Carlyle AlpInvest Private Markets Fund

February 5, 2026 Share

The private equity market offers both breadth and depth beyond what is available in public markets. There are over 140,000 private companies generating over $100 million in revenue compared to just 19,000 public equivalents. This imbalance is widening as companies increasingly choose to stay private longer, seeking to avoid public market scrutiny and benefit from the more flexible capital structures available in private markets.

Private equity has consistently outperformed public markets over long time horizons. Within private equity, secondary and co-investment strategies offer potentially attractive returns while mitigating the challenge of private equity’s traditional J-curve. Against a backdrop of more constrained fundraising and volatility in public markets, managers like Carlyle AlpInvest are also increasingly able to acquire high-quality assets at discounts to NAV, enhancing forward return potential.

AlpInvest was founded in 2000 and acquired by Carlyle in 2011. Carlyle AlpInvest is a global private equity platform known for its specialization across secondaries, co-investments, and primaries. The team includes over 90 professionals across offices in New York, Amsterdam, and Hong Kong, with an average of 18 years of private equity experience. As of November 2025, Carlyle AlpInvest manages over $102 billion, with longstanding relationships with more than 375 private equity firms globally.

Carlyle AlpInvest Private Markets Fund (CAPM) pursues LP secondary, GP-led secondary, and direct co-investment transactions in the U.S. and Western Europe. The Fund focuses on lower and middle-market buyout investments alongside top-quartile private equity sponsors. Approximately 98% of the portfolio is invested in buyout strategies, with sector exposure primarily concentrated in industrials, healthcare, technology, consumer, and financials.

Over the years, Carlyle AlpInvest has established long-standing relationships with over 375 global private equity firms. These relationships provide visibility into deal pipelines and result in priority allocations and differentiated access to both GP-led secondaries and direct co-investments. This sourcing advantage, paired with the firm’s strict underwriting discipline, supports high-conviction single company positions that can offer higher return potential. As of November 2025, over 56% of CAPM’s portfolio was invested in single name GP-led secondaries and direct co-investments.