Fundraising

Market volatility only tells part of the story of the GP-led market’s domination in the first six months of the year, with fundraising and expansion into new asset classes also driving growth.

The firm’s seventh flagship is about twice the size of its previous vehicle and took half as long to raise.

Carlyle increasingly views AlpInvest as more of corporate finance business than a standalone secondaries unit, chief executive Harvey Schwartz said on the firm’s Q2 2026 earnings call.

The Switzerland-headquartered manager will seek to invest in LP-led, GP-led and opportunistic deals with an emphasis on senior lending, Secondaries Investor understands.

The Chicago-based firm’s $2.7bn Fund 8, raised as part of a $5bn secondaries programme, seeks a 50/50 split for LP-led and GP-led deployment, with a focus on North America and Europe.

Secondaries-focused fundraising totals represented just 4% of private real estate fundraising in 2025, but the strategy continues to attract capital commitments.

Strategic Partners Fund X is the secondaries market’s second-largest active fundraise by target, seeking $22.5bn, Secondaries Investor data shows.

Ohio’s $23.4bn public school employees’ pension is the latest LP to invest in the fund, committing $50m.

The capital comprises $1.7bn for a fund – exceeding a $750m – as well as $3.8bn raised in bespoke mandates.

The multi-manager has already deployed $1bn out of its latest secondaries fund and related vehicles, with an early emphasis on data centre investments.