# EDGAR Filing Document

**Accession Number:** 0001899610
**File Stem:** 0001899610-25-000009
**Filing Date:** 2025-6
**Character Count:** 174695
**Document Hash:** f740f500fb07af3d12877614a5b78027
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001899610-25-000009.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001899610-25-000009

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Carlyle AlpInvest Private Markets Fund
- **CENTRAL INDEX KEY:** 0001899610

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23805
- **FILM NUMBER:** 251033054

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ALPINVEST PARTNERS
- **STREET 2:** ONE VANDERBILT AVENUE, SUITE 3400
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 646-735-4293

**MAIL ADDRESS:**
- **STREET 1:** C/O ALPINVEST PARTNERS
- **STREET 2:** ONE VANDERBILT AVENUE, SUITE 3400
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Carlyle AlpInvest Private Equity Opportunities Fund
- **DATE OF NAME CHANGE:** 20211215

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

**Investment Company Act File Number 811-23805**

**Carlyle AlpInvest Private Markets Fund**

**(Exact Name of Registrant as Specified In Its Charter)**

**One Vanderbilt Avenue, Suite 3400**

**New York, New York 10017**

**(Address of principal executive offices) (Zip Code)**

**Cameron Fairall**

**AlpInvest Private Equity Investment Management, LLC**

**One Vanderbilt Avenue, Suite 3400**

**New York, New York 10017**

**(Name and address of agent for service)**

**Copy to:** 

**Michael G. Doherty** 

**Ropes & Gray LLP** 

**1211 Avenue of the Americas** 

**New York, NY 10036**

**Gregory C. Davis** 

**Ropes & Gray LLP** 

**Three Embarcadero Center** 

**San Francisco, CA 94111**

**Registrant's telephone number, including area code: (646) 735-4293**

**Date of fiscal year end: March 31**

**Date of reporting period: March 31, 2025**

<u>Explanatory Note:</u>

The Registrant is filing this amendment to its Form N-CSR for the year ended March 31, 2025 originally filed with

the U.S. Securities and Exchange Commission on June 2, 2025. The purpose of this amendment is to update Item 4

to include information for fiscal year ended March 31, 2024, and to clarify that certain information required by Items

2 through 19 of Form N-CSR is not applicable to the Fund. For the convenience of the reader, the Fund is refiling its

entire report on Form N-CSR for the year ended March 31, 2025 by means of this amended Form N-CSR.

---

| | |
|:---|:---|
| **Item 1.** | **Reports to Shareholders.** |

---

![image.jpg](image.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Section** | **Page** |
| Shareholder Letter | <u>[4](#i3f8560afceb64f4782b2eefb61c87272_220)</u> |
| Report of Independent Registered Public Accounting Firm | <u>[5](#i3f8560afceb64f4782b2eefb61c87272_227)</u> |
| Fund Performance | <u>[6](#i3f8560afceb64f4782b2eefb61c87272_235)</u> |
| Consolidated Schedule of Investments | <u>[7](#i3f8560afceb64f4782b2eefb61c87272_10)</u> |
| Consolidated Statement of Assets and Liabilities | <u>[18](#i3f8560afceb64f4782b2eefb61c87272_13)</u> |
| Consolidated Statement of Operations | <u>[20](#i3f8560afceb64f4782b2eefb61c87272_16)</u> |
| Consolidated Statements of Changes in Net Assets | <u>[21](#i3f8560afceb64f4782b2eefb61c87272_19)</u> |
| Consolidated Statement of Cash Flows | <u>[23](#i3f8560afceb64f4782b2eefb61c87272_22)</u> |
| Consolidated Financial Highlights | <u>[25](#i3f8560afceb64f4782b2eefb61c87272_25)</u> |
| Notes to Consolidated Financial Statements | <u>[28](#i3f8560afceb64f4782b2eefb61c87272_28)</u> |
| Dividend Reinvestment Plan | <u>[43](#i3f8560afceb64f4782b2eefb61c87272_293)</u> |
| Management of the Fund | <u>[44](#i3f8560afceb64f4782b2eefb61c87272_302)</u> |
| Privacy Policy | <u>[45](#i3f8560afceb64f4782b2eefb61c87272_311)</u> |
| Federal Income Tax Information | <u>[46](#i3f8560afceb64f4782b2eefb61c87272_2199023255903)</u> |
| Additional Information | <u>[47](#i3f8560afceb64f4782b2eefb61c87272_31)</u> |

---

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**SHAREHOLDER LETTER**

**<u>Overview</u>**

The Carlyle AlpInvest Private Markets Fund ("CAPM" or the "Fund") seeks to provide immediate and streamlined

access to the global private equity buyout market by strategically allocating to secondary, co-investment, and

primary fund opportunities. CAPM seeks long-term capital appreciation and leverages the $89 billion Carlyle

AlpInvest platform to provide access to private equity markets. The Fund is expected to generally invest alongside

the firm's institutional commingled funds.

**<u>Performance of the Fund</u>**

CAPM has generated a total return of 42.35% since its inception in January 2023, including 17.51% for calendar

year 2023, 16.37% for calendar 2024 and 4.10% for the first quarter of 2025. The Fund's performance since

inception has been driven by appreciation across each of its underlying investment strategies, including capturing

discount in certain secondary LP portfolio transactions and operational value creation in GP centered secondaries,

direct equity co-investments and the primary fund portfolio.

**<u>Investment Environment and Portfolio Development</u>**

CAPM's investment strategy has focused on acquiring high-quality assets that we believe have differentiated

business models. In navigating a dynamic market environment, we have placed particular importance on investing

with top-tier managers with proven track records in different parts of the business cycle and with a preference for

service focused companies. A key reason for this emphasis has been the resiliency of such managers and companies

in previous cycles. At the same time, the middle market has been prioritized, given its comparatively lower reliance

on financial leverage and the IPO market for exit. With market dynamics expected to remain similar in the

foreseeable future, we anticipate our approach to remain consistent in the coming quarters.

Portfolio construction has played an important role in the design of the fund. We believe the portfolio to be well

diversified across multiple dimensions, including industry, geography, deal size, GP exposure and individual

company exposure. The fund is also diversified across underlying investment strategies with allocations of 28% to

secondary LP transactions, 33% to secondary GP centered transactions, 33% to direct equity co-investments and 6%

to primary funds as of March 31, 2025.

CAPM's portfolio has developed in-line with our portfolio construction objectives. The Fund comprised over 100

transactions including exposure to 85 different private equity managers and over 2,000 individual underlying

portfolio companies as of March 31, 2025. The portfolio was approximately 75% weighted to the U.S. market with

a core focus on middle-market buyout transactions.

Looking forward, we will continue to leverage the investment expertise across the Carlyle AlpInvest platform to

build a portfolio with the potential to achieve robust returns. We will continue to maintain a rigorous and disciplined

investment approach focused on what we consider to be high-quality GPs and assets across secondaries, co-

investments and primary fund investments.

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Trustees of Carlyle AlpInvest Private Markets Fund

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statement of assets and liabilities of Carlyle AlpInvest Private

Markets Fund (the "Fund"), including the consolidated schedule of investments, as of March 31, 2025, and the

related consolidated statements of operations and cash flows for the year then ended, the consolidated

statements of changes in net assets and the consolidated financial highlights for each of the two years in the

period then ended, and the consolidated financial highlights for the period from January 3, 2023

(Commencement of Operations) to March 31, 2023, and the related notes (collectively referred to as the

"financial statements").

In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position

of the Fund at March 31, 2025, the consolidated results of its operations and its cash flows for the year then

ended, the consolidated changes in its net assets and its consolidated financial highlights for each of the two

years in the period then ended, and its consolidated financial highlights for the period from January 3, 2023

(Commencement of Operations) to March 31, 2023, in conformity with U.S. generally accepted accounting

principles.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an

opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with

the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be

independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable

rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we

plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of

material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged

to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required

to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an

opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no

such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial

statements, whether due to error or fraud, and performing procedures that respond to those risks. Such

procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the

financial statements. Our procedures included confirmation of investments owned as of March 31, 2025, by

correspondence directly with custodians, third-party managers, management of the underlying funds, and loan

agents, as applicable; when replies were not received from the custodians, third-party managers, management

of the underlying funds, and loan agents, we performed other auditing procedures. Our audits also included

evaluating the accounting principles used and significant estimates made by management, as well as

evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable

basis for our opinion.

![ey.jpg](ey.jpg)

We have served as the Fund's auditor since 2022.

New York, NY

May 30, 2025

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**FUND PERFORMANCE**

Performance of a $50,000 Investment

![image1.jpg](image1.jpg)

This graph compares a hypothetical $50,000 investment in the Fund's Class I shares, made at inception, with similar

investments in the MSCI World Index. The Fund's Class I shares results include reinvestment of all dividends and

capital gains. The MSCI World Index does not reflect expenses, fees, or sales charges, which would reduce index

performance.

The MSCI World Index represents large and mid-cap equity performance across ~23 developed markets countries,

covering approximately 85% of the free float-adjusted market capitalization in each. The index is unmanaged and is

not available for investment. The index performance shown is not intended to be indicative of the Fund's investment

strategies, portfolio components or past or future performance.

