Investment Associate, Private Credit Secondaries and Structured Capital Solutions

The Carlyle Group; New York (NY); On-site; USD 120,000 - 190,000; Full time

Job summary

AlpInvest Partners, a global private equity and credit investor, seeks a 2-Year Associate to evaluate innovative capital solutions within the Secondaries & Portfolio Finance Investments team. You will work on ASPF transactions, NAV-based lending, GP financing, and related due diligence, analyses, and memoranda.

As part of AlpInvest, a subsidiary of The Carlyle Group, you will collaborate with senior professionals and leverage AI-enabled processes while applying rigorous valuation and risk

Qualifications

• Bachelor's degree in finance, economics, or accounting required.
• Minimum of 2 years in investment banking, private equity, or private credit.
• Experience with complex transaction structuring, due diligence, and financial modeling.

Responsibilities

• Evaluate a diverse range of private equity and credit investment opportunities across secondary and portfolio finance transactions.
• Perform advanced financial modeling including company-, fund-, 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 and post-mortem reviews.

Skills

Financial modeling

Due diligence

Investment analysis

Communication

NAV/valuation

Private markets experience

Education

Bachelor's degree in finance/economics/accounting

Job description

Carlyle AlpInvest Partners is one of the largest private equity investors globally with over $112 billion of total capital committed as of March 31, 2026, and more than 120 investment professionals investment professionals operating in 5 offices. Carlyle AlpInvest is a core division of the Carlyle Group.

AlpInvest operates through three closely integrated investment teams: (i) Primary Investments commits capital to new private equity funds, (ii) Co-Investments invests directly in private equity companies alongside our relationship private equity managers through, and (iii) Secondary & Portfolio Finance provides various liquidity solutions through a broad range of transactions throughout the capital structure

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.

2-Year 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.

Position Summary

As a 2-Year 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.

This role is part of Carlyle's formal 2-Year Associate program.

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