AlpInvest and Leonard Green Close $2 Billion Continuation Fund

Continuation Fund Includes Over $2 Billion of Capital Commitments and Four High-Performing Leonard Green Investments

New York, NY – AlpInvest Partners (“AlpInvest”), a subsidiary of global investment firm Carlyle (NASDAQ: CG), today announced the closing of its lead investment in a $2.2 billion Continuation Fund sponsored by Leonard Green & Partners, L.P. ("LGP").

The Continuation Fund was established to acquire four portfolio companies across Green Equity Investors VI (“GEI VI”) and Green Equity Investors VII (“GEI VII”). The transaction provides liquidity to existing investors seeking to monetize performance to-date, while providing AlpInvest and other existing investors the opportunity to invest in among four market-leading businesses. The portfolio includes:

• SRS Distribution (“SRS”), a national leading specialty distributor of roof, landscape, and pool products to the U.S. construction market
• ExamWorks, a global leader in independent medical examinations, peer reviews, and other related services to the worker’s compensation, auto, and group health markets
• Veritext, a leading pre-trial deposition services provider for law firms and corporations in the U.S.
• Troon Golf, a global leader in third-party management for golf and club-related leisure and hospitality services

Founded in 1989, LGP is a leading private equity investment firm primarily focusing on companies that provide services, including consumer, healthcare, and business services, as well as retail, distribution, and industrials. Since its inception, LGP has invested in over 120 companies.

Jonathan Sokoloff, Managing Partner of LGP, said, “We are excited to partner with AlpInvest and to continue our partnership with the management teams of SRS, ExamWorks, Veritext, and Troon. These companies have performed exceptionally well to-date, and we are strong believers in their future growth potential.”

The Continuation Fund was led by AlpInvest Partners. All GEI VI and GEI VII limited partners were provided with the option to roll their value into the Continuation Fund on status quo terms or receive full liquidity. Carlyle AlpInvest Private Markets (“CAPM”), a continuously offered, unlisted closed-end investment company, also participated in the investment into the Continuation Fund.  More information on CAPM can be found here.

Garrett Hall, Managing Director at AlpInvest, said, "We are pleased to further our 15-year relationship with LGP and its investors on this transaction, which aligns with our strategy of investing with top performing general partners managing market leading assets that have strong growth potential."

Evercore served as exclusive financial advisor to LGP, with Gibson Dunn & Crutcher LLP serving as LGP’s legal counsel. Ropes & Gray LLP served as legal counsel for AlpInvest Partners.

About LGP

LGP is a leading private equity investment firm founded in 1989 and based in Los Angeles with $70 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 120 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, healthcare, and business services, as well as retail, distribution and industrials. For more information, please visit www.leonardgreen.com.

About AlpInvest

AlpInvest, a subsidiary of Carlyle (NASDAQ: CG), is a leading global private equity investor with $72 billion of assets under management and more than 450 investors as of September 2023. It has invested with over 360 managers and committed approximately $95 billion across primary commitments to private equity funds, secondary transactions and co-investments. AlpInvest employs more than 225 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlyle.com.

AlpInvest Private Equity Investment Management, LLC (“APEIM”) is the investment advisor to Carlyle AlpInvest Private Equity Markets (CAPM) (“the Fund”). Carlyle Global Credit Investment Management, LLC (“CGCIM”) is the sub-advisor to the Fund. APEIM and CGCIM are each registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended. TCG Capital Markets, LLC (“TCG Capital Markets”) is a registered broker-dealer with the SEC and a FINRA member and is the distributor of the Fund. APEIM, CGCIM, and TCG Capital Markets are affiliates and are part of The Carlyle Group (Nasdaq: CG). Registration with the SEC and/or FINRA does not imply a certain level of skill or training. 

Media Contacts:

Brittany Berliner
+1 (212) 813-4839
brittany.berliner@carlyle.com