Fund database › Private Equity
Carlyle / AlpInvest PartnersLU2837778047Class I-I-USD
The broadly built multi-strategy building block of the AlpInvest platform: secondaries, primaries and co-investments with a mid-market focus and a European tilt, launched in 2024 as a Luxembourg SICAV.
Monthly subscription and redemption — more frequent than the field's quarterly standard — with a short notice period of around two weeks. Only a narrow share of fund assets is redeemable per dealing date; a soft lock makes redemptions more expensive in the first year. The recommended holding period is ten years.
For professional and eligible investors via intermediaries; the retail share class is tailored to experienced investors after a suitability assessment. Currently not registered for distribution in Germany.
Monthly redemption windows set the fund apart from its quarterly peers; in exchange, the per-date limit is deliberately kept narrow — in aggregate, annual liquidity matches the field standard, only portioned more finely.
Figures for class I-I-USD (LU2837778047) · product data 25 Sep 2026 · sources: prospectus (as at Jun 2026; 1 Jul 2025), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in Jun 2026, the unit price has gained 1.2% (cumulative, 0.1 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
2 monthly values · Source: price feed / provider document · Returns calculated by semiliquid.info from the NAV series, not an official provider figure. Taxes and dealing costs of reinvestment are not considered. Past performance is not a reliable indicator of future results. The fund has been running since 2024; a reliable NAV series of the class is available from Jun 2026. distribution policy not verified.
What the prospectus permits: Secondaries (LP/GP-led), co-investments, small primaries sleeve
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
298 holdings; the five largest account for 16.0% of the fund. 10.4% is held in the liquidity reserve — enough for 6 months of maximum redemptions.
How the reserve is invested: Goldman Sachs US Treasury Liquid Reserves Fund 10.3%. It covers 6 months of the maximum net redemption (at most 20% per year under the gate) — what that means for redemptions is in 06.
Among the ten largest: 7 GP-led secondaries, 3 LP secondaries.
Continuation fund of The Jordan Company (TJC, New York) for selected portfolio companies from the Resolute III buyout fund in industrials, transportation and logistics, and services.
MC Beagle Fund II is a vehicle of Mubadala Capital (Abu Dhabi) that holds a diversified portfolio of private equity LP interests.
Continuation fund that, judging by its name, stems from Charlesbank Capital Partners (Boston), a US mid-market private equity firm.
Second continuation vehicle of General Atlantic (New York), a global growth equity investor.
Acquisition vehicle of a GP-led secondary transaction, denominated in EUR and classified as European.
Luxembourg secondary vehicle structured as an SCSp, held by Carlyle AlpInvest through the intermediate entity CAPM (EU) C.V. and valued in US dollars.
Transaction or continuation vehicle of Norvestor (Oslo), a Nordic private equity manager focused on mid-market buyouts.
Luxembourg transaction vehicle (SCSp, code name "CF24XB") of a secondary transaction, reported as an LP interest.
GP-led secondary vehicle of Bain Capital (Boston), one of the large global private equity firms.
Continuation vehicle of Stone Point Capital (Greenwich, Connecticut), a private equity manager specializing in insurance and financial services (Trident funds).
Positions and shares according to the provider; short descriptions by semiliquid.info from public sources; Allocation according to the uniform semiliquid taxonomy; only published values are used, nothing is estimated.
With ongoing costs of 2.60%, class I-I-USD is close to the median of the asset class (2.60%). On top comes a performance fee of 10% above a hurdle of 0% — with a high-water mark.
For 5,000,000 USD this means roughly 130,000 USD per year.
For 5,000,000 USD, a one-off up to 150,000 USD on purchase and up to 100,000 USD on redemption.
Based on the PRIIPs key information document of class I-I-USD, hence comparable across providers. Median: 35 Private Equity funds in this database, data run 16 Oct 2026.
Units can be subscribed monthly. The price is the NAV on the valuation day — it is not known when the order is placed and is published only 20 business days later.
KYC/AML checks must be completed before the subscription is accepted.
no discretionary acceptance of late orders; late subscription orders are automatically …
Price = NAV per share on this day.
Valuation day last business day of the calendar month, publication regularly within 20 …
pre-funding: 1 business day before dealing day
An order placed today is invested in — days (—); the money is due on —. Miss the cut-off and you move to the next dealing day: cut-off —, invested from —.
| Frequency | monthly |
|---|---|
| Procedure | fully paid-in |
| Valuation day | last business day of the month |
| Cut-off | 4 business days before dealing day · 16:00 CET · (before the anchor date) |
| Price | valuation day |
| NAV publication | Valuation day last business day of the calendar month, publication regularly within 20 business days |
| Payment | pre-funding: 1 business day before dealing day |
| Minimum investment | 25,000 USD |
| Entry charge (max.) | 3% (Fund) |
| Subscription limit | The Board may reject subscriptions in whole or in part and without giving reasons |
| KYC / documents | KYC/AML checks must be completed before the subscription is accepted; no separate deadline in days |
| Revocation | a late order is deferred to the next dealing day, revocation until 12:00 CET on the last business day before |
| Business day | banking institutions not authorized/obligated to close in Amsterdam or Luxembourg (p. 83) |
Dates calculated from the prospectus rules (bank holidays: LU, NL); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.
