Press Release|Funds

KBRA Assigns a Rating to a Capital Call Facility to AlpInvest Co-Investment Fund IX

29 Dec 2023   |   London


KBRA UK (KBRA) assigns a rating to a capital call facility in the form of revolving credit facilities (the "Facilities") to AlpInvest Co-Investment Fund IX (the "Fund"). KBRA has assigned an A+ rating and stable outlook to the Facilities.

The Fund is the ninth vintage fund in AlpInvest Partners B.V.’s (“AlpInvest” or the “Firm”) flagship equity co-investments strategy. As of December 2023, the Fund had received the equivalent of approximately $2.2 billion of commitments, split across USD and EUR commitments, from an aggregate 128 Limited Partners (“LPs”). The Fund structure is comprised of four main partnerships, three of which receive commitments in USD and one which receives commitments in Euros.

The Lenders have a first priority security interest to the uncalled capital commitments of the Fund, including security over the right of the GP to make capital calls. The Lenders also benefit from a first priority security over the bank accounts into which capital calls are paid. The Facilities comprise four tranches, with two US Dollar Tranches with an aggregate commitment of $450 million, and two Euro Tranches with an aggregate commitment of €138 million as of 7 December 2023. Repayment is pro rata among the outstanding Facilities’ amounts. The US Dollar tranches are collateralised by the commitments of the three funds that receive commitments in USD, and the Euro tranches are collateralised by the commitments of the Euro Fund. There is cross default between the US Dollar Tranches and Euro Tranches however no cross collateralisation.

Founded in 2000, AlpInvest is one of the three core divisions of The Carlyle Group, specialising in global private equity investing. As of September 2023, AlpInvest manages $72 billion total AUM. AlpInvest have approximately 450 active investors globally, including public pensions, insurance companies, endowments, foundations, and other corporate institutional investors.

To access rating and relevant documents, click here.

Click here to view the report.



Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union. Information on a credit rating’s endorsement status is available on its rating page at

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.


Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider. Kroll Bond Rating Agency UK is located at 1 Connaught Place, 2nd Floor London, England.

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