Returns for the periods ended March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | Average Annual Total Returns | Average Annual Total Returns |
| | 1 Year | Since Inception\* |
| Class I | 21.74% | 17.09% |
| MSCI World Index | 7.53% | 18.38% |

---

\* Commencement of operations for the Fund was January 3, 2023 following the reorganization of AlpInvest Seed

Fund, L.P. with and into the Fund.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S.

generally accepted accounting principles. Past performance is not an indication of future results.

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Broadly Syndicated Loans (1.1%)** | **Reference Rate & Spread** <sup>(1)</sup> | **Maturity Date** | **Par / Principal** <br>**Amount**<br>| **Amortized Cost** | **Fair Value** <sup>(2)</sup> |
| **First Lien (1.1%)** |  |  |  |  |  |
| **Europe (0.1%)** |  |  |  |  |  |
| Anticimex Global AB | SOFR 3M + 3.15% | 11/16/2028 | $244318 | $243692 | $243524 |
| Belron Finance 2019, LLC | SOFR 3M + 2.75% | 10/16/2031 | 248750 | 248162 | 247974 |
| Chrysaor Bidco S.a r.l. (TLB) | SOFR 1M + 3.50% | 10/30/2031 | 232202 | 232202 | 232328 |
| Chrysaor Bidco S.a r.l. (DTL) | SOFR 1M + 3.50% | 5/14/2031 | 17216 | 17216 | 17225 |
| Flutter Entertainment | SOFR 3M + 1.75% | 11/30/2030 | 248741 | 248741 | 247095 |
| Grifols, S.A. | SOFR 3M + 2.00% | 11/15/2027 | 170209 | 168437 | 168380 |
| Hyperion Insurance (HIG Finance) | SOFR 1M + 3.50% | 4/18/2030 | 198985 | 199678 | 198682 |
| Jazz Pharmaceuticals Public Limited Company | SOFR 1M + 2.25% | 5/5/2028 | 178588 | 178588 | 178454 |
| Minimax (MX Mercury) | SOFR 1M + 2.25% | 2/19/2032 | 250000 | 250000 | 249063 |
| Nouryon Fin B.V. | SOFR 3M + 3.25% | 4/3/2028 | 142769 | 142769 | 142234 |
| Peer Holding B.V. | SOFR 3M + 3.00% | 7/1/2031 | 249375 | 249375 | 248689 |
| ThyssenKrupp Elevator (Vertical Midco) | SOFR 1M + 3.50% | 4/30/2030 | 246891 | 246356 | 246054 |
| **Total Europe** |  |  | $2428044 | $2425216 | $2419702 |
| **North America (1.0%)** |  |  |  |  |  |
| Advisor Group (OSAIC) | SOFR 1M + 3.50% | 8/17/2028 | $246232 | $246232 | $244196 |
| Agiliti Health, Inc. | SOFR 3M + 3.00% | 5/1/2030 | 247487 | 245873 | 232844 |
| AlixPartners, LLC | SOFR 1M + 2.50% | 2/4/2028 | 244274 | 244462 | 244003 |
| Allied Universal Holdco, LLC | SOFR 1M + 3.75% | 5/12/2028 | 99485 | 98934 | 99318 |
| Alterra Mountain Company | SOFR 1M + 2.75% | 8/17/2028 | 245603 | 245603 | 244989 |
| American Airlines, Inc. | SOFR 1M + 2.25% | 2/15/2028 | 245000 | 245000 | 240835 |
| AmWINS Group, Inc. | SOFR 1M + 2.25% | 1/23/2032 | 99750 | 99996 | 98873 |
| APi Group (J2 Acquisition) | SOFR 1M + 1.75% | 1/3/2029 | 238925 | 238925 | 238001 |
| Ascensus Group Holdings, Inc. | SOFR 1M + 3.00% | 8/2/2028 | 199471 | 199471 | 197788 |
| Atlantic Aviation, Inc. | SOFR 1M + 2.50% | 9/23/2031 | 244337 | 244337 | 242275 |
| BCPE Pequod Buyer, Inc. | SOFR 1M + 3.50% | 11/25/2031 | 150000 | 149646 | 149411 |
| Beacon Roofing Supply, Inc. | SOFR 1M + 2.00% | 5/19/2028 | 246875 | 246875 | 246490 |
| Berlin Packaging, LLC | SOFR 1M + 3.50% | 6/7/2031 | 199001 | 199001 | 198155 |
| Blackstone CQP Holdco L.P. | SOFR 3M + 2.00% | 12/31/2030 | 250000 | 250000 | 249158 |
| BroadStreet Partners, Inc. | SOFR 1M + 3.00% | 5/9/2031 | 493061 | 492781 | 488352 |
| Buyer's Edge Company, Inc. | SOFR 1M + 3.25% | 4/25/2031 | 248128 | 248128 | 248128 |
| Chamberlain Group | SOFR 1M + 3.35% | 11/3/2028 | 199485 | 198490 | 197448 |
| Clipper Acquisitions Corporation | SOFR 1M + 1.75% | 3/3/2028 | 113750 | 113309 | 113181 |
| Clydesdale Acquisition Holdings, Inc. (TLB) | SOFR 1M + 3.25% | 4/1/2032 | 196564 | 195090 | 195418 |
| Clydesdale Acquisition Holdings, Inc. (DTL) | SOFR 1M + 3.25% | 4/1/2032 | 3436 | 3410 | 3416 |

---

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Broadly Syndicated Loans (1.1%)** | **Reference Rate & Spread** <sup>(1)</sup> | **Maturity Date** | **Par / Principal** <br>**Amount**<br>| **Amortized Cost** | **Fair Value** <sup>(2)</sup> |
| Concentra Health Services, Inc. | SOFR 1M + 2.00% | 7/25/2031 | 249375 | 249375 | 248752 |
| Cotiviti Holdings, Inc. | SOFR 1M + 2.75% | 5/1/2031 | 247506 | 246416 | 241937 |
| Covanta Holding Corporation (TLB) | SOFR 1M + 2.25% | 11/30/2028 | 182229 | 182229 | 181644 |
| Covanta Holding Corporation (TLC) | SOFR 1M + 2.25% | 11/30/2028 | 14035 | 14035 | 13990 |
| DaVita, Inc. | SOFR 1M + 2.00% | 5/9/2031 | 199000 | 198110 | 198610 |
| DRW Holdings, LLC | SOFR 3M + 3.50% | 6/26/2031 | 250000 | 249430 | 248908 |
| EMRLD Borrower L.P. | SOFR 6M + 2.50% | 5/31/2030 | 198492 | 198267 | 196373 |
| Entain (GVC) | SOFR 3M + 2.75% | 10/31/2029 | 248125 | 247860 | 248202 |
| Epicor Software Corporation | SOFR 1M + 2.75% | 5/30/2031 | 301819 | 301819 | 300808 |
| ExamWorks, Inc. | SOFR 1M + 2.75% | 11/1/2028 | 196474 | 196307 | 195971 |
| FB Income Advisor, LLC | SOFR 1M + 2.25% | 4/18/2031 | 297750 | 297084 | 297006 |
| First Advantage Corporation | SOFR 1M + 3.25% | 9/19/2031 | 199500 | 199500 | 198129 |
| First Eagle Management, LLC | SOFR 3M + 3.00% | 3/5/2029 | 247500 | 244059 | 247228 |
| Fleetcor Technologies Operating Company, LLC | SOFR 1M + 1.75% | 4/28/2028 | 248752 | 249604 | 247896 |
| Froneri International, Ltd. | SOFR 1M + 2.00% | 9/17/2031 | 270064 | 270064 | 268049 |
| Grant Thornton Advisors, LLC | SOFR 3M + 2.75% | 6/2/2031 | 248752 | 248752 | 247274 |
| Grosvenor Cap Mgmt Holdings, LLLP | SOFR 1M + 2.25% | 2/25/2030 | 204443 | 204443 | 204341 |
| GTCR Everest Borrower, LLC | SOFR 3M + 3.00% | 9/5/2031 | 249375 | 248796 | 247427 |
| Hamilton Projects Acquiror, LLC | SOFR 1M + 3.00% | 5/31/2031 | 240500 | 239955 | 239973 |
| Hudson River Trading, LLC | SOFR 1M + 3.00% | 10/31/2030 | 195455 | 195455 | 194967 |
| Icon Parent I, Inc. | SOFR 3M + 3.00% | 9/12/2031 | 400000 | 398293 | 396656 |
| Jane Street Group, LLC | SOFR 3M + 2.00% | 12/11/2031 | 244260 | 244260 | 241182 |
| Johnstone Supply | SOFR 1M + 2.50% | 6/9/2031 | 248750 | 248750 | 246496 |
| June Purchaser, LLC (TLB) | SOFR 3M + 3.25% | 11/28/2031 | 171429 | 170594 | 171509 |
| June Purchaser, LLC (DTL) | SOFR 3M + 3.25% | 9/11/2031 | 28571 | 28429 | 28585 |
| Madison IAQ, LLC | SOFR 1M + 3.25% | 3/29/2032 | 200000 | 198000 | 198000 |
| Maravai Intermediate Holdings, LLC | SOFR 3M + 3.00% | 10/19/2027 | 138480 | 138582 | 133634 |
| Mavis Tire Express Services Corporation | SOFR 1M + 3.00% | 5/4/2028 | 200000 | 199750 | 198526 |
| Medline Borrower, L.P. | SOFR 1M + 2.25% | 10/23/2028 | 267131 | 267131 | 266519 |
| MeridianLink, Inc. | SOFR 3M + 2.75% | 11/10/2028 | 247500 | 247500 | 247809 |
| Mitchell International, Inc. | SOFR 1M + 3.25% | 6/17/2031 | 149250 | 147488 | 147328 |
| MyEyeDr | SOFR 1M + 3.50% | 4/15/2031 | 248750 | 248750 | 248193 |
| NAB Holdings, LLC | SOFR 3M + 2.50% | 11/23/2028 | 268813 | 268813 | 266461 |
| NRG Energy, Inc. | SOFR 3M + 1.75% | 4/16/2031 | 247500 | 246953 | 246842 |
| OneDigital Borrower, LLC | SOFR 1M + 3.00% | 7/2/2031 | 198998 | 198998 | 197509 |
| Organon & Co. | SOFR 1M + 2.25% | 5/19/2031 | 498790 | 498790 | 491308 |
| Osmosis Buyer Limited | SOFR 1M + 3.00% | 7/31/2028 | 245616 | 245616 | 243093 |
| Parexel International Corporation | SOFR 1M + 2.50% | 11/15/2028 | 234891 | 234891 | 234236 |

