Carlyle acquires AlpInvest in first foray into FoF world
After nearly six months of speculation about who would acquire global fund of funds investor AlpInvest – until now held by two Dutch pension funds – the Carlyle Group has been announced as the chosen buyer, marking the PE giant’s first foray into the LP side of private equity.
Pending regulatory approval, Carlyle's acquisition would be completed as of March. The valuation of the deal has not been disclosed, though sources suggest Carlyle may have paid hundreds of million of dollars for AlpInvest. AlpInvest is currently owned by two of the largest pension funds in the Netherlands, APG and PGGM, and claims $43.3 billion worth of private equity funds under management. Comparatively, Carlyle oversees $97.7 billion across 76 funds.
In an effort to avoid a conflict of interest situation, the companies affirmed that AlpInvest will be barred from investing in Carlyle's funds and will maintain an "information firewall with Carlyle" that prohibits the firm from sharing information garnered from its investees. When the deal closes, AlpInvest and Carlyle anticipate an equal number of members from each firm to sit on AlpInvest's board.
APG and PGGM announced their intention to offload 12-year-old AlpInvest in the middle of last year, with HarbourVest, Grosvenor Capital Management and Carlyle emerging as the leaders of the auction by October.
More on GPs
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.