Carlyle buys AlpInvest

Financial details of the deal were not disclosed, but the joint venture has acquired 100% of the investment company. In addition, former AlpInvest owners APG and PGGM have agreed to commit an additional €10bn of investment to AlpInvest's programmes over the next five years.

AlpInvest is one of the world's largest private equity investors, managing over €30bn worth of investments in fund-of-funds, co-investments, secondaries and mezzanine. The bulk of its assets are managed on behalf of it former pension fund owners, APG and PGGM.

Carlyle says AlpInvest will continue to make independent investment decisions and following the investment policies of APG and PGGM, including those regarding environmental, social and governance matters. The firms will also work together with Carlyle to enhance its integration of these policies into its own portfolio.

The deal is subject to regulatory approval and is expected to formally complete in March 2011.

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