Carlyle’s AlpInvest raises $ 3.5 billion for eighth co-investment fund
(Reuters) – AlpInvest Partners of buyout firm Carlyle Group Inc said on Thursday it had raised $ 3.5 billion for its eighth fund dedicated to investing in businesses alongside private equity firms.
Fundraising highlights popularity of so-called co-investments, which allow investors to buy stakes in specific companies at the invitation of private equity firms on more favorable pay terms than their buyout funds generals. They also allow private equity firms to pursue larger acquisitions.
The new fund, AlpInvest Co-Investment Fund VIII, exceeded its initial target of $ 3 billion. Much like its predecessors, the fund will invest alongside private equity firms in consumer, industrial, healthcare, technology, financial and business services companies, primarily in North America, Europe and Asia, Richard Dunne, co-head of co-investments at AlpInvest, said in an interview.
“We are looking to find high quality investment opportunities where we partner with a senior general partner whom we know very well to execute the investment thesis for this transaction,” said Dunne.
AlpInvest has raised over $ 12 billion for its co-investment funds, which have made around 280 acquisitions since the company was founded in 2000. It has $ 55 billion in assets under management.
Report by Chibuike Oguh in New York; Edited by Cynthia Osterman