Carlyle Launches CAPS Fund with Travers Smith as Advisor
Deal News | Jul 16, 2025 | Travers Smith
Travers Smith LLP played a vital advisory role in the successful launch of Carlyle AlpInvest Private Markets Secondaries (CAPS). CAPS, the latest offering under the Carlyle AlpInvest platform, is particularly aimed at private wealth clients, marking the second fund in this series. The fund has been developed in collaboration with UBS's Unified Global Alternatives business and aims to foster a high-quality and diversified secondary investment portfolio. This portfolio is primarily focused on sectors such as leveraged buyouts, growth capital, and special opportunity fund interests. Spearheading the legal advisory team from Travers Smith was Funds Partner and Head of Asset Management, Will Normand, with additional counsel from a team including Senior Counsel Rachael Potts and Associates Katie Bench and Peter Eaton, supported by Senior Associate Sarah Roman and Associate Darius Meehan for tax matters. Will Normand praised the engagement, indicating Carlyle's strategic intent in capital raising from private wealth channels and underscoring Travers Smith's expertise in asset management and fund structuring. The collaboration highlights the company's leading position in fund distribution and capital raising advisory services for private wealth.
Sectors
- Private Equity
- Law and Advisory Services
- Financial Services
Geography
- United Kingdom – Travers Smith LLP, the advisor on this transaction, is based in the UK.
- Global – Carlyle's CAPS fund is designed for global investment opportunities and was launched in collaboration with UBS, a global financial services firm.
Industry
- Private Equity – The article discusses Carlyle's launch of a new fund, CAPS, which is part of its private equity strategies targeting secondary investments.
- Law and Advisory Services – Travers Smith provided legal and advisory services for the launch of the Carlyle fund, highlighting their role in structuring and distribution.
- Financial Services – The collaboration with UBS's Unified Global Alternatives business and the focus on private wealth and secondary markets pertains to the financial services industry.
Financials
- Not specified – The article does not disclose financial metrics such as the fund size or fundraising target for CAPS.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Travers Smith LLP | Legal Advisor | Companies | Travers Smith advised Carlyle on the launch of CAPS, providing legal and structuring services. |
| Carlyle | Fund Manager | Companies | Carlyle launched the CAPS fund aimed at private wealth clients under the Carlyle AlpInvest platform. |
| UBS | Collaborator | Companies | UBS collaborated on the launch of CAPS through its Unified Global Alternatives business. |
| Will Normand | Funds Partner and Head of Asset Management | People | He led the Travers Smith advisory team on the CAPS fund launch. |
| Rachael Potts | Senior Counsel | People | Supported the legal advisory team for the CAPS fund launch. |
| Katie Bench | Associate | People | Provided legal support in the advisory team for the CAPS launch. |
| Peter Eaton | Associate | People | Part of the legal team assisting with the CAPS launch. |
| Sarah Roman | Senior Associate | People | Provided tax advisory services on the CAPS fund launch. |
| Darius Meehan | Associate | People | Assisted with tax advisory services for the CAPS launch. |