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.
Provider figures
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.
Since launch p.a. · as at 30 Sep 2025
5.40%
Target return per the provider: 12-15 % target net return (aspirational; not a commitment)
Source: Factsheet 30 Sep 2025, CARLYLE ALPINVEST BY THE NUMBERS with footnote 3
Provider figure or KID scenario — not a forecast by semiliquid.info. Target returns are not guaranteed.
02Strategy & portfolio
What the fund does and how the portfolio is put together.
Launch year2025
Fund sizeUSD 946mas at 30 Sep 2025
CurrencyUSD
Income treatmentaccumulating
SFDR—
Recommended holding—
Liquidity buffer—
Leverage limit—
Risk indicatornot documentedfrom 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.
Sector breakdown
Actual portfolio% of NAVas at 30 Sep 2025
Industrials & manufacturing25.0%
Healthcare & life sciences20.0%
Technology & software18.0%
Consumer discretionary16.0%
Financial services7.0%
Consumer staples6.0%
Chemicals & materials6.0%
Other3.0%
Show groups
Industrials & manufacturing31.0%
Consumer & retail22.0%
Healthcare & life sciences20.0%
Technology & software18.0%
Financial services7.0%
Other3.0%
Source: Carlyle AlpInvest 'Private Markets Secondaries' Factsheet September 2025, S. 2, Grafik 'Industry'
Geographic breakdown
Actual portfolio% of NAVas at 30 Sep 2025
United States73.0%
Europe, other24.0%
Other / unallocated3.0%
Source: Carlyle AlpInvest 'Private Markets Secondaries' Factsheet September 2025, S. 2, Grafik 'Geography'
Source: Factsheet 30 Sep 2025, TOP FIVE TRANSACTIONS
03Costs
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
not documented
Entry charge max.
0.00%
Redemption fee
2.00%
Performance fee
12.50%
Hurdle rate
0.00%
High-water mark
no
How the performance fee works
Footnote 4 verbatim: '12.5% of the excess, if any, of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account (as defined in the Fund's Prospectus).' Assessed at whole-fund level, determined quarterly, loss carryforward via the Loss Recovery Account, no hurdle
Source: Factsheet 30 Sep 2025, KEY FUND TERMS footnote 4
Costs per the key information document
Not disclosed in the factsheet; no cost breakdown with an annual cost impact (reduction in yield) has been published.
Source: Factsheet 30 Sep 2025
04Subscription & entry
How you get into the fund, and on what terms.
Subscriptionmonthly
Minimum investmentUSD 25,000 – USD 1m by class
Entry chargeup to 0.00%
Rec. holding periodnot documented
Subscription per the document
Monthly subscriptions ('Monthly subscriptions'); 100 % of capital called up front, no capital calls
Source: Factsheet 30 Sep 2025, KEY FUND TERMS / FUND OVERVIEW
05Redemption & liquidity
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 quarterly; on each date the fund redeems at most 5 % of fund assets; for the first 12 months after subscription no redemption is possible.
1 · Lock-up12 months from subscription
2 · Notice periodnot published
3 · Redemption datequarterly
4 · Gatemax. 5 % per date
5 · Payoutnot documented
The gate caps redemptions at 5 % 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.
Source: Factsheet 30 Sep 2025, KEY FUND TERMS / FUND OVERVIEW
Gate per the document
'Quarterly redemptions, up to 5% of aggregate NAV per quarter'. An additional annual cap of 20 % of units is NOT mentioned in the CAPS factsheet (that cap is found only at the sister fund CAPM SICAV).
Source: Factsheet 30 Sep 2025, KEY FUND TERMS Liquidity/Redemption with footnote 2
Notice period
Not documented - not disclosed in the factsheet
Source: Factsheet 30 Sep 2025
Lock-up
Soft lock: 2 % early redemption penalty on redemptions within 12 months of purchase; no hard lock-up
Source: Factsheet 30 Sep 2025, KEY FUND TERMS
06Fund details & verification
Who stands behind the fund, who it is authorised for — and what the figures rest on.
AIFM / management company
AlpInvest Partners B.V. (part of The Carlyle Group), AFM licence no. 15001833; central administration: Apex Fund Services; auditor: Ernst & Young; legal adviser: Travers Smith / Loyens & Loeff
Source: Factsheet 30 Sep 2025, KEY FUND TERMS / DISCLOSURES
Depositary
European Depositary Bank
Source: Factsheet 30 Sep 2025, KEY FUND TERMS Depositary
Launch date
Launch Jul-25 (all classes listed in the factsheet); initial unit price USD 10.00 per unit
Source: Factsheet 30 Sep 2025, class table with footnote 2
Eligible investors
'Professional and otherwise eligible investors. Please see the terms of the prospectus for further details'
Source: Factsheet 30 Sep 2025, KEY FUND TERMS Investor Qualification
Distribution authorisation
EEA, Germany, Bahrain, DIFC among others
Fee layers / double charging
DOUBLE CHARGING IS STRUCTURAL: CAPS is a pure secondaries strategy on the Carlyle AlpInvest platform (USD 89bn+, or 107bn). It acquires existing LP interests and GP-led positions; at the level of these target funds the management fees and carried interest of the respective GPs continue to arise. CAPS also invests regularly alongside Carlyle AlpInvest's institutional commingled funds. Explicit quantification in the factsheet: 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.
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Important information. semiliquid.info does not provide investment advice and makes no recommendation to buy, sell or hold fund units — no ranking, no offer, no invitation to subscribe. Only the prospectus and the key information document (PRIIPs KID) of the respective fund are authoritative. We give no warranty for the accuracy, completeness or currency of the information. Semi-liquid funds invest in illiquid assets: redemptions are possible only to a limited extent and can be capped, deferred or suspended; there is a risk of total loss. Past performance is not a reliable indicator of future results. Read the prospectus and the key information document before making an investment decision and seek professional advice where appropriate.