AlpInvest has filed for its ninth flagship secondaries fund, a year after the eighth closed at $15 billion. The same day, BNP Paribas' Prime unit said it has raised €646 million for a second infrastructure secondaries fund. Meanwhile, New Mountain's Atlas fund backed its first continuation vehicle, for Corsair. In addition, Clearlake closed a $1 billion securitization of fund interests with less leverage. So three buyers filed, raised or spent new money in one day, and one sponsor borrowed against its funds.

The tape

• PEOPLE  A&O Shearman hired Sarah de Ste Croix and Gabriel Boghossian from Stephenson Harwood as global co-heads of secondaries, Secondaries Investor reported.
• PEOPLE  Pantheon opened an Abu Dhabi office and hired Firas Mallah from Sagard as head of the Middle East, reporting to its chief client officer.
• PEOPLE  Hamilton Lane's Mario Giannini, its third employee in 1993 and chief executive until 2023, will retire on 31 March 2027.
• DATA  Goldman Sachs' $18.2 billion credit evergreen received requests to redeem 2% of its shares this quarter, from 3.2% in the second, Reuters reported.
• DATA  Oura postponed its $2.2 billion listing on Tuesday, so Forerunner keeps the 9.3% stake it was selling for about $1.2 billion.
• FILING  HQ Trust set up a German feeder on Tuesday in Bad Homburg for Ares' tenth real estate secondaries fund, which Nebraska's council considered in June.
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AlpInvest and Prime filed new funds on Tuesday

AlpInvest has started raising its ninth flagship secondaries fund. AlpInvest Secondaries Fund IX told the SEC on Tuesday that nothing has been raised yet. Its notice covers seven parallel funds in New York, Amsterdam and Luxembourg. Those funds are placed by TCG Capital Markets, Carlyle's own arm. The eighth fund, meanwhile, closed on 4 September 2025 at its $15 billion hard cap. Its programme reached $20 billion with co-investment and wealth vehicles.

Each programme has been larger than the last. Its sixth programme, ASP VI, raised $6.5 billion in April 2017, half of it in separate accounts. Three years later ASP VII hit a $9 billion hard cap. So each flagship has been at least a third larger than the one before. The same day as Fund IX, AlpInvest also filed sidecars to its third portfolio finance programme, for credit secondaries, also with nothing raised yet.

Each AlpInvest flagship has been larger than the last

Fund IX opens after a $15bn eighth

Source: SEC, Form D of 29 September 2026; Carlyle, releases of 3 April 2017, 16 December 2020 and 4 September 2025.

The second filing of the day came from Prime, in Paris. Prime Infra Secondaries II has raised €646 million from 11 investors, with Evercore placing it. It is a Luxembourg partnership, and its notice names offices at La Défense and in London. Marcus Thiel signed it for Prime as chief investment officer.

Prime itself is a unit of BNP Paribas Asset Management's alternatives arm. It closed its first infrastructure secondaries fund in March at $722 million after 14 investments. The same release said a second fund would launch "in the coming months". So the new vehicle is most probably that second fund, though it could also be a separate account beside it. However, nothing has been announced officially yet. Either way, it has already raised more than the first fund's €628 million.

New Mountain's Atlas backed its first outside vehicle

New Mountain has made the first investment of its Atlas strategy, backing a continuation vehicle run by Corsair Capital, Secondaries Investor reported on Tuesday. Atlas is New Mountain's first pool for other sponsors' vehicles, and it has collected about $1.4 billion on a $2 billion target. Its paper trail starts on 15 May, when New Mountain Atlas I filed with nothing raised. Then on 14 August a co-investment vehicle named Oryx filed beside it, with nothing raised either. Oryx is most probably the co-investment sleeve for the Corsair deal, though it could be for a second one.

Corsair, the sponsor, is a financial services specialist, and this is its second vehicle in eighteen months. In May 2025 it closed Corsair Riva, a $600 million vehicle led by Coller, with Lazard advising. Then in November Buyouts reported that Corsair was planning a single-asset continuation fund for TreviPay. TreviPay is the B2B payments company Corsair carved out of World Fuel Services in 2020. So the vehicle New Mountain backed is most probably TreviPay's, though it could also be a second multi-asset pool like Riva.

New Mountain has said what it wants from such deals. Its president, Adam Weinstein, told PitchBook in June why: "some of the best companies in the sectors we love just won't be for sale". He added: "I'd be very happy if 40% of the LPs decided to roll into the fund we're investing in."

Clearlake got its securitization done by cutting leverage

Clearlake has sold $1 billion of notes and equity backed by interests in private funds, Bloomberg reported, relayed by Private Equity Wire this morning. Its collateralized fund obligation has $775 million of debt in three classes and $225 million of equity, with Goldman Sachs as sole placement agent. Its first version pooled three private credit funds with two other private funds. That version drew objections, as "investors had raised concerns about the amount of leverage". So Clearlake changed the collateral and cut the debt before selling it.

The collateral is now mostly loans. Loans from private credit funds make up $600 million of the pool. Secondaries fund interests add $200 million, and a stake in one private equity fund the last $200 million. On that pool, the senior notes pay 285 basis points over SOFR, 15 fewer than first offered, and the junior class pays 800. Its equity, meanwhile, was sold on an expected return of about 18%.

Loans are 60% of the pool behind Clearlake's notes

$1bn of collateral after the second version

Source: Bloomberg, relayed by Private Equity Wire, 30 September 2026.

Blackstone found no such buyers last week. It shelved Project Eclipse, a $3 billion obligation on about 700 fund interests. Its bond investors had objected to the leverage and to the age of the funds. By contrast, Clearlake's pool is 60% loans and carries less debt, which is most probably why investors took it. Meanwhile Coller set up its own issuer, Coller PBN III, in the Cayman Islands on 3 September. On 16 September it amended its notice to offer debt as well as equity, and nothing has been raised or announced yet. So Clearlake priced its senior notes at 285 basis points over SOFR this week, and Blackstone's Eclipse has not been sold.

On the radar

• Today, 10am, Washington. The SEC's open meeting votes on proposing new interval fund rules, multiple share classes for closed-end funds, a performance-fee rewrite and new accredited investor designations. The evergreens that buy secondaries all run on that repurchase rule.
• Today, 1pm, Guernsey. Shareholders of Partners Group Private Equity must elect realisation shares by the deadline, ahead of the EGM on 7 October. Today is also the quarter-end, so tonight's marks price every autumn process, Yale's included.
• Tuesday 3 November. Cox Capital's offers for BCRED and HLEND shares, at 12.5% and 17.5% below value, expire, as read here on Monday.
• November. Anthropic targets a listing after its third-quarter results, the Wall Street Journal reported on 18 September. With Oura postponed, it is the season's next pre-IPO exit print.
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