Fund database › Private Equity
Carlyle / AlpInvest Partners · LU2837778047
SICAV Private Equity Luxembourg Secondaries Co-Investments Primaries / Target Funds
We do not yet have a NAV series for this fund. Semi-liquid funds often publish their unit prices only monthly or quarterly — and not always publicly.
These come from the factsheet, the PRIIPs KID or the monthly report. They may relate to a different reference date, a different share class or a longer period than the series above — the series starts with the first documented unit price, not necessarily with the launch. That is why the values sometimes differ.
| Performance 12M · as at 31 Oct 2025 | 16.00% |
| Since launch p.a. · as at 31 Oct 2025 | 37.80% |
Target return per the provider: '12-15% Target Net Return'. KID class A1 (10 years, after costs): unfavourable 10.0 % p.a. (USD 25,860), moderate 13.1 % p.a. (USD 34,230), favourable 15.4 % p.a. (USD 41,780)
Provider figure or KID scenario — not a forecast by semiliquid.info. Target returns are not guaranteed.
What the fund does and how the portfolio is put together.
Risk indicator 6 of 7 from the key information document (1 = low, 7 = high); it captures liquidity risks only to a limited extent.
Portfolio breakdown
Broken down using semiliquid’s common taxonomy — provider labels are mapped onto shared categories so that funds can be compared. Only published figures are used; nothing is estimated.
Strategy
Company size
Vintage
The basis is the PRIIPs KID of the share class we track — which makes it comparable across providers.
| Management fee | 1.25% |
| Total ongoing costs | 2.60% |
| Entry charge max. | 0.00% |
| Redemption fee | 2.00% |
| Performance fee | 10.00% |
| Hurdle rate | 0.00% |
| High-water mark | no |
Median across 31 funds in this asset class in our database, based on the PRIIPs KID. No statement about quality — cost structures differ depending on the strategy and on target-fund layers.
How you get into the fund, and on what terms.
Monthly subscriptions ('Monthly subscriptions'), 100 % of capital called up front, no capital calls
Semi-liquid means redemption only on fixed dates, with notice periods and upper limits. This is how it works for this fund — in the order the redemption process runs.
Units can be redeemed monthly; notice must be given 10 days before the date; on each date the fund redeems at most 1.67 % of fund assets; for the first 12 months after subscription no redemption is possible.
The gate caps redemptions at 1.67 % of fund assets per date. If more investors want out at the same time, orders are scaled back pro rata or deferred to the next date.
From the notice being received to the money reaching your account: typically around 35 to 66 days — depending on how far away the next redemption date is. If the gate bites or redemptions are suspended, it can take considerably longer.
MONTHLY: 'Redemptions are expected to be offered each month at the NAV per share as of the last business day of that month'
Monthly redemption amount: redemptions generally capped at 1.667 % of the aggregate NAV or of the units outstanding per redemption day (the board may increase this); in addition a redemption cap of 20 % of the average number of units outstanding p.a. (calculated over the 12 months up to the redemption day)
Redemption requests by 12:00 noon CET, at least 10 business days before the relevant monthly redemption day
Soft lock: 'Each shareholder shall be required to hold their Shares for a minimum 12 months provided they may redeem their Shares during this period subject to payment of an early redemption fee of 2% of the relevant redemption price'
The score measures only the contractual redemption mechanics (the higher, the more flexible) — not whether the fund actually stays liquid under stress. Weightings in per cent.
Who stands behind the fund, who it is authorised for — and what the figures rest on.
AlpInvest Partners B.V., Jachthavenweg 118, 1081 KJ Amsterdam (part of The Carlyle Group Inc.), authorised by the AFM (licence no. 15001833); the company is authorised in Luxembourg by the CSSF (RCS B286619)
European Depositary Bank SA
Fund inception date is July 1, 2024; class I-I-USD launch Jul-24; class A1 launch Aug-24
Factsheet: 'For professional or otherwise eligible investors, as described in the prospectus'. KID class A1: high-net-worth investors, private client fund managers, financial intermediaries and other retail investors who are able to assess the opportunities and risks or who have received advice; units are offered via financial intermediaries applying their own wealth thresholds
EEA, Germany, Israel, Brazil among others
DOUBLE CHARGING IS STRUCTURAL: CAPM SICAV is expressly an EVERGREEN MULTI-MANAGER FUND. The allocation comprises (a) SECONDARY LP AND GP-LED FUND INTERESTS, (b) direct equity co-investments and (c) a smaller tranche of PRIMARY FUND COMMITMENTS. At levels (a) and (c) the management fees and carried interest of the respective third-party managers arise in addition; only the co-investments (b) are single-layer. For class I-I-USD, which itself bears no management fee, the target-fund fees are therefore the dominant cost block. Explicit quantification: n/a
All figures come from our analysis of provider documents (product data as at 19 Aug 2026, distribution data as at 12 Aug 2026) and have not been conclusively verified.
Same asset class, sorted by overlap of sub-strategy — no recommendation, no ranking.