AlpInvest Commits to $3.2 Billion Fund Close with Ropes & Gray's Advice
Funding | Apr 21, 2025 | Ropes & Gray
Ropes & Gray, a prominent law firm, advised AlpInvest, a subsidiary of The Carlyle Group, on the successful closing of the AlpInvest Strategic Portfolio Finance Fund II at $3.2 billion. This milestone was made public through a press release issued on April 7. Alongside separate managed accounts and co-investments, the fund's size surpasses its initial target and significantly exceeds the precedent set by its predecessor, ASPF I. The transaction also involved multiple senior portfolio lending mandates and co-investments directed towards investment-grade portfolio financings, contributing to over $4 billion in newly raised capital across AlpInvest’s Portfolio Finance platform. The Ropes & Gray advisory team comprised partners from their asset management, tax, and finance sectors, including Lindsey Goldstein, Marc Biamonte, Joel Wattenbarger, Nicole Krea, Adam Greenwood, Dan Kolb, Patricia Lynch, and Patricia Teixeira.
Sectors
- Private Equity
- Asset Management
- Financial Services
Geography
- United States – Ropes & Gray is a U.S.-based law firm providing advisory services for this significant financial transaction.
- Global – AlpInvest, as a global private equity investor, operates with a far-reaching influence and is part of the multinational Carlyle Group.
Industry
- Private Equity – AlpInvest is a leading global private equity investor and a subsidiary of The Carlyle Group, operating prominently in this industry.
- Asset Management – Ropes & Gray’s involvement with partners specializing in asset management demonstrates the focus of the transaction within this industry.
- Financial Services – The transaction involving significant fund closing and management activities is aligned with the financial services industry.
Financials
- $3.2 billion – The closing amount of AlpInvest Strategic Portfolio Finance Fund II.
- $4 billion – The total new capital raised for AlpInvest’s Portfolio Finance platform.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| AlpInvest | Target | Company | A leading global private equity investor and a subsidiary of The Carlyle Group. |
| Ropes & Gray | Legal Advisor | Company | A prominent U.S.-based law firm advising AlpInvest on its fund close. |
| Carlyle Group | Parent Company | Company | A multinational private equity, alternative asset management, and financial services corporation, of which AlpInvest is a subsidiary. |
| Lindsey Goldstein | Asset Management Partner | Person | A partner at Ropes & Gray involved in advising on the fund close. |
| Marc Biamonte | Asset Management Partner | Person | A partner at Ropes & Gray advising AlpInvest. |
| Joel Wattenbarger | Asset Management Partner | Person | A partner at Ropes & Gray involved in the transaction. |
| Nicole Krea | Asset Management Partner | Person | A partner at Ropes & Gray contributing to the advisory team for AlpInvest. |
| Adam Greenwood | Tax Partner | Person | A tax partner at Ropes & Gray involved in the fund close. |
| Dan Kolb | Tax Partner | Person | A tax partner at Ropes & Gray advising on the transaction. |
| Patricia Lynch | Finance Partner | Person | A finance partner at Ropes & Gray assisting with the fund close. |
| Patricia Teixeira | Finance Partner | Person | A finance partner at Ropes & Gray involved in advising AlpInvest. |