, financings of private equity firm management companies, and capital solutions for portfolios of private equity fund LP interests. It also encompasses credit secondaries, purchases of portfolios of private credit assets.
The portfolio finance strategy formally launched in 2018 and has since grown into a key business segment within AlpInvest’s broader secondaries and private equity platform. In 2022, AlpInvest reorganized elements of its secondaries business to focus more on credit secondaries and portfolio finance. This strategic shift was driven by increasing demand for customized financing solutions in private equity markets.[54] The following year, AlpInvest launched a $2 billion fund dedicated to credit-oriented investments. The fund, AlpInvest Strategic Portfolio Finance Fund II, secured $947.8 million in commitments during its initial fundraising phase, with a final close expected in September 2024.[55] As part of its expansion, AlpInvest partnered with Mubadala Investment Company in 2024 to establish a portfolio senior fund financing platform. The initiative is designed to provide structured credit solutions to private equity funds worldwide, catering to the increasing need for liquidity and capital solutions in private markets. This partnership builds on Mubadala and AlpInvest’s long-standing relationship, reinforcing their commitment to fund-level lending solutions.[56]
By 2024, the firm had spearheaded approximately $4 billion in portfolio fund financing transactions, solidifying itself as an early leader in the sector.[57]
Further expanding its investment strategies, AlpInvest successfully closed a $1 billion Collateralized Fund Obligation (CFO) , marking the largest publicly rated GP-led CFO in the market to date.[58] AlpInvest continues to be a key player in the secondary market, executing large-scale transactions and offering liquidity solutions for investors globally.
Co-Investments
AlpInvest traditionally invests alongside leading financial sponsors in leveraged buyouts and growth capital transactions. Since its inception, the firm has participated in nearly 400 co-investment transactions representing over $18 billion of committed capital. The firm's dedicated co-investment team consists of more than 30 professionals, operating on a global basis.[59]
By 2007, AlpInvest had significantly expanded its co-investment portfolio, taking part in the buyouts of major corporations across various industries. Notable investments included the acquisitions of Alliance Boots, a British pharmaceutical and retail chain, alongside KKR,[68] and Dollar General, a leading discount retail chain, in a deal involving KKR and GS Capital Partners.[69] The firm also participated in the acquisition of Nuveen Investments, an investment management company, in a deal led by Madison Dearborn.[70]
AlpInvest remains an active participant in global co-investments, partnering with leading private equity firms to support leveraged buyouts and growth capital transactions across diverse industries. The firm continues to deploy significant capital alongside its financial sponsors, solidifying its position as a key co-investor in the private equity market. Since the firm's acquisition by Carlyle in 2011, AlpInvest has not publicly disclosed its investments.
In recent years, AlpInvest has entered into strategic partnerships to deploy co-investment capital on behalf of large institutional investors most notably creating a partnership with CalSTRS in 2018.[74]
ABP and PFZW collectively had assets of over $500 billion as of December 31, 2012 and are among the largest pension funds in the world.
Prior to 2011, AlpInvest had not historically solicited capital from other investors or institutions. Following its spinout from the Dutch pension funds, AlpInvest has been actively raising capital from institutional investors in North America, Europe, Asia, South America and Africa.
A leveraged buyout (LBO) is one company's acquisition of another company using a significant amount of borrowed money (leverage) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loans, along with the assets of the acquiring company. The use of debt, which normally has a lower cost of capital than equity, serves to reduce the overall cost of financing the acquisition. This is done at the risk of magnified cash flow losses should the acquisition perform poorly after the buyout.
Doughty Hanson & Co. is a British private equity fund manager focused on leveraged buyout and recapitalization transactions primarily of upper middle-market companies in Europe. The firm also invests opportunistically in European real estate and provides early-stage venture capital to technology companies.
The Carlyle Group Inc. is an American multinational company with operations in private equity, alternative asset management and financial services. As of 2023, the company had $426 billion of assets under management.