---

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Broadly Syndicated Loans (1.1%)** | **Reference Rate & Spread** <sup>(1)</sup> | **Maturity Date** | **Par / Principal** <br>**Amount**<br>| **Amortized Cost** | **Fair Value** <sup>(2)</sup> |
| Plano Holdco, Inc. | SOFR 3M + 3.50% | 10/2/2031 | 250000 | 248820 | 248750 |
| Power Solutions (Clarios Global, L.P.) | SOFR 1M + 2.75% | 1/15/2032 | 300000 | 299632 | 295125 |
| Project Boost Purchaser, LLC | SOFR 3M + 3.00% | 7/16/2031 | 199500 | 199001 | 198221 |
| Proofpoint, Inc. | SOFR 1M + 3.00% | 8/31/2028 | 244375 | 244375 | 243383 |
| Quikrete Holdings, Inc. | SOFR 1M + 2.25% | 2/10/2032 | 250000 | 249385 | 246938 |
| RealPage, Inc. | SOFR 3M + 3.26% | 4/24/2028 | 195443 | 192935 | 192635 |
| Savage Enterprises, LLC | SOFR 1M + 2.75% | 9/15/2028 | 248728 | 248728 | 248071 |
| Sedgwick Claims Management Services, Inc.  | SOFR 3M + 3.00% | 7/31/2031 | 223875 | 223575 | 223035 |
| Signature Aviation | SOFR 1M + 2.75% | 7/1/2031 | 244703 | 244505 | 243105 |
| Starwood Property Mortgage, LLC | SOFR 1M + 2.25% | 12/12/2029 | 249375 | 248777 | 248285 |
| The Baldwin Insurance Group Holdings, LLC | SOFR 1M + 3.00% | 5/26/2031 | 206572 | 206572 | 205798 |
| The Dun & Bradstreet Corporation | SOFR 1M + 2.25% | 1/18/2029 | 245006 | 245006 | 244355 |
| The Ultimate Software Group, Inc. | SOFR 3M + 3.00% | 2/10/2031 | 299247 | 299246 | 298453 |
| Titan | SOFR 1M + 3.00% | 6/14/2030 | 100000 | 99752 | 99375 |
| Trans Union | SOFR 1M + 1.75% | 6/24/2031 | 189739 | 189739 | 189048 |
| TransDigm, Inc. | SOFR 3M + 2.50% | 2/28/2031 | 238797 | 238517 | 237314 |
| United Pacific | SOFR 3M + 3.75% | 7/9/2031 | 248750 | 248179 | 247663 |
| Valvoline, Inc. | SOFR 1M + 2.00% | 3/19/2032 | 200000 | 199002 | 199750 |
| Vertiv Group Corporation | SOFR 1M + 1.75% | 3/2/2027 | 248750 | 248750 | 247986 |
| Vistra Energy Corporation | SOFR 1M + 1.75% | 12/20/2030 | 244777 | 244777 | 243833 |
| Vistra Zero Operating Company, LLC | SOFR 1M + 2.00% | 4/30/2031 | 248750 | 247649 | 239656 |
| White Cap Supply Holdings, LLC | SOFR 1M + 3.25% | 10/19/2029 | 249375 | 248250 | 241360 |
| WhiteWater DBR Holdco LLC | SOFR 1M + 2.25% | 3/3/2031 | 199001 | 199489 | 198005 |
| Zelis Cost Management Buyer, Inc. | SOFR 1M + 2.75% | 9/28/2029 | 248744 | 249030 | 246947 |
| **Total North America** |  |  | $18512246 | $18482402 | $18370741 |
| **Rest of World (0.0%)** |  |  |  |  |  |
| Ardonagh Midco 3 Limited | SOFR 6M + 2.50% | 2/15/2031 | $225000 | $223980 | $221906 |
| **Total Rest of World** |  |  | $225000 | $223980 | $221906 |
| **Total First Lien** |  |  | $21165290 | $21131598 | $21012349 |
| **Total Broadly Syndicated Loans** |  |  | $21165290 | $21131598 | $21012349 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Private Equity Investments (93.9%)** | **Footnotes** | **Acquisition Date** | **Cost Value** | **Fair Value** <sup>(2)</sup> |
| **Direct Investments (30.5%)** | (3)(8)(10) |  |  |  |
| **Common Stocks (24.0%)** |  |  |  |  |
| **Europe (6.9%)** |  |  |  |  |

---

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Private Equity Investments (93.9%)** | **Footnotes** | **Acquisition Date** | **Cost Value** | **Fair Value** <sup>(2)</sup> |
| ACTE II Grand Co-Invest, L.P. | (6) | 8/14/2024 | $11161253 | $11112344 |
| Astorg VIII Co-Invest Corden | (4) | 8/1/2022 | 9355479 | 13409274 |
| Aurelia Co-Invest SCSp | (6) | 5/14/2024 | 10139079 | 14477661 |
| Cinven Isabella, L.P. | (6) | 11/26/2024 | 13982612 | 14359390 |
| Cinven Pegasus Limited Partnership | (6) | 10/2/2024 | 8242275 | 7932749 |
| Delta Opportunities, L.P. | (6) | 3/21/2025 | 6527926 | 6382082 |
| ECI 12 E, L.P. | (6) | 1/16/2025 | 229533 |  |
| Everest Co-Investment, L.P. | (6) | 3/19/2025 | 10986616 | 10759053 |
| HPM Sub-Pooling S.à r.l. | (6) | 9/5/2024 | 504693 | 169999 |
| Indigo Acquisition Holding B.V. | (6) | 9/6/2024 | 1012959 | 477966 |
| Menrva Co-investment, L.P. | (6) | 3/12/2025 | 15915861 | 15881000 |
| PP Food Technologies HoldCo S.p.A | (6) | 10/16/2024 | 8187821 | 8108985 |
| PSC Tiger, L.P. | (6) | 9/4/2024 | 3141125 | 3409985 |
| SEP EIGER Aggregator, L.P. | (4) | 4/25/2022 | 123172 |  |
| TSO III Project Olympus Co-Invest, L.P. | (6) | 10/23/2024 | 8867089 | 9299757 |
| Vantage RC Holding B.V. | (6) | 2/27/2025 | 12964197 | 13467402 |
| **Total Europe** |  |  | $121341690 | $129247647 |
| **North America (16.0%)** |  |  |  |  |
| AHR Parent Holdings, L.P. | (4) | 8/3/2022 | $129178 | $5015757 |
| BarBri Topco L.P. | (6) | 12/19/2024 | 16071000 | 17594237 |
| BCPE Polymath Investor, L.P. | (6) | 9/25/2024 | 7482096 | 7480153 |
| BCPE Virginia Investor, L.P. | (6) | 12/13/2023 | 5007014 | 5750000 |
| BharCap Babylon Acquisition, L.P. | (6) | 3/8/2024 | 7413147 | 8908483 |
| BSP-FL Intermediate Inc. | (6) | 12/5/2024 | 12500000 | 12500000 |
| Cascade Equity Holding, LLC | (6) | 12/27/2024 | 7500000 | 7500000 |
| Cetera Financial Group | (6) | 12/18/2023 | 4274216 | 5259345 |
| Corsair Amore Investors, L.P. | (4) | 5/25/2022 | 1794269 |  |
| CSC Riviera Co-Invest, L.P. | (6) | 1/30/2025 | 16699773 | 16667000 |
| CSC Tau Co-Invest Aggregator, L.P. | (6) | 1/30/2025 | 7153691 | 7143000 |
| EQT X Co-Investment (A) SCSP | (6) | 7/2/2024 | 10544112 | 11164488 |
| GTCR (W-2) Investors L.P. | (6) | 1/29/2024 | 9605764 | 11966503 |
| Gula Co-Invest II, L.P. | (6) | 10/23/2024 | 13410412 | 13333000 |
| KKR Icon Co-Invest L.P. | (6) | 11/13/2024 | 17857000 | 17857000 |
| LM Carpenter Co-Invest-A I L.P. | (6) | 12/27/2024 | 6210656 | 6153750 |
| Magnesium Co-Invest SCSp | (4) | 5/6/2022 | 9454920 | 11865570 |
| MidOcean Partners QT Co-Invest, L.P. | (6) | 8/20/2024 | 7068670 | 7489239 |
| MOP-Arnott Holdings, L.P. | (6) | 11/12/2024 | 2778000 | 2778000 |
| NCP MSI Co-Invest, L.P. | (6) | 3/20/2025 | 5100307 | 5084666 |
| NS UI A, LLC | (6) | 12/27/2024 | 9002973 | 8980183 |

