Key Takeaways
- • Carlyle AlpInvest Private Markets Fund (CAPM) is a continuously offered, unlisted closed-end tender fund that allocates across global secondary, co-investment, and primary private markets opportunities, with $4.626 billion in total net asset value as of April 30, 2026.
- • AlpInvest has committed over $118 billion to investments across more than 25 years of operations, leveraging its position as a subsidiary of The Carlyle Group since 2011 to access global private equity buyout markets.
- • Class I shares (XCPIX) delivered 2.71% year-to-date returns and 64.65% cumulative returns since inception (January 3, 2023), with a net asset value of $16.30 per share as of April 30, 2026, net of all fees and expenses.
- • The Fund charges a 1.25% annualized management fee on net asset value with a total expense ratio of 3.24%, and operates with multiple share classes (I, A, and W shares) to accommodate varying investor profiles and minimum investment requirements.
- • CAPM targets long-term capital appreciation through strategic exposure to global private equity markets, structured as a tender fund offering semi-liquidity relative to traditional closed-end private equity vehicles.
Summary
Carlyle AlpInvest Private Markets Fund represents the Carlyle Group's flagship vehicle for delivering diversified exposure to global private markets through a tender fund structure. Organized as a Delaware statutory trust in December 2021, CAPM provides institutional and qualified investors with access to secondary transactions, co-investment opportunities, and primary fund commitments across the private equity spectrum. The fund leverages AlpInvest's institutional pedigree—operating as a Carlyle subsidiary since 2011 and drawing on relationships established during its prior ownership by Dutch pension funds ABP and PGGM (later PFZW).
As of April 30, 2026, CAPM managed $4.626 billion in net assets with Class I shares (XCPIX) trading at $16.30 per share. Performance metrics demonstrate material appreciation since the fund's January 2023 inception, with Class I shares achieving 64.65% cumulative total returns and 2.71% year-to-date returns, measured net of all fees and expenses. This performance reflects CAPM's strategic positioning within private markets, where AlpInvest's $118 billion in cumulative commitments over 25+ years provides sourcing depth and deal access unavailable to most competitors.
The fund's fee structure reflects the complexity of multi-strategy private markets allocation: a 1.25% annualized management fee applied to net asset value, combined with a 3.24% total expense ratio per the most recent prospectus dated March 6, 2026. CAPM offers multiple share classes (I, A, and W shares) to serve diverse investor segments, with Class I shares requiring a $25,000 minimum initial investment. The tender fund structure provides semi-liquidity relative to traditional closed-end vehicles, allowing investors periodic redemption opportunities rather than permanent lock-up terms typical in direct private equity funds.
CAPM's portfolio construction reflects Carlyle AlpInvest's diversified sourcing capabilities across secondary markets, co-investments alongside lead sponsors, and primary commitments to emerging and established fund managers. The tender fund wrapper enables continuous offering and redemption mechanics that appeal to family offices, institutional investors, and high-net-worth individuals seeking private markets exposure without the liquidity constraints of traditional buyout funds. Investors should note that the prospectus disclosure includes substantial risk factor enumeration and that past performance does not guarantee future results.
As of April 30, 2026, CAPM managed $4.626 billion in net assets with Class I shares (XCPIX) trading at $16.30 per share. Performance metrics demonstrate material appreciation since the fund's January 2023 inception, with Class I shares achieving 64.65% cumulative total returns and 2.71% year-to-date returns, measured net of all fees and expenses. This performance reflects CAPM's strategic positioning within private markets, where AlpInvest's $118 billion in cumulative commitments over 25+ years provides sourcing depth and deal access unavailable to most competitors.
The fund's fee structure reflects the complexity of multi-strategy private markets allocation: a 1.25% annualized management fee applied to net asset value, combined with a 3.24% total expense ratio per the most recent prospectus dated March 6, 2026. CAPM offers multiple share classes (I, A, and W shares) to serve diverse investor segments, with Class I shares requiring a $25,000 minimum initial investment. The tender fund structure provides semi-liquidity relative to traditional closed-end vehicles, allowing investors periodic redemption opportunities rather than permanent lock-up terms typical in direct private equity funds.
CAPM's portfolio construction reflects Carlyle AlpInvest's diversified sourcing capabilities across secondary markets, co-investments alongside lead sponsors, and primary commitments to emerging and established fund managers. The tender fund wrapper enables continuous offering and redemption mechanics that appeal to family offices, institutional investors, and high-net-worth individuals seeking private markets exposure without the liquidity constraints of traditional buyout funds. Investors should note that the prospectus disclosure includes substantial risk factor enumeration and that past performance does not guarantee future results.
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