Units can be redeemed monthly — with a volume limit (Gate) and without a lock-up. How quickly the money arrives and what happens if many want out at once is set out below.
Scaled-back requests are carried forward to the next redemption day and treated there on equal ranking with …
NAV per unit less redemption fee (up to 2%)
For each monthly redemption date the aggregate net asset value of all redemptions is limited to 1.667% of …
redemption day
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically within a quarter — on average 67 days from decision to cash.
Rank 23 of 112 · rank 5 of 38 in Private Equity · no lock-up · exit costs of 2.0% included
Money typically within a quarter — on average 67 days from decision to cash.
no lock-up · no fixed redemption fee
Confidence high — prospectus complete, dates calculated, no assumptions in the value · prospectus as at 1 Jul 2025 · score run 16 Oct 2026 · How 67 days become 41 pointsThe score measures how quickly and reliably you can get your money out according to the prospectus — not whether the fund is good.
| Character | redemption right |
|---|---|
| Frequency | monthly |
| Valuation day | last business day of the month |
| Notice | 10 business days before redemption day · 18:00 CET |
| Price | valuation day |
| Payout | 25 business days after redemption day |
| Gate | 1.667% gross of NAV on the redemption day per redemption day; Redemption Cap 20% of the average number of units p.a., measured over the last 12 months |
| Scaled-back portion | carried forward automatically to the next dealing day |
| Redemption fee (max.) | up to 2% (12 months, cliff (lapses after the period)) |
| Lock-up | none |
| Suspension | NAV suspension, absence or insolvency of the depositary, valuation and liquidity disruptions |
| Liquidity tools | AIFMD LMTs: extension of notice periods and redemption gates; alongside these suspension, Early Redemption Fee, Redemption Cap, redemption in kind |
| Switch / transfer | permitted only with the consent of the fund, the transferee must provide the subscription documentation and AML/KYC |
| Compulsory redemption | Compulsory redemption or conversion of units in the case of Prohibited Persons; not taken into account in the calculation of the gate |
For each monthly redemption date the aggregate net asset value of all redemptions is limited to 1.667% of the sub-fund NAV (equivalent to approx. 5% per quarter); the AIFM may increase the amount after reviewing the available liquidity. In addition an annual cap of 20% of the average units outstanding over the last twelve months applies.
The redemption cap is 1.667% of the aggregate net asset value per monthly redemption date (equivalent to approx. 5% per quarter) and may be increased by the AIFM following a liquidity analysis. In addition an annual cap of 20% of the average units outstanding applies.
Dates calculated from the prospectus rules (bank holidays: LU, NL); only the transfer agent’s confirmation is binding. Data as at 25 Sep 2026 · Documents: 08.
12 classes. All cost and risk figures on this page refer to the basis class I-I-USD.
PRIIPs KID ✓: a key information document exists and is the source of the costs. —: no KID documented — the class is distributed outside the EEA or to investors not covered by the KID requirement, or the document is not available.
Who is behind the fund, where it may be distributed — and which documents were evaluated.
| Document | As at | Used for |
|---|---|---|
| Key information document (PRIIPs KID) | 1 Jul 2025 | — |
| Factsheet / monthly report Factsheet 31 Oct 2025 | 31 Oct 2025 | — |
| NAV series price feed / provider document | 31 Jul 2026 | Performance (01) |
| Positions and reserve | 30 Jun 2026 | Portfolio (03) |
All figures are taken from provider documents (product data as at 16 Oct 2026, distribution data as at 5 Oct 2026) and have not been conclusively verified.
Redemption monthly, notice period 10 business days before redemption day, with 1.67% gate per redemption day. Subscribing today, it takes on average 67 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 2.60% p.a. according to the PRIIPs KID for class I-I-USD; the median of the Private Equity funds in this database is 2.60%; plus a performance fee of 10%.
From 25,000 USD in the smallest class in USD.
As at 16 Oct 2026, no redemption restriction is documented for the Carlyle AlpInvest Private Markets Sub-Fund I. Under the prospectus a gate of 1.67% per redemption day applies.
Same asset class, similar sub-strategy.
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Liquidity score in the “as of today” view with average days to cash. No recommendation, no ranking.