Ropes-Led AlpInvest Nabs $9B For 7th Secondaries Fund

Law360 (December 16, 2020, 3:54 PM EST) -- AlpInvest Partners — The Carlyle Group's private equity, co-investment and secondaries fund platform — said Wednesday that it beat expectations and secured $9 billion in commitments for its seventh secondaries fund with guidance from Ropes & Gray LLP.

AlpInvest said in a news release that AlpInvest Secondaries Program VII closed at its hard cap and exceeded its $8 billion target. The fund is among a handful of investment vehicles in recent months to clinch multibillion-dollar amounts to help limited partners exit private equity funds by purchasing their stakes.

More than 170 new and existing investors contributed to the fund, according to...

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