Private equity (PE) is stock in a private company that does not offer stock to the general public. In the field of finance, private equity is offered instead to specialized investment funds and limited partnerships that take an active role in the management and structuring of the companies. In casual usage, "private equity" can refer to these investment firms, rather than the companies in which they invest.
Goldman Sachs Asset Management Private Equity is the private equity arm of Goldman Sachs, focused on leveraged buyout and growth capital investments globally. The group, which is based in New York City, was founded in 1986.
In finance, the Private Equity Secondary Market refers to the buying and selling of pre-existing investor commitments to private equity and other alternative investment funds or the underlying private equity assets. Unlike public markets, private-equity interests lack an established trading exchange, making transfers more complex and labor-intensive.
A private equity firm or private equity company is an investment management company that provides financial backing and makes investments in the private equity of a startup or of an existing operating company with the end goal to make a profit on its investments. The target companies are generally privately owned entities, but on rare occasions a private equity firm may purchase the majority of a publicly listed company and delist the firm after the purchase.
Lexington Partners is one of the largest manager of secondary acquisition and co-Investment funds in the world, founded in 1994. Lexington manages approximately $55 billion of which an unprecedented $14 billion was committed to the firm's ninth fund, the largest dedicated secondaries pool of capital ever raised at the time.
Stichting Pensioenfonds Zorg en Welzijn (PFZW), is a Dutch pension fund for health care and welfare sector. It is the second largest pension fund in the Netherlands. PFZW uses the PGGM brand to market its asset management services.
Stichting Pensioenfonds ABP, frequently referred to as ABP, is the pension fund for government and education employees in the Netherlands. For the quarter ended 31 December 2014, ABP had 2.8 million participants and assets under management of €344 billion, making it the largest pension fund in the Netherlands and among the five largest pension funds in the world as of September 2016.
BC Partners LLP is a British international investment firm with over $40 billion of assets under management across private equity, credit and real estate in Europe and North America. Its global headquarters are in London. The firm invests across all industries. BC Partners was founded in 1986 and has offices in New York, Paris and Hamburg. Since inception, BC Partners has completed 113 private equity investments in companies with a total enterprise value of €145 billion.
The history of private equity, venture capital, and the development of these asset classes has occurred through a series of boom-and-bust cycles since the middle of the 20th century. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital experienced growth along parallel, although interrelated tracks.
Volkert Doeksen is a private equity investor and the founder of AlpInvest Partners. AlpInvest Partners is one of the largest global private equity investment managers, overseeing over €40 billion in assets under management. Today, he serves as managing partner and Chief Executive Officer of AlpInvest Partners which has offices in Amsterdam, Hong Kong and New York.
Private equity in the 2000s represents one of the major growth periods in the history of private equity and venture capital. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital expanded along parallel and interrelated tracks.
MidOcean Partners is a New York based alternative asset management firm that specializes in mid-sized private equity and alternative leveraged investments.
Pacific Equity Partners (PEP) is a private equity investment firm focusing on transactions in Australia and New Zealand. PEP invests across a range of industries and sectors, in turnaround and growth capital transactions. By 2023, The Australian Financial Review reported PEP to be Australia's largest private equity firm.
HarbourVest Partners is a private equity fund of funds and one of the largest private equity investment managers globally. The firm invests in all types of private equity funds, including venture capital and leveraged buyout funds, and also directly in operating companies.
Partners Group Holding AG is a Swiss-based global private equity firm with US$152 billion in assets under management in private equity, private infrastructure, private real estate and private debt.
Castle Harlan is a private equity firm based in New York City. The company focuses on buyouts and growth capital investments in middle-market companies across a range of industries. Founded in 1987, Castle Harlan invests in controlling interests in middle-market companies in North America and Europe, Australia and Southeast Asia through Castle Harlan Australian Mezzanine Partners.
Paul Capital is a private equity investment firm made up of a fund of funds, secondary investments and a healthcare direct investment business. The firm has more than 100 employees and manages more than $7 billion across its three distinct investment platforms.
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$85 billion (December 31, 2024) [1] 
