Founded in 1999, AlpInvest has offices in New York, Amsterdam, London, Hong Kong, Indianapolis, Singapore and Tokyo with over 100 investment professionals and over 260 employees.

During the 1980s, AlpInvest's original Dutch pension fund sponsors (ABP and PGGM), independently established their own in-house private equity investment programs.

These programs focused on investing primarily in private equity funds, laying the groundwork for their future role as major institutional investors in the asset class.

Meanwhile, in the early 1990s, Alpinvest Holding N.V. was founded as an evergreen investment fund to provide private equity and mezzanine capital to middle-market companies in the Benelux region and Germany.

The remainder consisted of assuming management of existing private equity investments made by ABP, PGGM, and NIB Capital’s predecessors.

By 2002, the firm had launched a dedicated secondary investment strategy with a €1 billion mandate, focusing on acquiring existing private equity fund interests.

Following the spinout, in 2005 the firm underwent strategic restructuring by spinning off its European middle-market buyout division, which was subsequently renamed Taros Capital.

The firm operates as an independent investment group with a dedicated team, positioning itself as one of the largest and most active buyers in the private equity secondary market.

A major early transaction in the secondary market was its role as a lead investor in the €1.5 billion divestiture of Deutsche Bank’s direct and co-investment private equity portfolio.

The deal, which involved over 100 underlying companies, resulted in the spin-out of MidOcean Partners, establishing one of the largest secondary market transactions of its time.

[35] The firm joined forces with Lexington Partners to acquire a $1.2 billion portfolio from Dayton Power & Light, consisting of 46 private equity fund interests.

[41] In the aftermath the of the 2008 global financial crisis, AlpInvest was an active acquiror of private equity fund stakes from institutional investors, most notably CalPERS.

AlpInvest acquired interests in various large buyout funds including Kohlberg Kravis Roberts, Silver Lake Partners, The Carlyle Group and Apollo Global Management.

[43] Similarly, AlpInvest acquired the cornerstone limited partnership interest in private equity funds managed by Pamlico Capital, valued at over $650 million, from Wells Fargo in 2014.

The transaction involved acquiring key assets from Audax Private Equity Fund IV and providing additional capital to support the continued growth of its portfolio companies.

[49] In 2023, AlpInvest partnered with Kinderhook Industries, a middle-market private equity firm, to lead a $1.3 billion continuation fund transaction.

The deal involved recapitalizing nine portfolio companies while allowing existing investors to achieve liquidity and providing $300 million in unfunded capital for future growth.

The transaction represents a strategic approach that allows limited partners to capture liquidity from their private equity programs at a time when exit activity in the market has been slow.

[55] These transactions reflect AlpInvest’s role as a strategic secondary market player, facilitating large-scale liquidity solutions and capital formation for institutional investors seeking to optimize their private equity portfolios.

[56] Among AlpInvest’s earliest co-investments was its involvement in the leveraged buyout of Fairmount Food Group in 2003, in partnership with GTCR Golder Rauner.

[58] In 2004, AlpInvest co-invested in the buyout of AMC Theatres, alongside J.P. Morgan Partners and Apollo Global Management, marking one of the largest cinema acquisitions in North America.

[63] Another major co-investment during this period included the buyout of Visma, a Norwegian company providing enterprise resource planning and customer relationship management software and services.

[67] Another significant transaction in 2007 included the acquisition of Warner Chilcott, a specialty pharmaceutical company producing branded prescription products in women's healthcare and dermatology.

The firm participated in the buyout of Expro, a British oil and gas well management company, in a transaction led by Candover and Goldman Sachs.

[70] AlpInvest remains an active participant in global co-investments, partnering with leading private equity firms to support leveraged buyouts and growth capital transactions across diverse industries.

The firm continues to deploy significant capital alongside its financial sponsors, solidifying its position as a key co-investor in the private equity market.

The portfolio finance strategy formally launched in 2018 and has since grown into a key business segment within AlpInvest’s broader secondaries and private equity platform.

[73] As part of its expansion, AlpInvest partnered with Mubadala Investment Company in 2024 to establish a portfolio senior fund financing platform.

[76] AlpInvest continues to be a key player in the secondary market, executing large-scale transactions and offering liquidity solutions for investors globally.

At the time of AlpInvest's 2011 spinout, ABP and PFZW collectively had assets of over $500 billion (as of December 31, 2012) among the largest pension funds in the world.