---

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Private Equity Investments (93.9%)** | **Footnotes** | **Acquisition Date** | **Cost Value** | **Fair Value** <sup>(2)</sup> |
| OEP VIII Project Greenheart Co-investment Partners, L.P. | (4) | 10/17/2022 | 8098536 | 10985932 |
| Oscar Holdings, L.P. | (4) | 4/27/2022 | 4356463 | 6190704 |
| PC Key Data Holdings, L.P. | (6) | 9/20/2024 | 7648502 | 7500000 |
| Plano Co-investment II, L.P. | (6) | 9/27/2024 | 8228324 | 8167000 |
| PRETZEL CO-INVEST, L.P. | (6) | 12/19/2024 | 15989079 | 15823000 |
| Quad-C Synoptek Holdings, LLC | (5) | 8/12/2022 | 4228730 | 3050000 |
| RCR Equity, L.P. | (6) | 4/23/2024 | 56000 | 414882 |
| Rocket Co-Invest, SLP | (6) | 3/20/2024 | 6744854 | 8003415 |
| SCP FCA Investments, LLC | (5) | 6/7/2024 | 31285 |  |
| Sentinel NSI Co-Invest, L.P. | (6) | 1/31/2025 | 5234103 | 5230874 |
| SEP Hero Co-Invest I-A, L.P. | (6) | 11/1/2024 | 7758311 | 7753000 |
| SkyKnight Financial Holdings, L.P. | (6) | 12/24/2024 | 7806379 | 7780149 |
| SkyKnight Insurance Holdings, L.P. | (6) | 11/13/2023 | 2029690 | 2024223 |
| STG AV, L.P. | (6) | 11/1/2023 | 5006967 | 5000000 |
| Trivest Bright Co-Invest, L.P. | (6) | 4/16/2024 | 7817375 | 5207917 |
| Truelink Voltron A, L.P. | (6) | 12/27/2024 | 5000000 | 5000000 |
| Victors CCC Aggregator L.P. | (4) | 5/31/2022 | 2992681 | 4169446 |
| Webster Cascade Aggregator II, L.P. | (4) | 12/21/2022 | 3704247 | 538137 |
| Webster Oceans Co-Investment Fund, L.P. | (4) | 1/31/2022 | 3817928 | 6303350 |
| WPP Fairway Aggregator B, L.P. | (4) | 9/30/2022 | 107797 | 365600 |
| **Total North America** |  |  | $283714449 | $299998003 |
| **Rest of World (1.1%)** |  |  |  |  |
| Habit Health | (6) | 7/25/2024 | $5087656 | $4784803 |
| KKR Sirius Co-Invest, L.P. | (6) | 8/30/2024 | 10598584 | 10360683 |
| Mason Stevens Co Investment Trust | (6) | 3/26/2025 | 4830795 | 4748471 |
| **Total Rest of World** |  |  | $20517035 | $19893957 |
| **Total Common Stocks** |  |  | $425573174 | $449139607 |
| **Convertible Preferred Stocks (0.2%)** |  |  |  |  |
| **North America (0.2%)** |  |  |  |  |
| Webster Cascade Aggregator, L.P. | (4) | 12/21/2022 | $6431818 | $3849970 |
| **Total North America** |  |  | $6431818 | $3849970 |
| **Total Convertible Preferred Stocks** |  |  | $6431818 | $3849970 |
| **Preferred Stocks (5.9%)** |  |  |  |  |
| **Europe (1.4%)** |  |  |  |  |
| ECI 12 E, L.P. | (6) | 1/16/2025 | $9346370 | $9886997 |
| HPM Sub-Pooling S.à r.l. | (6) | 9/5/2024 | 4808312 | 5021914 |

---

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Private Equity Investments (93.9%)** | **Footnotes** | **Acquisition Date** | **Cost Value** | **Fair Value** <sup>(2)</sup> |
| Indigo Acquisition Holding B.V. | (6) | 9/6/2024 | 9003611 | 9252815 |
| SEP EIGER Aggregator, L.P. | (4) | 4/25/2022 | 1968258 | 2134620 |
| **Total Europe** |  |  | $25126551 | $26296346 |
| **North America (4.5%)** |  |  |  |  |
| AHR Parent Holdings, L.P. | (4) | 8/3/2022 | $7920000 | $9786694 |
| Corsair Amore Investors, L.P. | (4) | 5/25/2022 | 184283 | 483597 |
| GPS Co-Invest (IGI III)-A Feeder, L.P. | (6) | 11/27/2024 | 16667000 | 17448289 |
| LJ Shield Co-Invest, L.P. | (6) | 6/13/2024 | 9853503 | 12387803 |
| RCR Equity, L.P. | (6) | 4/23/2024 | 5544000 | 5959572 |
| SCP FCA Investments, LLC | (5) | 6/7/2024 | 7550000 | 12149378 |
| VFF IV Co-Invest 4-C, L.P. | (6) | 11/22/2024 | 15823000 | 15786536 |
| WPP Fairway Aggregator B, L.P. | (4) | 9/30/2022 | 7309839 | 9287548 |
| **Total North America** |  |  | $70851625 | $83289417 |
| **Total Preferred Stocks** |  |  | $95978176 | $109585763 |
| **Shareholder Loans (0.2%)** |  |  |  |  |
| **Europe (0.2%)** |  |  |  |  |
| ECI 12 E, L.P. | (6) | 1/16/2025 | $2789308 | $3018947 |
| **Total Europe** |  |  | $2789308 | $3018947 |
| **Total Shareholder Loans** |  |  | $2789308 | $3018947 |
| **Warrants (0.2%)** |  |  |  |  |
| **North America (0.2%)** |  |  |  |  |
| GPS Co-Invest (IGI III)-A Feeder, L.P. | (6) | 11/27/2024 | $— | $4575733 |
| **Total North America** |  |  | $— | $4575733 |
| **Total Warrants** |  |  | $— | $4575733 |
| **Total Direct Investments** |  |  | $530772476 | $570170020 |
| **Primary Investments (5.9%)** | (3)(7)(8)(10) |  |  |  |
| **Europe (0.5%)** |  |  |  |  |
| Advent International GPE X-D SCSp | (4) | 1/31/2022 | $2576697 | $3113433 |
| PSG Europe (Lux) II S.C.Sp. | (4) | 3/1/2022 | 1311223 | 1710376 |
| TowerBrook Investors VI (892), L.P. | (6) | 6/27/2024 | 3482668 | 3700109 |
| **Total Europe** |  |  | $7370588 | $8523918 |
| **North America (5.4%)** |  |  |  |  |
| BharCap Partners II-B, L.P. | (6) | 12/18/2024 | $10728175 | $12083155 |
| CenterOak Equity Fund III-EF, L.P. | (6) | 6/14/2024 | 5104 | (305821) |
| Francisco Partners VII-A, L.P. | (4) | 2/15/2022 | 1568877 | 1579093 |

---

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Private Equity Investments (93.9%)** | **Footnotes** | **Acquisition Date** | **Cost Value** | **Fair Value** <sup>(2)</sup> |
| Lee Equity Partners Fund IV(A), L.P. | (6) | 6/28/2024 | 2771987 | 2329265 |
| Nautic Partners XI, L.P. | (6) | 6/21/2024 | 12888 | (68956) |
| OceanSound Partners Fund II (A), L.P. | (6) | 7/2/2024 | 6535179 | 8167208 |
| One Equity Partners VIII-A, L.P. | (4) | 2/15/2022 | 8777325 | 12565621 |
| Sole Source Capital III | (6) | 3/31/2025 |  |  |
| Trivest Growth Investment Fund III-A, L.P. | (6) | 9/12/2024 | 7353 | (18407) |
| Truelink Capital I-A, L.P. | (6) | 6/7/2024 | 11793698 | 14740157 |
| Valeas Capital Partners Fund I-A L.P. | (6) | 8/30/2024 | 23464671 | 41853115 |
| Webster Capital V, L.P. | (4) | 6/30/2022 | 7463644 | 8943560 |
| **Total North America** |  |  | $73128901 | $101867990 |
| **Total Primary Investments** |  |  | $80499489 | $110391908 |
| **Secondary Investments (57.5%)** | (3)(7)(8)(10) |  |  |  |
| **Europe (10.8%)** |  |  |  |  |
| Advent Global Technology | (5) | 3/31/2025 | $2159675 | $2564243 |
| Advent Global Technology II | (5) | 3/31/2025 | 3105596 | 3295804 |
| Advent International GPE IX | (5) | 3/31/2025 | 11986264 | 12396063 |
| Advent International GPE IX (EUR) | (5) | 12/31/2023 | 1008950 | 1201292 |
| Advent International GPE VIII | (5) | 3/31/2025 | 2961169 | 3157574 |
| Advent International GPE X | (5) | 3/31/2025 | 6038297 | 6352886 |
| Barley (No.1) Limited Partnership | (6) | 4/17/2024 | 2457374 | 2100634 |
| Barley Institutional Co-Invest Limited Partnership | (6) | 4/17/2024 | 350980 | 305900 |
| Bridgepoint Europe VI | (5) | 12/31/2023 | 1011132 | 1375244 |
| Bridgepoint Europe VII | (6) | 1/31/2024 | 208908 | 222683 |
| CVC Capital Partners Strategic Opportunities II | (5) | 12/31/2023 | 960836 | 1145286 |
| CVC Capital Partners VI | (5) | 12/31/2023 | 235313 | 309859 |
| CVC Capital Partners VII | (5) | 12/31/2023 | 350305 | 459181 |
| CVC Capital Partners VIII | (5) | 12/31/2023 | 657360 | 642127 |
| CVC Capital Partners VIII (A) L.P. | (5) | 12/31/2024 | 36751856 | 37781439 |
| DPE Continuation Fund I geschlossene Spezial-Investment GmbH & Co. KG | (4) | 9/19/2022 | 12181959 | 15616841 |
| Elysium Acquisition L.P. | (6) | 12/2/2024 | 30440806 | 36417613 |
| Equistone SP I SCSp | (4) | 6/23/2022 | 4834796 | 6423716 |
| Gamma Co-invest, L.P. | (6) | 6/28/2024 | 4153404 | 4196260 |
| IK SC Strategic Opportunities I Fund | (6) | 4/4/2024 | 13078582 | 16867437 |
| TowerBrook Investors V | (6) | 6/28/2024 | 32124675 | 49903343 |
| **Total Europe** |  |  | $167058237 | $202735425 |
| **North America (45.6%)** |  |  |  |  |
| Apollo Overseas Partners (Delaware 892) IX, L.P. | (4) | 3/31/2022 | $6818294 | $7010803 |
| Apollo Overseas Partners (Delaware 892) X, L.P. | (4) | 7/21/2022 | 179805 | 184758 |

