Fund database › Private Equity
Carlyle / AlpInvest PartnersLU3002245804Class R-USD
The fund invests exclusively in private-equity secondaries — the purchase of existing fund stakes and GP-led transactions — through Carlyle's AlpInvest platform, launched in 2025 as a Luxembourg SICAV focused on Europe and North America.
Monthly subscription, fully paid in; quarterly redemption with a quantified quarterly gate plus an additional annual ceiling. No hard lock-up — redemptions in the first year incur an early-redemption charge. The recommended holding period is ten years.
Subscription from EUR 25,000 for professional and other eligible investors; currently not registered for distribution in Germany.
One of the few pure secondaries products in the database — the strategy with the structurally fastest capital return in the asset class, here in AlpInvest's specialist variant alongside its more broadly positioned sister fund.
Figures for class R-USD (LU3002245804) · product data 25 Sep 2026 · sources: prospectus (as at Jun 2026; 29 Jul 2026), PRIIPs-KID, Factsheet — full list under 08 documents.
Since the data series began in May 2026, the unit price has gained 3.3% (cumulative, 0.2 years). The series is still short; valuations of private holdings arrive quarterly and smoothed.
3 monthly values · Source: price feed / provider document, secondary source (data portal) · 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 Jun 2025; a reliable NAV series of the class is available from May 2026.
What the prospectus permits: Secondaries (LP-Interests + GP-led Continuation Vehicles)
Taxonomy of semiliquid.info; only published values are used, nothing is estimated. The actual portfolio breakdown is in 03 Portfolio.
129 holdings; the five largest account for 33.7% of the fund. 20.4% is held in the liquidity reserve — enough for 12 months of maximum redemptions.
How the reserve is invested: Goldman Sachs US Treasury Liquid Reserves Fund 20.4%. It covers 12 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.
Onshore feeder of the seventh flagship secondaries fund (ASF VII) of AlpInvest Partners, Carlyle Group’s secondaries arm based in Amsterdam and New York.
Continuation vehicle of Stone Point Capital (Greenwich, Connecticut), a private equity manager specializing in insurance and financial services (Trident funds).
Luxembourg transaction vehicle (SCSp, code name "CF24XB") of a secondary transaction, reported as an LP interest.
Second continuation vehicle of General Atlantic (New York), a global growth equity investor.
Continuation fund of Audax Private Equity (Boston) holding Beacon Mobility …
GP-led secondary vehicle of Bain Capital (Boston), one of the large global private equity firms.
Feeder into a continuation or transaction vehicle (Project “Altitude”) of Littlejohn & Co., a middle-market private equity manager based in Greenwich …
Feeder into a continuation vehicle (project name “Simba”) through which Carlyle AlpInvest participates in a GP-led secondary transaction.
CVC Capital Partners VIII is CVC Capital Partners' flagship large-cap buyout fund focused on Europe and North America (vintage 2020/21), with commitments of around EUR 21.3 billion.
Secondary transaction vehicle “Project Ledger,” held in US dollars through the Carlyle AlpInvest special purpose vehicle CAPS (EU) C.V. The prefix TB points to TowerBrook Capital Partners …
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 2.66%, class R-USD is close to the median of the asset class (2.60%). On top comes a performance fee of 12.50% above a hurdle of 0%.
For 25,000 USD this means roughly 665 USD per year.
For 25,000 USD, a one-off up to 750 USD on purchase and up to 500 USD on redemption.
Based on the PRIIPs key information document of class R-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 quarterly — 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.
Redemption requests not executed lapse and must be resubmitted.
NAV per unit less redemption fee (up to 2%)
Per redemption date (last business day of the calendar quarter), the aggregate net asset value of all …
redemption day
A request made today is paid out on — — — days; from the cut-off to cash it is — days.
Money typically within half a year — on average 142 days from decision to cash.
Rank 58 of 112 · rank 20 of 38 in Private Equity · no lock-up · exit costs of 2.0% included
Money typically within half a year — on average 142 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 29 Jul 2026 · score run 16 Oct 2026 · How 142 days become 26 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 | quarterly |
| Valuation day | quarter-end |
| Notice | 30 calendar days before redemption day · 18:00 CET |
| Price | quarter-end |
| Payout | 45 business days after redemption day |
| Gate | 5% 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 | scaled-back portion lapses; new request required, no priority |
| 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 |
Per redemption date (last business day of the calendar quarter), the aggregate net asset value of all redemptions is limited to 5% of the sub-fund NAV; the AIFM may increase this amount after reviewing the available liquidity. In addition, an annual cap of 20% of the average units outstanding, calculated over the last twelve months, applies.
Two limits: 5% of the aggregate net asset value per redemption date (“Redemption Amount”, which may be increased by the AIFM following a liquidity analysis) and in addition an annual cap of 20% of the average units outstanding (“Redemption Cap”, measured over the last twelve months, which may be increased by the board of directors).
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.
8 classes. All cost and risk figures on this page refer to the basis class R-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 |
|---|---|---|
| Factsheet / monthly report Factsheet 30 Sep 2025 | 30 Sep 2025 | — |
| NAV series price feed / provider document, secondary source (data portal) | 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 quarterly, notice period 30 calendar days before redemption day, with 5% gate per redemption day. Subscribing today, it takes on average 142 days from decision to cash under the prospectus deadlines; a gate is not factored in.
Ongoing costs of 2.66% p.a. according to the PRIIPs KID for class R-USD; the median of the Private Equity funds in this database is 2.60%; plus a performance fee of 12.50%.
25,000 USD in class R-USD.
Not as a retail investor. According to our evidence, in Germany it is open only to semi-professional investors (as at 5 Oct 2026). The Access check shows the details.
As at 16 Oct 2026, no redemption restriction is documented for the Carlyle AlpInvest Private Markets Secondaries. Under the prospectus a gate of 5% 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.