Carlyle AlpInvest structured credit secondary transaction and provided significant new capital to launch the fund
November 25, 2025 – Investec Alternative Investment Management (“IAIM”), a subsidiary of Investec Bank plc (“Investec”), and Carlyle AlpInvest, a leading global private markets manager, today announced the successful launch of Investec’s inaugural European senior debt fund, Investec Senior Debt Fund I (“SDF I”, the “fund”), a private credit fund with approximately €400m of investable capital managed by the Investec Direct Lending team.
SDF I was established through an innovative credit secondary transaction, led by Carlyle AlpInvest, comprised of a secondary purchase of high-quality performing loans from Investec’s balance sheet to form a seed portfolio. In addition, Carlyle AlpInvest provided significant new capital which is available alongside this portfolio to invest in new direct lending investments.
SDF I is a close-ended, Luxembourg-based special limited partnership focused on providing traditional senior secured loans for European private equity and corporate backed businesses between €3m-€50m EBITDA primarily based in the UK, Ireland, Benelux, and DACH regions. The strategy is focused on lending to high quality growth-orientated companies in the lower mid-market – a segment which remains underserved by banks and fund managers. It partners with management teams and their financial sponsors supporting their strategic ambitions, whether organic or inorganic, to drive business growth.
SDF I is managed by Investec’s Direct Lending team consisting of over 50 investment professionals all with extensive experience in growth capital, leveraged finance and direct lending in the UK and Europe. The team has more than 15 years’ experience sourcing and managing private debt assets and has invested over €10 billion in private debt across more than 350 transactions over that period. The team has a strong track record of credit selection and delivering premium risk adjusted returns combined with de minimus losses.
The launch of the fund complements the 2021 launch of the €250m Private Debt Fund I (“PDF I”) – focused on stretched senior and unitranche direct lending solutions – and PDF II which is forecast to have its final close in January, with a target of €500m.
Investec intends to significantly expand its alternative investment activities across the private credit spectrum providing investors access to its significant sourcing capabilities. In addition to Direct Lending, Investec’s private credit activities include Fund Solutions, Energy and Infrastructure, Aviation and Real Estate.
Investec’s Head of Direct Lending and IAIM, Callum Bell commented:
“The launch of this senior loan fund marks an important milestone for our alternatives platform, and we are delighted to have partnered with Carlyle AlpInvest. It enables us to showcase the full breadth of the team’s sourcing and underwriting capabilities across the European private debt market.
“We are actively and strategically growing into new adjacencies to strengthen our platform and to offer investors access to tailored risk-reward profiles across our sourcing spectrum. This new fund represents an exciting step forward as we pursue our growth ambitions over the next five years.”
Carlyle AlpInvest’s Mike Hacker, Partner and Global Head of Portfolio Finance, commented:
“This transaction highlights the strong momentum within Investec’s direct lending franchise and the depth of its relationships with leading sponsors. AlpInvest has a long history of partnering with leading financial institutions to provide solutions as they scale and broaden their asset-management capabilities, and this collaboration with Investec is a natural extension of that strategy. Our involvement in establishing SDF I underscores our commitment to building differentiated partnerships with high-quality credit managers. We’re excited to support Investec as it expands its senior lending platform and to further strengthen AlpInvest’s position as a partner of choice for private credit managers.”
The transaction was advised by Ely Place Partners, with legal advice from Travers Smith and K&E representing Investec and Carlyle AlpInvest respectively.
Ends
For further information, please contact:
Charles Clarke charles.clarke@investec.com
+44 (0)750 394 0139
Kristen Ashton kristen.ashton@carlyle.com
+1 (646) 4774164
Nicholas Brown nicholas.brown@carlyle.com
+44 7471 037 002
Notes to editors
This press release is issued on behalf of Investec Bank plc. Investec Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 172330. Registered in England and Wales (No. 489604). Registered office at 30 Gresham Street, London EC2V 7QP. Member of the London Stock Exchange.
About Investec
Investec Bank plc (‘IBP’) is the banking subsidiary of Investec plc. Investec plc is a FTSE-250 listed company which holds the majority of Investec Group’s non-Southern African businesses under a dual listed company structure. IBP partners with private, institutional and corporate clients, offering banking and investment services in the UK, Europe and US, Continental Europe, Channel Island, India, Switzerland and Ireland.
IBP also offers wealth management services through its strategic partnership with Rathbones Group. IBP has operated in the UK since 1992.
As part of the Investec Group, IBP is a purpose-driven organisation, dedicated to its core purpose of creating enduring worth. This means we will always strive to create long-term value for all stakeholders and contribute meaningfully to people, communities and the planet.
Further information can be found at www.investec.com.
About Carlyle AlpInvest
Carlyle AlpInvest is a leading global private equity investor with $102 billion of assets under management and more than 700 investors as of September 30, 2025. It has invested with over 370 private equity managers and committed over $111 billion across primary commitments to private equity funds, secondary transactions, portfolio financings, and co-investments. AlpInvest employs more than 290 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlylealpinvest.com.