---

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Private Equity Investments (93.9%)** | **Footnotes** | **Acquisition Date** | **Cost Value** | **Fair Value** <sup>(2)</sup> |
| Audax Private Equity Fund VI | (5) | 12/31/2023 | 748242 | 786370 |
| Bain Capital Beacon Holdings, L.P. | (6) | 3/14/2025 | 88857117 | 87316215 |
| CB Offshore CF I, Limited Partnership | (6) | 12/10/2024 | 51646599 | 105953236 |
| CF24XB SCSp | (6) | 3/19/2025 | 30000000 | 55359152 |
| Clayton, Dubilier & Rice Fund XI, L.P. | (5) | 6/30/2023 | 23720809 | 25649861 |
| Excellere Partners III | (6) | 3/31/2024 | 5993938 | 9793643 |
| Excellere Partners IV | (6) | 3/31/2024 | 7204509 | 10804756 |
| Frontier Opportunity Fund A | (5) | 12/31/2023 | 178652 | 253120 |
| GA Continuity Fund II, L.P. | (6) | 3/4/2025 | 68151776 | 95723752 |
| GA Continuity I (AM) Fund | (5) | 6/30/2023 | 129853 | 226175 |
| GA Continuity I (HG) Fund | (5) | 6/30/2023 | 233727 | 374472 |
| GA Continuity I (SNF) Fund | (5) | 6/30/2023 | 156413 | 178133 |
| Green Equity Investors Side CF III - C, L.P. | (6) | 12/4/2023 | 8298379 | 10356651 |
| Green Equity Investors VIII, L.P. | (5) | 12/31/2024 | 17321970 | 21568445 |
| Hellman & Friedman Capital Partners IX | (5) | 12/31/2023 | 897849 | 1095566 |
| Hellman & Friedman Capital Partners X | (5) | 12/31/2023 | 467925 | 469404 |
| Investcorp North American Private Equity Parallel Fund I, L.P. | (4) | 2/17/2023 | 3631402 | 4605218 |
| Investcorp North American Private Equity Realization Fund 2022, L.P. | (4) | 2/17/2023 | 8559317 | 12112223 |
| Kinderhook GME Equity | (6) | 6/14/2024 | 404219 | 406440 |
| Kinderhook PMQ Reinvestment Fund V-A, L.P. | (4) | 3/3/2022 | 4337766 | 7011822 |
| Kinderhook Reinvestment Fund IV2, L.P. | (6) | 11/13/2023 | 9412534 | 9793481 |
| Lindsay Goldberg V L.P. | (5)(9) | 12/31/2024 | 15837771 | 15995216 |
| Littlejohn Fund V, L.P. | (4) | 3/31/2022 | 2343193 | 1546825 |
| Littlejohn Fund VI | (4) | 12/31/2022 | 2887462 | 3106823 |
| Littlejohn Fund VI | (5) | 12/31/2023 | 728808 | 957431 |
| Littlejohn Fund VI-A, L.P. | (4) | 3/31/2022 | 3639664 | 3839266 |
| Madison Dearborn Capital Partners VIII, L.P. | (5) | 12/31/2024 | 39900432 | 44276601 |
| Manulife PE Partners II Cayman, L.P. | (6) | 6/1/2024 | 79765325 | 96884189 |
| New Mountain Partners VI, L.P. | (5) | 12/31/2024 | 20552061 | 26319068 |
| Norwest Equity Partners IX, L.P. | (5) | 9/30/2023 | 3626467 | 6068486 |
| Norwest Equity Partners X, L.P. | (5) | 9/30/2023 | 5805396 | 11516557 |
| Norwest Equity Partners XI, L.P. | (5) | 9/30/2023 | 2738339 | 2514575 |
| Odyssey Investment Partners Fund V | (4) | 12/31/2022 | 989838 | 672185 |
| Odyssey Investment Partners Fund VI | (4) | 12/31/2022 | 1697639 | 2088800 |
| OEP Neptune Fund I, SCSP | (4) | 4/24/2023 | 10079310 | 13005416 |
| One Equity Partners VI | (5)(9) | 12/31/2023 | 50202 | 150925 |
| One Equity Partners VII | (5) | 12/31/2023 | 541174 | 481923 |
| One Equity Partners VIII | (5) | 12/31/2023 | 641760 | 799785 |
| Quad-C Partners IX, L.P. | (5) | 12/31/2022 | 1377229 | 1612034 |

---

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Private Equity Investments (93.9%)** | **Footnotes** | **Acquisition Date** | **Cost Value** | **Fair Value** <sup>(2)</sup> |
| Quad-C Partners X, L.P. | (4) | 12/31/2022 | 1451944 | 1706347 |
| Roark Capital Partners CF L.P. | (4) | 8/17/2022 | 5784902 | 7633092 |
| Sentinel MCA AV, L.P. | (6) | 10/13/2023 | 2366894 | 2719234 |
| TA Associates XIII | (5) | 12/31/2023 | 343131 | 428386 |
| TA Associates XIV | (5) | 12/31/2023 | 369502 | 350439 |
| The Resolute III Continuation Fund, L.P. | (6) | 9/20/2024 | 91431473 | 96403307 |
| Thoma Bravo Fund XV, L.P. | (5) | 12/31/2024 | 22633502 | 26024876 |
| Thoma Bravo Oasis Fund A, L.P. | (4) | 1/21/2022 | 3869800 | 6242762 |
| TPG Healthcare Partners II, L.P. | (4) | 8/5/2022 | 102115 | 117092 |
| TPG Partners IX, L.P. | (4) | 8/5/2022 | 517218 | 629521 |
| TPG Partners VII, L.P. | (4) | 3/31/2022 | 1280400 | 1014012 |
| TPG Partners VIII, L.P. | (4) | 3/31/2022 | 8712789 | 9318978 |
| Wind Point Partners IX | (5) | 12/31/2023 | 636582 | 654726 |
| Wind Point Partners VIII | (5) | 12/31/2023 | 168347 | 131615 |
| Wind Point Partners X-B, L.P. | (6) | 1/23/2024 | 181973 | 237972 |
| **Total North America** |  |  | $670403737 | $852482160 |
| **Rest of World (1.0%)** |  |  |  |  |
| Affinity Asia Pacific Fund V | (5) | 12/31/2023 | $433197 | $582333 |
| Ping An Global Equity Selection Fund III | (6) | 11/25/2024 | 7118206 | 12044960 |
| TPG Asia VII (B), L.P. | (4) | 4/20/2022 | 7514119 | 5738892 |
| TPG Asia VIII (B), L.P. | (4) | 7/1/2022 | 991349 | 1091562 |
| **Total Rest of World** |  |  | $16056871 | $19457747 |
| **Total Secondary Investments** |  |  | $853518845 | $1074675332 |
| **Total Private Equity Investments** |  |  | $1464790810 | $1755237260 |
| **Total Investments (95.0%)** |  |  | $1485922408 | $1776249609 |
| **Cash Equivalents (11.6%)** |  |  |  |  |
| **North America (11.6%)** |  |  |  |  |
| UMB Money Market II Special (4.19%) | (4)(5)(6) |  | $216967510 | $216967510 |
| **Total Cash Equivalents** |  |  | $216967510 | $216967510 |
| **Total Investments and Cash Equivalents (106.6%)** |  |  | $1702889918 | $1993217119 |
| **Other Assets and Liabilities, Net (-6.6%)** |  |  |  | $(122800184) |
| **Net Assets (100.0%)** |  |  |  | **$1870416935** |

---

**Investment Abbreviations:**

SOFR - Secured Overnight Financing Rate

(1)As of March 31, 2025, the below reference rates were in effect:

1M SOFR - 1 Month SOFR as of March 31, 2025 was 4.33%

3M SOFR - 3 Month SOFR as of March 31, 2025 was 4.35%

6M SOFR - 6 Month SOFR as of March 31, 2025 was 4.55%

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2025**

(2) The Fair Value is estimated by management using significant unobservable inputs and as such may not necessarily reflect the current or expected future performance of such Direct Investment, Primary

Investment or Secondary Investment or the Fair Value of the Fund's interest in such Direct Investment, Primary Investment or Secondary Investment. Furthermore, the Fair Value has not been calculated,

reviewed, verified or in any way approved by such Direct Investment, Primary Investment or Secondary Investment or its general partner, manager or sponsor (including any of its affiliates). Please see Notes

to Consolidated Financial Statements for further details regarding the valuation policy of the Fund.

