Staff Writer

The Carlyle Group’s private equity fund of funds arm AlpInvest has raised $4.2bn for secondaries, including $750m for its AlpInvest Secondaries Fund V.

The Zug, Switzerland-based private markets investment manager is raising what is believed to be the largest global real estate multi-manager and secondaries funds ever. It is expected to hold final closes for both vehicles next year.

The secondary market offers the kinds of characteristics that investors hope to find in the primary market, where they are often disappointed. So says Andrea Echberg of Pantheon.

The infrastructure asset class is young – and the infrastructure secondaries market is even younger. But for those involved in this niche area, there is plenty to keep them interested. Andy Thomson reports.

The Zurich-based firm had set a target of $150m.

Swedish pension fund manager AP1 among investors for a fund expected to be used to buy secondaries in Europe.

The secondaries market globally is ramping up as large amounts of dry powder strain dealflow, according to an SEI survey.

There’s a vacuum at the smaller end of the secondaries market, argue Capital Dynamics’ Joseph Marks and Sandro Galfetti.

The real estate secondaries market is getting increasingly liquid – thanks largely to the emergence of some non-traditional buyers.

Private equity dealflow continues to stall in China – but so far it hasn’t yet prompted the hoped-for explosion in secondaries activity.