Investor Profile: AlpInvest Partners — Thesis, Cheque Size & How to Apply

AlpInvest Partners funding works differently from a conventional venture fund: the firm invests in private equity funds, buys secondary positions and co-invests beside fund managers, rather than leading seed rounds in startups. Founded in 1999 and a subsidiary of The Carlyle Group since 2011, AlpInvest describes itself as one of the world's largest private equity investors. Its own homepage reports $112 billion in assets under management, more than 120 investment professionals and more than 370 general partner relationships.

Investment thesis

AlpInvest builds private equity portfolios on a global scale for institutional investors. It operates through three core teams: primary fund investments, secondary and portfolio finance investments, and co-investments. The thesis is breadth plus selection: use decades of manager relationships and data to choose funds and deals across strategies, then diversify the resulting portfolio across geographies and sectors.

Sectors and stages

AlpInvest's strategies span large buyout, middle-market buyout, private credit, venture capital, growth capital, mezzanine, distressed and energy investments, including sustainable energy. Its co-investment arm invests alongside high-quality general partners in private equity buyouts and growth capital deals globally. Its secondary arm buys limited partner interests in private equity and private credit funds, and its portfolio finance arm provides financings for private equity funds, limited partner interests and general partners.

Fund size and cheque size

AlpInvest reports $112 billion in assets under management on its homepage, with more than 370 current general partner relationships. Its ninth co-investment fund, AlpInvest Co-Investment Fund IX (ACF IX), raised $4.1 billion, above its predecessor's $3.5 billion close in 2021, from more than 185 global investors. No standard cheque size for individual companies is publicly disclosed: co-investment amounts are set deal by deal alongside the lead general partner, and primary commitments go to funds, not to startups directly.

Notable portfolio

AlpInvest does not publish a company-level venture portfolio, because its portfolio is funds and co-investments rather than direct startup stakes. Publicly reported examples of its work include the Eldridge Diversified Credit Platform and its first fund EDCF I, a tailored managed fund solution built with Eldridge, and its evergreen multi-manager strategies Carlyle AlpInvest Private Markets (CAPM) and Carlyle AlpInvest Private Markets Secondaries (CAPS). Over 25 years the firm reports more than $19 billion committed across more than 400 equity co-investments.

Partners and team

Ruulke Bagijn is Global Head of Carlyle AlpInvest. Richard Dunne and Roberto Torrini are Co-Heads of Co-Investments, and Justin Karp is a Managing Director involved in its credit platform work. The firm employs more than 290 people across New York, Amsterdam, Hong Kong, London and Singapore, with a 37-person co-investment team across New York, Amsterdam and Hong Kong.

Programmes, credits and perks

No public programme found for founders: AlpInvest runs no accelerator, startup credits scheme or perks programme. Its structured offerings, including CAPM and CAPS, are evergreen investment vehicles for wealth and institutional investors, not founder support.

How to apply for funding

AlpInvest publishes no open application form for founders and does not accept direct startup pitches. Fund managers pitch their funds to AlpInvest's primary team, and companies reach its co-investment team through the general partner leading their round. Founders seeking AlpInvest-backed capital should therefore target venture and buyout firms in its network and ask their lead investor about co-investment appetite. Institutional investors can approach the firm through its website at alpinvest.com.