2-Year Associate, AlpInvest Secondaries - Portfolio Finance and Credit Secondaries (Summer 2026)

Position Summary

As an Associate within the Secondaries & Portfolio Finance Investments (ASPF) team at AlpInvest Partners, you will play a critical role in identifying and evaluating innovative capital solutions across the private equity and credit ecosystem. With a primary focus on Portfolio Finance transactions including NAV-based lending, GP financing, LP interest financings, and credit secondaries, Associates in this role engage in end-to-end deal execution, applying a thoughtful, collaborative, and analytical approach to complex investment opportunities.

AlpInvest, a wholly owned subsidiary of The Carlyle Group, is a global leader in private equity investing. Its robust platform enables Associates to gain meaningful exposure across sectors and structures while working closely with a globally integrated team. This role is well-suited for professionals who value intellectual rigor, a strong team orientation, and the opportunity to develop differentiated investment perspectives in a fast-evolving marketplace.

The role will leverage AI technologies to streamline operations, enhance decision-making, and drive execution of key responsibilities with greater efficiency and impact. While AI is a powerful enabler, it does not replace strategic thinking; human insight and judgment will remain essential.

AlpInvest Partners Overview

AlpInvest Partners is one of the largest and well-established private equity investors globally, with over and over $102 billion in AUM as of September 30, 2025. AlpInvest is wholly owned by The Carlyle Group and AlpInvest professionals have full access to Carlyle's resources and network providing a key differentiator in the private equity market, associate experience and post-associate opportunities, including business school.

AlpInvest's activities cover a broad range of private equity and credit, including Primary Fund commitments, Secondary Investments and Co-Investments. AlpInvest offers customized private capital solutions to clients through separately managed accounts and commingled funds and has a large and diverse base of investors globally, including sovereign wealth funds, public and private pension funds, insurance companies, family offices and other financial institutions.

AlpInvest has offices in New York, Amsterdam, London, and Hong Kong with a team of more than 110 investment professionals across the globe.

www.AlpInvest.com

Secondary & Portfolio Finance Investments Team Overview

The Secondary & Portfolio Finance Investments team focuses on acquiring pools of existing private equity assets and providing capital solutions across the private equity and credit ecosystem. AlpInvest is a market leader in complex opportunities requiring innovative solutions (secondary spin-outs, fund restructurings, secondary directs, etc.) and credit solutions (NAV loans, GP financing solutions, LP interest financings, and credit secondaries). The team has committed over $41Bn across 258 transactions since inception.

Associates are key members of the investment team working in a flat team environment directly with senior investment professionals. Associates work across both the Secondaries Program and the Portfolio Finance Program (ASPF) with a primary focus on ASPF transactions, and are responsible for due diligence, analysis and developing an initial and independent view of each investment.

Primary Responsibilities

• Evaluate a diverse range of private equity and credit investment opportunities across secondary and portfolio finance transactions
• Perform advanced financial modeling including company-level, fund-level, and GP-level cash flow projections
• Lead and coordinate aspects of transaction due diligence including preparation of detailed due diligence request lists
• Prepare investment memoranda and presentation materials for internal investment committees
• Develop and present independent views on investment opportunities using market research and proprietary analysis
• Interface directly with general partners, intermediaries, and other stakeholders to develop insights into deal opportunities
• Monitor performance of existing investments including reviewing reports and attending advisory board and GP meetings
• Contribute to internal knowledge development and team training through research, sharing of lessons learned, and post-mortem review

Many of the responsibilities may be supported through the use of AI technologies, allowing greater focus on the following strategic areas:

• Developing comprehensive financial models and investment specific analysis
• Enhancing judgment around risk-adjusted returns across different market environments
• Identifying complex, high-conviction investment themes across different secondaries investment portfolios and structures

Requirements

Education & Certifications

• Bachelor's degree from an accredited institution required; fields of study in finance, economics, or accounting preferred

Professional Experience

• Minimum of 2 years of experience in investment banking, private equity, or private credit
• Exposure to complex transaction structuring, due diligence processes, and financial modeling
• Demonstrated ability to analyze a variety of industry sectors and credit structures
• Strong written and verbal communication skills with the confidence to interact across seniority levels
• Experience with fund or asset-level valuation including NAV and cash flow-based assessments
• Familiarity with legal structuring, transaction execution, and risk assessment in private markets

Benefits/Compensation

The compensation range for this role is specific to New York and takes into account a wide range of factors including but not limited to the skill sets required/preferred; prior experience and training; licenses and/or certifications.

The anticipated base salary for this role is $150,000.

In addition to the base salary, the hired professional will enjoy a comprehensive benefits package spanning retirement benefits, health insurance, life insurance and disability, paid time off, paid holidays, family planning benefits and various wellness programs. Additionally, the hired professional may also be eligible to participate in an annual discretionary incentive program, the award of which will be dependent on various factors, including, without limitation, individual and organizational performance.

Company Profile

The Carlyle Group (NASDAQ: CG) is a global investment firm with $474 billion of assets under management and more than half of the AUM managed by women, across 660 investment vehicles as of September 30, 2025. Founded in 1987 in Washington, DC, Carlyle has grown into one of the world's largest and most successful investment firms, with more than 2,400 professionals operating in 27 offices in North America, Europe, the Middle East, Asia and Australia. Carlyle places an emphasis on development, retention and inclusion as supported by our internal processes and seven Employee Resource Groups (ERGs). Carlyle's purpose is to invest wisely and create value on behalf of its investors, which range from public and private pension funds to wealthy individuals and families to sovereign wealth funds, unions and corporations. Carlyle invests across three segments - Global Private Equity, Global Credit and Carlyle AlpInvest - and has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation.

At Carlyle, we believe that a wide spectrum of experiences and viewpoints drives performance and success. Our CEO, Harvey Schwartz, has stated that, "To build better businesses and create value for all of our stakeholders, we are focused on assembling leadership teams with the strongest insights from a range of perspectives." We strive to foster an environment where ideas are openly shared and valued. By bringing together teams with varied expertise and approaches, we enjoy a competitive advantage and create a stronger foundation for long-term success.