Carlyle Nearing Deal For AlpInvest

Dec 23 2010 | 10:09am ET

The Carlyle Group is moving towards a deal to buy Europe’s largest private equity investor, a move that could increase its assets under management by about 50%.

Amsterdam-based AlpInvest Partners put itself up for sale this summer and is now in talks with Washington, D.C.-based Carlyle. According to published reports, a deal is not imminent but could be reached in the first quarter.

AlpInvest has some €40 billion in assets under management; Carlyle has almost US$100 billion. The latter is preparing to go public sometime in 2012.

AlpInvest is owned by APG, the asset manager for the giant Dutch pension ABP, and PGGM Investments. PGGM’s questioning of its future relationship with AlpInvest pushed the manager to put itself up for sale.

In July, it was reported that the Blackstone Group was very interested in buying AlpInvest and was considered a strong potential bidder. At the time, it appeared likely that the firm’s management would buy it.

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