Transaction Marks the Second Carlyle AlpInvest CFO in 10 months
Offering Follows $1 Billion CFO Completed in October 2024
New York, NY – August 7, 2025 – Carlyle AlpInvest, a leading global private equity investor, today announced the closing of its second Collateralized Fund Obligation (“CFO”) offering, totaling $1.25 billion. The transaction marks Carlyle AlpInvest’s third securitization transaction and the largest publicly rated GP-led CFO to date.
Building on the success of Carlyle AlpInvest’s $1 billion CFO completed in October 2024, this latest offering demonstrates sustained investor demand for innovative, structured access to diversified private equity exposure. With $2.25 billion in aggregate issuance across the two transactions, Carlyle AlpInvest continues to scale its capabilities in securitization, structured products and portfolio finance to meet the growing appetite for private market solutions tailored for insurance companies and other institutional investors.
Consistent with its predecessor, Carlyle AlpInvest’s latest CFO was designed to offer access to diversified private equity investment content across strategies, geographies, and vintages. The underlying portfolio includes broadly diversified exposure across Carlyle AlpInvest’s flagship private equity secondaries, portfolio finance, and co-investment strategies. A broad range of institutional investors, including insurance companies, asset managers, banks and family offices, participated in the CFO.
Michael Hacker, Partner and Global Head of Portfolio Finance at Carlyle AlpInvest, emphasized, “This CFO transaction is another milestone for Carlyle AlpInvest that showcases the convergence of our core capabilities: our ability to originate compelling private market portfolios through our secondaries and portfolio finance platform, and our expertise in providing structured solutions that can also meet growing demand for capital-efficient exposure to private markets.”
Matthew Romanczuk, Managing Director at Carlyle AlpInvest added, “The reception to the CFO validates our thesis that certain institutional investors increasingly value structured exposure to diversified private equity portfolios with high-quality underwriting, operational transparency, and attractive risk-adjusted return potential.”
Carlyle AlpInvest recently raised over $4 billion for its Portfolio Finance platform, which delivers tailored financing solutions to private equity funds, general partners, and limited partners. Of this total, $3.2 billion was raised for AlpInvest Strategic Portfolio Finance Fund II (“ASPF II”), inclusive of parallel SMAs and co-investments.
Evercore served as lead bookrunner, lead structuring agent and joint placement agent for the transaction. TCG Securities and Wells Fargo Securities, LLC acted as co-structuring agent, joint placement agent and co-manager, and Ropes & Gray LLP served as legal advisor to Carlyle AlpInvest.
About Carlyle AlpInvest
Carlyle AlpInvest is a leading global private equity investor with $97 billion of assets under management and more than 600 investors as of June 30, 2025. It has invested with over 380 private equity managers and committed over $100 billion across primary commitments to private equity funds, secondary transactions, portfolio financings, and co-investments. AlpInvest employs more than 230 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlylealpinvest.com.
Media Contacts
Kristen Ashton
+1 212-813-4763
Isabelle Jeffrey
+1 (212) 332-6394
Isabelle.Jeffrey@carlyle.com
