Carlyle Private Equity Partners Fund EU (CPEP EU)

CPEP EU at a Glance

Carlyle Private Equity Partners Fund EU, which Carlyle also calls CPEP SICAV, gives private investors outside the US a single evergreen entry point to Carlyle's global private equity platform. It is a sub-fund of Carlyle Private Markets S.A. SICAV-UCI Part II in Luxembourg and invests alongside Carlyle's own buyout, growth and secondaries funds, with 10% to 20% kept in liquid assets. It is the European parallel of the US fund CPEP and sits in the same umbrella as Carlyle's private-credit ELTIF ETAC. Unlike the AlpInvest vehicles CAPM SICAV and CAPS SICAV, which allocate across AlpInvest's secondary, co-investment and primary programmes, CPEP EU invests alongside Carlyle's own private equity funds. NAV reached USD 381.7 million at 31 July 2026.

Points to weigh. The fund started reporting NAVs in January 2026, so there is no annual return yet and the early NAV rise mostly reflects a young portfolio valued by the manager. The KID scenarios, including a moderate 15.2% a year, come from a private equity index proxy, not from the fund, and Carlyle warns the method may differ significantly from actual results. Liquidity is thin by design: quarterly redemptions are capped at 3% of NAV, shares sold within two years pay a 5% fee, and the programme can be suspended. The fund is priced in USD, so euro investors carry currency risk. Costs are material: 1.3% to 2.6% ongoing plus an incentive fee of 12.5% over a 5% hurdle. In the Netherlands the entry ticket is EUR 100,000. No SFDR classification is published.