# Alpinvest Partners B.V.

> Alpinvest Partners B.V. is an SEC-registered investment advisory firm in Amsterdam, Netherlands, registered since 2011, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 159215
- Filed as: ALPINVEST PARTNERS B.V.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: Amsterdam, Netherlands
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/159215
- AdvisorCensus page: https://advisorcensus.com/firm/alpinvest-partners-b-v-amsterdam-159215

## Quick answers

**How is Alpinvest Partners B.V. compensated?**
On its Form ADV (Item 5.E, October 2026), Alpinvest Partners B.V. reports these compensation arrangements: a percentage of assets under its management; fixed fees (other than subscription fees); performance-based fees.

**How much does Alpinvest Partners B.V. charge?**
Its Form ADV Part 2A brochure dated March 31, 2026 states: Asset-based fee: 0.1% to 1.6% a year (a range, as the brochure states it). Fees can differ by service and may be negotiable; the brochure is the complete statement.

**Where is Alpinvest Partners B.V. located?**
Alpinvest Partners B.V.'s principal office is in Amsterdam, Netherlands, according to its Form ADV; the April 2026 filing also lists 5 other offices (Schedule D, Section 1.F).

**Is Alpinvest Partners B.V. registered with the SEC or a state?**
Alpinvest Partners B.V. is an SEC-registered investment advisory firm, registered since 2011. Status as filed: Approved. CRD 159215.

**How much does Alpinvest Partners B.V. manage?**
Alpinvest Partners B.V. reports $39,877,769,139 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (94% discretionary).

**How have Alpinvest Partners B.V.'s assets and staff changed since 2021?**
In the Form ADV data for Alpinvest Partners B.V.: Regulatory assets under management: $55,690,187,527 in the October 2021 data and $39,877,769,139 in the October 2026 data, down 28%. Total employees: 160 in October 2021 and 289 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does Alpinvest Partners B.V. serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (46); pension and profit sharing plans (but not the plan participants or government pension plans) (4); other investment advisers (3).

**Does Alpinvest Partners B.V. report any disciplinary disclosures?**
Reports 3 disclosure items on Form ADV Item 11: yes answers to 11.C(2) (SEC or CFTC finding of a violation), 11.C(4) (SEC or CFTC order), and 11.C(5) (SEC or CFTC civil money penalty or cease-and-desist order). Each question covers the firm and its advisory affiliates, and one event can produce several yes answers. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/159215

**What changed in Alpinvest Partners B.V.'s recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 106 to 127. Added an office in Washington, DC.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

### Fees and minimums (Form ADV Part 2A brochure dated March 31, 2026)

- Asset-based fee: 0.1% to 1.6% a year (a range, as the brochure states it)

> Management fees are generally calculated at an annual rate ranging from 0.1% to 1.6% of either available capital commitments or committed capital to investments for a period of one to five (or more) years

As stated in the firm's brochure. Fees can differ by service and may be negotiable.

### Regulatory assets under management (Item 5.F)
- Total: $39,877,769,139
- Discretionary: $37,519,185,977
- Non-discretionary: $2,358,583,162

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | Not reported |
| High net worth individuals | 0 | Not reported |
| Banking or thrift institutions | 0 | Not reported |
| Investment companies | 0 | Not reported |
| Business development companies | 0 | Not reported |
| Pooled investment vehicles (other than investment companies and business development companies) | 46 | $22,037,278,015 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 4 | $16,256,052,605 |
| Charitable organizations | 0 | Not reported |
| State or municipal government entities (including government pension plans) | 0 | Not reported |
| Other investment advisers | 3 | $1,582,584,391 |
| Insurance companies | 1 | $1,854,128 |
| Sovereign wealth funds and foreign official institutions | 0 | Not reported |
| Corporations or other businesses not listed above | 0 | Not reported |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)
- Portfolio management for businesses (other than small businesses) or institutional clients
- Selection of other advisers (including private fund managers)

### Firm details
- Registered since: 2011 (14 years)
- Employees: 289 total, 127 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports 3 disclosure items on Form ADV Item 11.

### Item 11 questions answered yes
- 11.C(2): Has the SEC or the CFTC ever found that the firm or an advisory affiliate was involved in a violation of SEC or CFTC regulations or statutes?
- 11.C(4): Has the SEC or the CFTC ever entered an order against the firm or an advisory affiliate in connection with investment-related activity?
- 11.C(5): Has the SEC or the CFTC ever imposed a civil money penalty on the firm or an advisory affiliate, or ordered the firm or an advisory affiliate to cease and desist from an activity?

Each question covers the firm and its advisory affiliates: its current employees other than clerical staff, its officers, partners, and directors, and anyone who controls the firm or is controlled by it. One event can produce yes answers to several questions. SEC-registered advisers and exempt reporting advisers may leave out events more than ten years old, and may answer 11.A(2) and 11.B(2) for pending charges only. The detail of each yes answer is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/159215

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Hong Kong
- London
- New York, NY
- Singapore
- Washington, DC

### Websites listed on Form ADV (Item 1.I)
- carlyle.com
- ir.carlyle.com
- open.spotify.com/show/0lSJsAuCuKk94tcR2p9yEu
- open.spotify.com/show/6gfrqUhrdRzXUQuV9V2dtS
- podcasts.apple.com/us/podcast/insights-and-indicators/id1607380340
- Facebook @onecarlyle
- LinkedIn @ALPINVEST-PARTNERS
- LinkedIn @the-carlyle-group
- X @onecarlyle
- YouTube @onecarlyle

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $55,690,187,527 | 160 | July 27, 2021 |
| October 2022 | $65,456,066,180 | 160 | July 18, 2022 |
| October 2023 | $63,367,406,076 | 191 | July 12, 2023 |
| October 2024 | $38,009,066,713 | 216 | July 16, 2024 |
| October 2025 | $36,679,865,452 | 236 | March 31, 2025 |
| October 2026 | $39,877,769,139 | 289 | March 31, 2026 |

Regulatory assets under management: $55,690,187,527 in the October 2021 data and $39,877,769,139 in the October 2026 data, down 28%.
Total employees: 160 in October 2021 and 289 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 106 to 127.
- Added an office in Washington, DC.

### November 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. Alpinvest Partners B.V. (CRD 159215): Form ADV filing data as of October 2026.