(3) Direct Investments are private investments directly into the equity of selected operating companies, often together with the management of the company. Primary Investments are investments in newly

established private equity partnerships where underlying portfolio companies are not known as of the time of investment. Secondary Investments are portfolios of assets acquired on the secondary market.

(4) Investments held in AlpInvest Seed Fund L.P.

(5) Investments held in ACP 2022 Marvel Blocker LLC.

(6) Investments held in AlpInvest CAPM Holdings, LLC.

(7) Investment does not issue shares.

(8) Non-income producing security.

(9) Investment that exceeded 5% of net assets.

(10) Private Equity Investments are generally issued in private placement transactions and as such are generally restricted as to resale. Each investment may have been purchased on various dates and for different

amounts. The date of the first purchase is reflected under Acquisition Date as shown in the Consolidated Schedule of Investments. Total fair value of restricted investments as of March 31, 2025 was

$1,755,237,260, or 93.9% of net assets.

*See accompanying Notes to Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2025**

---

| | |
|:---|:---|
| **SUMMARY OF INVESTMENTS BY STRATEGY (AS A PERCENTAGE OF TOTAL INVESTMENTS)** | **SUMMARY OF INVESTMENTS BY STRATEGY (AS A PERCENTAGE OF TOTAL INVESTMENTS)** |
| Direct Investments | 32.10% |
| Primary Investments | 6.20% |
| Secondary Investments | 60.50% |
| Broadly Syndicated Loans | 1.20% |
| **Total Investments** | **100.00%** |

---

*See accompanying Notes to Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES**

---

| | |
|:---|:---|
| **ASSETS:** | **March 31, 2025** |
| Investments, at fair value (cost $1,485,922,408) | $1776249609 |
| Cash and cash equivalents  | 216967510 |
| Cash denominated in foreign currency (cost $823,683) | 840353 |
| Receivable for investments sold  | 2018113 |
| Interest receivable  | 1328752 |
| Deferred offering cost  | 186872 |
| Prepaid expenses and other assets  | 215020 |
| Other receivables | 4726 |
| Total assets | $1997810955 |
| **LIABILITIES:** |  |
| Payable for investments purchased | $76763810 |
| Tenders payable | 26818267 |
| Incentive fee payable | 11035024 |
| Deferred tax liability | 7065681 |
| Management fee payable | 3705829 |
| Accrued line of credit interest and commitment fee payable | 625625 |
| Professional fees payable | 286587 |
| Legal fees payable | 205579 |
| Fund accounting and administration fees payable | 200821 |
| Audit fees payable | 129000 |
| Due to investment adviser | 105545 |
| Accrued trustees' fees payable | 27049 |
| Financing cost payable | 23861 |
| Other payables and accrued expenses | 401342 |
| Total liabilities | $127394020 |
| **Commitment and Contingencies (See Note 11)** |  |
| **Net Assets Attributable to Common Shareholders** | **$1870416935** |
| **COMPOSITION OF NET ASSETS ATTRIBUTABLE TO COMMON SHARES:** | **COMPOSITION OF NET ASSETS ATTRIBUTABLE TO COMMON SHARES:** |
| Paid-in capital | $1617763869 |
| Total distributable earnings | 252653066 |
| **Net Assets Attributable to Common Shareholders** | **$1870416935** |

---

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES**

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE** | |
| **Class I** |  |
| Net Assets | $1578808884 |
| Shares of Beneficial Interest | 109207969 |
| Net Asset Value per share of Beneficial Interest | $14.46 |
| **NET ASSET VALUE PER SHARE** |  |
| **Class A** |  |
| Net Assets | $291597706 |
| Shares of Beneficial Interest | 20376249 |
| Net Asset Value per share of Beneficial Interest | $14.31 |
| **NET ASSET VALUE PER SHARE** |  |
| **Class W** |  |
| Net Assets | $10345 |
| Shares of Beneficial Interest | 723 |
| Net Asset Value per share of Beneficial Interest | $14.31 |

---

*See accompanying Notes to Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | **For the year ended March 31,** <br>**2025**<br>|
| Interest income | $13026300 |
| Dividend income | 600979 |
| Total Investment Income | $13627279 |
| **EXPENSES:** |  |
| Incentive fees | $23884948 |
| Management fees | 13226507 |
| Interest expense and fees on credit facility | 1319028 |
| Professional fees | 990252 |
| Fund accounting and administration fees | 914925 |
| Legal fees | 905000 |
| Transfer agent fees | 577710 |
| Distribution fees | 516034 |
| Insurance expense | 279930 |
| Amortization of debt financing costs | 260589 |
| Audit fees | 213131 |
| Trustees' fees and expenses | 207073 |
| Offering costs | 180798 |
| Printing expense | 148992 |
| Custodian fees | 138658 |
| Tax advisory expense | 63865 |
| Other expenses | 783267 |
| Total expenses before waiver | $44610707 |
| Less fees reimbursed by Investment Adviser |  |
| Total Expenses | 44610707 |
| **Net Investment Loss** | **$(30983428)** |
| **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** | **NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:** |
| Net realized gain on investments and foreign currency | $8242851 |
| Net change in unrealized appreciation on investments and foreign currency | 243322841 |
| Net Realized and Unrealized Gain on Investments and Foreign Currency before taxes | 251565692 |
| Net change in deferred income tax expense | (5617747) |
| Net Realized and Unrealized Gain on Investments and Foreign Currency after taxes | 245947945 |
| **Net Increase in Net Assets Attributable to Common Shares from Operations** | **$214964517** |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| <br>**FROM OPERATIONS:** | **Year Ended March** <br>**31, 2025**<br>| **Year Ended March** <br>**31, 2024**<br>|
| Net investment loss | $(30983428) | $(8387914) |
| Net realized gain on investments and foreign currency | 8242851 | 4663325 |
| Net change in unrealized appreciation on investments and foreign <br>currency<br>| 243322841 | 40547517 |
| Net change in deferred income tax asset/(liability) | (5617747) | (1602383) |
| **Net Increase in Net Assets Attributable to Common Shares** <br>**from Operations**<br>| **$214964517** | **$35220545** |
| **DISTRIBUTABLE EARNINGS:** |  |  |
| Class I | $(2006988) | $(499983) |
| Class A | (243012) | (18) |
| Class W |  |  |
| **Total Distributions from Distributable Earnings** | **$(2250000)** | **$(500001)** |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Class I |  |  |
| Proceeds from shares sold | $988472223 | $205261480 |
| Class I shares exchanged for Class W shares | (10000) |  |
| Class A shares exchanged for Class I shares | 318117 | (10000) |
| Reinvestment of distributions  | 1731174 | 498614 |
| Repurchase of shares | (32955388) |  |
| Redemption fees | 4348 |  |
| Class A |  |  |
| Proceeds from shares sold | $270293829 | $— |
| Class A shares exchanged for Class I shares | (318117) | 10000 |
| Reinvestment of distributions  | 243009 | 18 |
| Repurchase of shares | (57121) |  |
| Redemption fees | 1142 |  |
| Class W |  |  |
| Proceeds from shares sold | $— | $— |
| Class W shares received for Class I shares | 10000 |  |
| Reinvestment of distributions |  |  |
| Repurchase of shares |  |  |
| Redemption fees | **—** | **—** |
| **Net Increase from Capital Share Transactions** | **1227733216** | **205760112** |
| **Net Increase in Net Assets Attributable to Common Shares** | **$1440447733** | **$240480656** |
| **NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS** | **NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS** |  |
| Beginning of period | $429969202 | $189488546 |
| **End of period** | **$1870416935** | **$429969202** |
| **SHARE ACTIVITY** |  |  |
| Class I |  |  |
| Shares sold | 75218495 | 17671398 |

---

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| Shares tendered | (2305395) |  |
| Shares reinvested | 130753 |  |
| Class I shares exchanged for Class W shares | (716) |  |
| Class I shares exchanged for Class A shares |  | (865) |
| Class I shares received for Class A shares | 23735 |  |
| Class A |  |  |
| Shares sold | 20384805 |  |
| Shares tendered | (3992) |  |
| Shares reinvested | 18508 |  |
| Class A shares exchanged for Class I shares | (23938) |  |
| Class A shares received for Class I shares |  | 865 |
| Class W |  |  |
| Shares sold |  |  |
| Shares tendered |  |  |
| Shares reinvested |  |  |
| Class W shares received for Class I shares | 723 |  |

