Carlyle AlpInvest Announces Landmark $1.25 Billion CFO
Deal News | Aug 07, 2025 | The Carlyle Group
Carlyle AlpInvest has successfully closed its second Collateralized Fund Obligation (CFO), raising $1.25 billion and marking the largest publicly rated GP-led CFO to date. This follows another successful $1 billion CFO offering completed in October 2024. Over two transactions, Carlyle AlpInvest has issued $2.25 billion, further establishing its reputation for innovation in private equity financing and structured products. The offerings cater to institutional investors such as insurance companies and asset managers, providing them access to diversified private equity portfolios. This move strengthens Carlyle AlpInvest’s strategic capabilities in portfolio finance, demonstrated by its recent $4 billion fundraising for its Portfolio Finance platform. Evercore, TCG Securities, Wells Fargo Securities, and Ropes & Gray played critical roles in structuring and legal advising for the transaction.
Sectors
- Private Equity
- Financial Services
Geography
- United States – Carlyle AlpInvest is based in New York, and the financial activities discussed predominantly involve institutions in the United States.
- Global – Carlyle AlpInvest operates worldwide with offices in New York, Amsterdam, Hong Kong, London, and Singapore, reflecting its global business activities.
Industry
- Private Equity – The article revolves around Carlyle AlpInvest's strategic maneuvers within private equity through structured financial transactions.
- Financial Services – The issuance of a Collateralized Fund Obligation (CFO) and portfolio financing are key financial services activities discussed in the article.
Financials
- $1.25 Billion – The amount raised in Carlyle AlpInvest's second Collateralized Fund Obligation (CFO) offering.
- $2.25 Billion – The total amount issued across Carlyle AlpInvest's two recent CFO transactions.
- $4 Billion – The total raised by Carlyle AlpInvest for its Portfolio Finance platform.
- $97 Billion – Carlyle AlpInvest's assets under management as of June 30, 2025.
- $3.2 Billion – Raised for AlpInvest Strategic Portfolio Finance Fund II.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Carlyle AlpInvest | Target Company | Company | A leading global private equity investor responsible for the $1.25 billion CFO. |
| Evercore | Lead Bookrunner & Structuring Agent | Company | Acted as the lead structuring agent and joint placement agent for the CFO transaction. |
| TCG Securities | Co-Structuring Agent & Joint Placement Agent | Company | Assisted in structuring and managing the sale of the CFO. |
| Wells Fargo Securities, LLC | Co-Structuring Agent & Co-Manager | Company | Contributed to structuring and management of the CFO. |
| Ropes & Gray LLP | Legal Advisor | Company | Provided legal advice to Carlyle AlpInvest for the transaction. |
| Michael Hacker | Partner and Global Head of Portfolio Finance | Person | An influential figure in the development and issuance of the CFO. |
| Matthew Romanczuk | Managing Director | Person | Provided commentary on the strategy and market reception of the CFO. |