Carlyle's AlpInvest, Mubadala to Team Up on NAV Financing

Carlyle Group subsidiary AlpInvest Partners and Abu Dhabi’s Mubadala Investment Company have entered into a credit co-investment partnership offering net asset value (NAV) financing to private equity firms.

The partnership is expected to expand Mubadala’s credit platform into NAV financing and strengthen AlpInvest’s existing secondary and portfolio financing business. The Carlyle affiliate said it has executed over 210 deals under the business, with approximately $4B from portfolio fund financing since its launch in 2018. Carlyle said the two firms have closed their first investment under the collaboration.

AlpInvest Global Head of Portfolio Finance Michael Hacker said NAV loans are an important part of the “return to normalcy” within the private equity market. The firm has launched two funds focused on portfolio financing, including AlpInvest Strategic Portfolio Finance Fund II launched early this year.

Written By: Dakota

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