1789 Capital is in talks to raise a $1bn real estate fund focused on property development in South Florida, according to sources familiar with the matter cited by Bloomberg.

The raise includes $15bn for AlpInvest’s flagship secondaries fund, nearly double the size of its predecessor, alongside additional co-investments and retail capital. The fund will target ageing private equity stakes sold at discounts by pensions and other investors seeking liquidity.

“There is an excess of [assets] on the books of investors today that has been created from strong fundraising years and a lack of liquidity over the past four years. That still holds. So there are plenty of investors in the market,” said Chris Perriello, Head of Secondaries at Carlyle AlpInvest.

The secondaries market has surged as traditional exit routes through IPOs and trade sales have slowed, leaving a $3tn backlog of private equity assets. Global deal volumes are forecast to exceed $200bn this year, with specialist managers such as Ardian and Lexington Partners also raising record funds.

AlpInvest’s distributable earnings doubled in the first half of 2025, while its assets grew 15%. The $20bn raised outstrips the $14.8bn secured for Carlyle’s flagship US buyout fund last year, which fell short of its $22bn goal.

CEO Harvey Schwartz has prioritised businesses such as AlpInvest, credit, and real estate in his simplification drive across Carlyle’s $465bn platform. Shares in Carlyle have risen 26% this year, marking a sharp turnaround as the firm outpaces larger rivals Blackstone, Apollo, and KKR.

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