---

*See accompanying Notes to Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | **For the year ended March** <br>**31, 2025**<br>|
| Net increase in net assets resulting from operations | $214964517 |
| Adjustments to reconcile net increase in net assets from operations to net cash Used in <br>operating activities:<br>|  |
| Cost of investments purchased and change in payable for investments purchased | (1192069668) |
| Proceeds from sales of and paydowns from investments and change in receivable for <br>investments sold<br>| 30485358 |
| Return of capital | 32116423 |
| Net premium amortization/(discount accretion) | (12666) |
| Net realized gain on investments and foreign currency | (8242851) |
| Net change in unrealized appreciation on investments and foreign currency | (243322841) |
| (Increase)/Decrease in assets: |  |
| Interest receivable | (772229) |
| Deferred offering cost | (186872) |
| Other receivables | (4726) |
| Prepaid expenses and other assets | (139923) |
| Increase/(Decrease) in liabilities: |  |
| Deferred tax liability | 5617747 |
| Incentive fee payable | 10491929 |
| Management fee payable | 2835164 |
| Legal fees payable | (19835) |
| Professional fees payable | 83087 |
| Audit fees payable | (49000) |
| Due to Investment Adviser | 78901 |
| Financing cost payable | 20194 |
| Accrued trustees' fees payable | 19049 |
| Fund accounting and administration fees payable | 118035 |
| Accrued line of credit interest and commitment fee payable | 548125 |
| Other payables and accrued expenses | 211236 |
| **Net Cash Used in Operating Activities** | **$(1147230846)** |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |
| Proceeds from shares issued | $1258766052 |
| Distributions  | (275817) |
| Cost of shares redeemed | (6194242) |
| Redemptions fees | 5490 |
| Amortization of financing costs | (260589) |
| **Net Cash Provided by Financing Activities** | **1252040894** |
| **Net increase in cash and cash equivalents** | **104810048** |
| **Cash and cash equivalents, beginning balance** | 112997815 |
| **Cash and cash equivalents, ending balance** | $217807863 |

---

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

---

| | |
|:---|:---|
| **Supplemental disclosure of cash flow information** |  |
| Cash paid for interest on borrowings | $— |
| Reinvestment of dividends and distributions | 1974183 |
| **Reconciliation of cash, cash equivalents and foreign currency, ending balance:** |  |
| Cash and cash equivalents | $216967510 |
| Cash denominated in foreign currencies | 840353 |
| Total cash, cash equivalents and foreign currency, ending balance | $217807863 |

---

*See accompanying Notes to Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

---

| | | | |
|:---|:---|:---|:---|
| **CLASS I** | **Year Ended** <br>**March 31, 2025**<br>| **Year Ended** <br>**March 31, 2024**<br>| **Period Ended** <br>**March 31, 2023**<br><sup>(g)</sup><br>|
| **PER SHARE OF BENEFICIAL INTEREST OPERATING PERFORMANCE** | **PER SHARE OF BENEFICIAL INTEREST OPERATING PERFORMANCE** |  |  |
| Net asset value, beginning of period | $11.90 | $10.28 | $10.00 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS** |  |  |  |
| Net investment loss <sup>(a)</sup> | (0.36) | (0.35) | (0.10) |
| Net realized and unrealized gain on investments and foreign currency | 2.95 | 1.99 | 0.38 |
| **Total Income from Investment Operations** | **2.59** | **1.64** | **0.28** |
| Dividends and/or distributions to shareholders: |  |  |  |
| Dividends to shareholders | (0.03) | (0.02) |  |
| Total Dividends and/or distributions to shareholders: | (0.03) | (0.02) |  |
| **Net asset value per common share - end of period** | **$14.46** | **$11.90** | **$10.28** |
| **Total Return** <sup>(c)</sup> | **21.74%** | **15.93%** | **2.83%** |
| **Ratios/Supplemental Data** |  |  |  |
| Net assets attributable to common shares, end of period (000s) | $1578809 | $429959 | $189489 |
| Ratio of expenses to average net assets attributable to common shares, excluding fee waiver <sup>(d)</sup> | 4.13% | 4.43% | 3.73% |
| Ratio of expenses to average net assets attributable to common shares, including fee waiver <sup>(d)</sup> | 4.13% | 4.43% | 2.51% |
| Ratio of net investment gain (loss) to average net assets attributable to common shares <sup>(b)</sup> | (0.66)% | (1.66)% | (1.64)% |
| Interest and fees from borrowings <sup>(e)</sup> | —% | 0.18% | —% |
| Portfolio turnover rate <sup>(f)</sup> | 2.69% | 3.30% | 0.38% |

---

(a) Calculated using average common shares outstanding.

(b) Net investment loss ratio is annualized and calculated excluding Incentive Fees for the year ended March 31, 2025 and the year ended

March 31, 2024. Net investment loss ratio is annualized except for organizational fees, which are one time expenses, and calculated

excluding Incentive Fees for the period ended March 31, 2023. If Incentive Fees were included, the ratios would have been lowered by

2.21%, 1.45%, and 0.31% for the year ended March 31, 2025, year ended March 31, 2024 and period ended March 31, 2023, respectively.

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which

the Fund invests. Ratios do not include net investment income of the funds in which the Fund invests.

(c) Total investment return is calculated assuming a purchase of common share at the opening on the first day and a sale at closing on the last day

of each period reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the

Fund's dividend reinvestment plan. Total investment return does not reflect sales load or brokerage commissions, if any, and is not

annualized.

(d) Expense ratios have been annualized, except for organizational fees which are one time expenses, and Incentive Fees which are not

annualized. If Incentive Fees had been excluded, the expense ratios would have decreased by 2.21%, 1.45% and 0.31% for the year ended

March 31, 2025, year ended March 31, 2024 and period ended March 31, 2023, respectively. Expenses do not include expenses from

underlying funds in which the Fund is invested.

(e) Interest and fees from borrowings is calculated based on the average net assets for the period.

(f) Percentage represents the results for the period and is not annualized.

(g) The Fund commenced operations on January 3, 2023.

*See accompanying Notes to Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED FINANCIAL HIGHLIGHTS (Continued)**

---

| | | |
|:---|:---|:---|
| **CLASS A** | **Year Ended** <br>**March 31, 2025**<br>| **Period Ended** <br>**March 31, 2024** <br><sup>(g)</sup><br>|
| **PER SHARE OF BENEFICIAL INTEREST OPERATING PERFORMANCE** | **PER SHARE OF BENEFICIAL INTEREST OPERATING PERFORMANCE** |  |
| Net asset value, beginning of period | $11.85 | $11.56 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS** | **INCOME/(LOSS) FROM INVESTMENT OPERATIONS** |  |
| Net investment loss <sup>(a)</sup> | (0.64) | (0.23) |
| Net realized and unrealized gain on investments and foreign currency | 3.13 | 0.54 |
| **Total Income from Investment Operations** | **2.49** | **0.31** |
| Dividends and/or distributions to shareholders: |  |  |
| Dividends to shareholders | (0.03) | (0.02) |
| Total Dividends and/or distributions to shareholders: | (0.03) | (0.02) |
| **Net asset value per common share - end of period** | **$14.31** | **$11.85** |
| **Total Return** <sup>(c)</sup> | **20.99%** | **2.68%** |
| **Ratios/Supplemental Data** |  |  |
| Net assets attributable to common shares, end of period (000s) | $291598 | $10 |
| Ratio of expenses to average net assets attributable to common shares, excluding fee waiver <sup>(d)</sup> | 7.30% | 4.73% |
| Ratio of expenses to average net assets attributable to common shares, including fee waiver <sup>(d)</sup> | 7.30% | 4.73% |
| Ratio of net investment gain (loss) to average net assets attributable to common shares <sup>(b)</sup> | (1.16)% | (2.12)% |
| Interest and fees from borrowings <sup>(e)</sup> | —% | 0.11% |
| Portfolio turnover rate <sup>(f)</sup> | 2.69% | 3.30% |

---

(a) Calculated using average common shares outstanding.

(b) Net investment gain (loss) ratio is annualized and calculated excluding Incentive Fees for the year ended March 31, 2025 and the period

ended March 31, 2024. If Incentive Fees were included, the ratio would have been lowered by 3.91% and 0.92% for the year ended

March 31, 2025 and the period ended March 31, 2024, respectively. Recognition of net investment income by the Fund is affected by the

timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratios do not include net investment income of the

funds in which the Fund invests.

(c) Total investment return is calculated assuming a purchase of common share at the opening on the first day and a sale at closing on the last day

of each period reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the

Fund's dividend reinvestment plan. Total investment return does not reflect sales load or brokerage commissions, if any, and is not

annualized.

(d) Expense ratios have been annualized except for Incentive Fees which are not annualized. If Incentive Fees had been excluded, the expense

ratio would have decreased by 3.91% and 0.92% for the year ended March 31, 2025 and the period ended March 31, 2024, respectively.

Expenses do not include expenses from underlying funds in which the Fund is invested.

(e) Interest and fees from borrowings is calculated based on the average net assets for the period.

(f) Percentage represents the results for the period and is not annualized.

(g) For the period October 2, 2023 (inception of offering) through March 31, 2024.

