AlpInvest Partners is a global private equity asset manager with over $85 billion of committed capital since inception as of December 31, 2022. The firm invests on behalf of more than 450 institutional investors from North America, Asia, Europe, South America and Africa.

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AlpInvest Partners

Company type	Subsidiary
Industry	Private Equity
Predecessor	NIB Capital
Founded	1999; 25 years ago (1999)
Headquarters	New York, New York Amsterdam, Netherlands London Hong Kong San Francisco, California Indianapolis, Indiana Tokyo
Products	Fund investments, Secondaries, Co-Investments, Alternative Credit
Total assets	$63 billion (December 31, 2022)[1]
Number of employees	180 (2020) [2]
Parent	The Carlyle Group
Website	www.AlpInvest.com
Footnotes / references +US$85 billion in capital since inception [3]

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AlpInvest operates three investment teams focused on private equity: Primary Fund Investments, Secondary and Portfolio Finance investments and Co-Investments.

AlpInvest pursues investment opportunities across the entire spectrum of private equity including: large buyout, middle-market buyout, private credit, venture capital, growth capital, mezzanine, distressed and energy investments, including sustainable energy investments.

As of the end of 2022, the firm had invested in more than 600 private equity funds managed by more than 325 private equity firms. According to the PEI 300, AlpInvest ranked among the 50 largest private equity firms globally.^[4]

Since 2011, AlpInvest has operated as a subsidiary of The Carlyle Group, a global private equity firm. Prior to 2011, AlpInvest has been owned through a joint venture of its two clients, the Dutch pension funds (ABP and PFZW).

Founded in 1999, AlpInvest has offices in New York, Amsterdam, London, Hong Kong, San Francisco, Indianapolis, Singapore and Tokyo with over 100 investment professionals and over 175 employees.

With over $55 billion of funds under management, AlpInvest is one of the largest investors in the private equity asset class globally.^[5][6][7] AlpInvest pursues investment opportunities across the entire spectrum of private equity including: large buyout, middle-market buyout, venture capital, growth capital, mezzanine, distressed and sustainable energy investments. AlpInvest also invests across the range of private equity investment channels:

• Primary fund investments
• Secondary investments
• Co-investments

AlpInvest invests primarily in private equity limited partnerships and effectively acts as a fund investor, making commitments to private equity funds globally. Among the most notable firms with which AlpInvest is invested include: Kohlberg Kravis Roberts, Blackstone Group, Providence Equity Partners and TPG Capital as well as many of the leading middle-market private equity firms and venture capital firms.^[8]

AlpInvest will invest with these firms either by making commitments to new investment funds or by purchasing funds through the private equity secondary market. AlpInvest is one of the largest private equity fund investors and is also among the largest and most active and experienced investors in private equity secondaries.

AlpInvest also invests directly alongside some of the largest private equity investors through an active co-investment program and will make mezzanine debt investments into companies owned by financial sponsors.^[9]

Following this spin-off of its European middle market leveraged buyout platform, which was subsequently renamed Taros Capital^[10] AlpInvest, by itself, no longer makes control investments directly in privately held companies, but rather invests alongside selected private equity managers.

AlpInvest as it is currently known, was established in 1999 as an initiative by its two sponsors, the Dutch pension funds ABP and PFZW (then PGGM), to create an independent and professional manager for their private equity allocations.^[11]

AlpInvest's predecessor, NIB Capital Private Equity, originally operated as one integrated investment firm with distinct teams focusing on fund investments as well as lead buyout investments in mid-sized companies located in the Benelux and Germany. As the firm evolved, AlpInvest shifted its focus toward an expansion of its investment management business.

In 2000, AlpInvest expanded its investment platform, by creating a dedicated equity co-investment team^[specify] to invest in transactions alongside its core private equity managers. The following year, in 2001, the firm began a formal effort to make mezzanine investments. A year later, in 2002, AlpInvest launched a secondary investment platform, which has emerged as one of the largest buyers of private equity assets in the secondaries market.^{[citation needed]}

This section does not cite any sources. (February 2016)

AlpInvest is among the largest investors in private equity funds, globally, historically allocating as much as €4 billion per year to leveraged buyout (large-cap, middle-market, lower middle market), venture capital and special situations funds, among other strategies. AlpInvest maintains relationships with many of the leading managers in difficult to access segments of private equity. In many cases, AlpInvest is a strategic investor and tends to be among the largest investors in each fund in which it invests. AlpInvest's funds team is made up of more than 25 professionals based globally in Europe, North America and Asia.

AlpInvest's secondary investments group focuses on the purchase of existing portfolios of private equity assets.

In the secondary market, AlpInvest operates as an independent investment group with a large dedicated team, comparable to other secondary firms and is one of the largest buyers of private equity assets in the secondaries market.^[33] AlpInvest's secondary investments include purchases of limited partnership interests, spin-outs of captive private equity groups, stapled secondary transactions, securitizations, joint ventures and secondary direct transactions.

Although most secondary transactions are kept confidential, the following transactions have been disclosed:^[34]

AlpInvest traditionally invests alongside leading financial sponsors in leveraged buyouts and growth capital transactions. Since inception, AlpInvest has invested more than €3 billion in over 100 transactions and is among the most active co-investors in private equity transactions.^{[citation needed]} The firm's dedicated co-investment team is made up of more than 25 professionals across its equity and mezzanine products operating in Europe, North America and Asia.

The following is a list of selected notable companies that AlpInvest has invested in alongside other private equity general partners, either as an equity co-investor or as a mezzanine debt provider:

Source: AlpInvest website^[82]

AlpInvest's primary beneficiaries are the 4.8 million participants in the pension funds Stichting Pensioenfonds ABP (ABP) and Stichting Pensioenfonds Zorg en Welzijn (PFZW, formerly PGGM), both based in the Netherlands.

ABP and PFZW collectively had assets of over $500 billion as of December 31, 2012 and are among the largest pension funds in the world.

Prior to 2011, AlpInvest had not historically solicited capital from other investors or institutions. Following its spinout from the Dutch pension funds, AlpInvest has been actively raising capital from institutional investors in North America, Europe, Asia, South America and Africa.

Among AlpInvest's most notable U.S. clients are Municipal Employees' Retirement System of Michigan (MERS)^[83] and Indiana Public Retirement System (INPRS).^[84][85]