*See accompanying Notes to Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**CONSOLIDATED FINANCIAL HIGHLIGHTS (Continued)**

---

| | |
|:---|:---|
| **CLASS W** | **Period Ended** <br>**March 31, 2025** <br><sup>(g)</sup><br>|
| **PER SHARE OF BENEFICIAL INTEREST OPERATING PERFORMANCE** | **PER SHARE OF BENEFICIAL INTEREST OPERATING PERFORMANCE** |
| Net asset value, beginning of period | $13.83 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS** | **INCOME/(LOSS) FROM INVESTMENT OPERATIONS** |
| Net investment loss <sup>(a)</sup> | (0.24) |
| Net realized and unrealized gain on investments and foreign currency | 0.72 |
| **Total Income from Investment Operations** | **0.48** |
| Dividends and/or distributions to shareholders: |  |
| Dividends to shareholders |  |
| Total Dividends and/or distributions to shareholders: |  |
| **Net asset value per common share - end of period** | **$14.31** |
| **Total Return** <sup>(c)</sup> | **3.47%** |
| **Ratios/Supplemental Data** |  |
| Net assets attributable to common shares, end of period (000s) | $10 |
| Ratio of expenses to average net assets attributable to common shares, excluding fee waiver <sup>(d)</sup> | 15.48% |
| Ratio of expenses to average net assets attributable to common shares, including fee waiver <sup>(d)</sup> | 15.48% |
| Ratio of net investment gain (loss) to average net assets attributable to common shares <sup>(b)</sup> | (4.86)% |
| Interest and fees from borrowings <sup>(e)</sup> | —% |
| Portfolio turnover rate <sup>(f)</sup> | 2.69% |

---

(a) Calculated using average common shares outstanding.

(b) Net investment gain (loss) ratio is annualized and calculated excluding Incentive Fees for the period ended March 31, 2025. If Incentive Fees

were included, the ratio would have been lowered by 1.30% for the period ended March 31, 2025. Recognition of net investment income by

the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratios do not include net

investment income of the funds in which the Fund invests.

(c) Total investment return is calculated assuming a purchase of common share at the opening on the first day and a sale at closing on the last day

of each period reported. Dividends and distributions are assumed for purposes of this calculation to be reinvested at prices obtained under the

Fund's dividend reinvestment plan. Total investment return does not reflect sales load or brokerage commissions, if any, and is not

annualized.

(d) Expense ratios have been annualized except for Incentive Fees which are not annualized. If Incentive Fees had been excluded, the expense

ratio would have decreased by 1.30% for the period ended March 31, 2025. Expenses do not include expenses from underlying funds in

which the Fund is invested.

(e) Interest and fees from borrowings is calculated based on the average net assets for the period.

(f) Percentage represents the results for the period and is not annualized.

(g) For the period March 1, 2025 (inception of offering) through March 31, 2025.

*See accompanying Notes to Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION**

Carlyle AlpInvest Private Markets Fund (the "Fund") was organized as a Delaware statutory trust on December 7, 2021.

The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified,

closed-end management investment company. The Fund commenced operations on January 3, 2023 ("Commencement

of Operations").

The Fund's Board of Trustees (the "Board") provides broad oversight over the Fund's investment program and its

management and operations. AlpInvest Private Equity Investment Management, LLC serves as the Fund's investment

adviser ("AlpInvest"). AlpInvest oversees the management of the Fund's day-to-day activities including structuring,

governance, distribution, reporting and oversight. AlpInvest entered into a sub-advisory agreement with Carlyle Global

Credit Investment Management L.L.C., who serves as the Fund's sub-adviser ("Sub-Adviser" and together with

AlpInvest, the "Advisers") and is responsible for the broadly syndicated loans investment strategy of the Fund's assets.

Each Adviser is registered as an investment adviser with the Securities and Exchange Commission (the "SEC") under

the Investment Advisers Act of 1940, as amended. Each Adviser is also an indirect, wholly-owned subsidiary of The

Carlyle Group Inc.

The Fund's investment objective is to seek long-term capital appreciation. The Fund opportunistically allocates its assets

across a global portfolio of private markets investments ("Private Markets Investments"). Under normal circumstances,

the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in Private

Markets Investments. Private Markets Investments include, without limitation:

• as part of the Fund's "Direct Investments" strategy, direct investments in individual portfolio companies

alongside third party private equity funds ("Underlying Funds");

• as part of the Fund's "Secondary Investments" strategy, secondary purchases of interests in Underlying Funds

and portfolio companies;

• as part of the Fund's "Primary Investments" strategy, direct subscriptions for interests in Underlying Funds;

and

• investments in privately placed bank loans and other debt instruments and loans to private companies.

As part of its principal investment strategies, the Fund invests in underlying funds and portfolio companies organized

both within and outside of the United States. The Fund invests in broadly syndicated term loans and other fixed income

investments in order to manage its cash and liquidity needs while earning an incremental return.

**2. SIGNIFICANT ACCOUNTING POLICIES**

*Basis of Presentation* – The consolidated financial statements have been prepared in conformity with accounting

principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is considered an investment

company and therefore applies the guidance of Financial Accounting Standards Board ("FASB") Accounting Standards

Codification ("ASC") Topic 946, *Financial Services - Investment Companies*. The consolidated financial statements

reflect all adjustments and reclassifications, which, in the opinion of management, are necessary for the fair presentation

of the results of operations and financial condition as of and for the periods presented. All significant intercompany

balances and transactions have been eliminated. The consolidated financial statements include the accounts of the Fund

and its wholly owned subsidiaries ("Subsidiaries"). The following is a summary of significant accounting policies used

in preparing the consolidated financial statements.

*Consolidation of a Subsidiary* – The Fund may make investments through its Subsidiaries. Such Subsidiaries will not be

registered under the 1940 Act. The Board has oversight responsibility for the investment activities of the Fund,

including its investment in any Subsidiary. To the extent applicable to the investment activities of a Subsidiary, the

Subsidiary will follow the same compliance policies and procedures as the Fund. The Fund would "look through" any

such Subsidiary to determine compliance with its investment policies.

The consolidated financial statements of the Fund include AlpInvest CAPM Holdings, LLC, AlpInvest Seed Fund GP,

LLC, AlpInvest Seed Fund Limited Partner, LLC, AlpInvest Seed Fund, L.P., and ACP 2022 Marvel Blocker LLC, all

wholly-owned subsidiaries of the Fund.

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*Use of Estimates* – The preparation of the consolidated financial statements in accordance with U.S. GAAP requires

management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure

of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of

revenues and expenses during the reporting period. The Fund believes that these estimates utilized in preparing the

consolidated financial statements are reasonable and prudent; however, actual results could differ from these estimates.

*Income Taxes* – The Fund has elected to be treated, and intends to continue to comply with the requirements to qualify

annually, as a regulated investment company ("RIC") by complying with the requirements of Subchapter M of the

Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies, and by

distributing substantially all of its taxable earnings to its shareholders. Accordingly, no provision for federal income or

excise tax is necessary. See Note 9 for additional information.

In accounting for income taxes, the Fund follows the guidance in FASB ASC 740, Accounting for Uncertainty in

Income Taxes. FASB ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection

with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being

measured and recognized in the consolidated financial statements. There were no material uncertain tax positions

requiring recognition in the Fund's consolidated financial statements as of March 31, 2025.

The Fund's tax year is the 12-month period ending September 30 and the Fund's income and federal excise tax returns

and all financial records supporting returns will be subject to examination by the federal and Delaware revenue

authorities.

ACP 2022 Marvel Blocker LLC is treated as a corporation for U.S. federal income tax purposes. U.S. corporations are

subject to U.S. federal income tax on their worldwide income and state tax rates will vary by state, if any. ACP 2022

Marvel Blocker LLC files federal, state and local tax returns as required.

With respect to ACP 2022 Marvel Blocker LLC, income taxes are accounted for under the asset and liability method.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the

financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss

and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply

to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect

on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statement of Operations

in the period that includes the enactment date.

Management has reviewed the Fund's tax positions for the open tax year and has concluded that as of March 31, 2025,

the Fund has a deferred tax liability of $7,065,681 which is included in the consolidated financial statements. At

March 31, 2025, the Fund did not have a deferred tax asset.

The Organization for Economic Co-operation and Development ("OECD") introduced a 15% global minimum tax

under the Pillar Two Global Anti-Base Erosion ("GloBE") model rules. Several OECD member countries have enacted

tax legislation based on certain elements of these rules that became effective on January 1, 2024. Other jurisdictions

have announced the intent to implement these rules, but the rules remain subject to significant negotiation, potential

change, and phase-in periods.

Management has concluded that the Fund falls outside the scope of the Pillar Two rules but will continue to monitor

potential future applicability and changes to these rules.

*Cash and Cash Equivalents* – Cash and cash equivalents consist of monies held in a non-interest bearing account at

UMB Bank, N.A, who serves as the Fund's custodian, and money market funds. Such cash, at times, may exceed

federally insured limits. The money market funds invest primarily in government issued securities and other short-term,

highly liquid instruments. As of March 31, 2025, the Fund had cash equivalents of $216,967,510 (cost of $216,967,510

representing 216,967,510 shares) in money market funds held with UMB Bank, N.A. Institutional Banking Money

Market II. Cash equivalents are classified as Level 1 assets. The Fund is subject to credit risk should a financial

institution be unable to fulfill its obligations. The Fund has not experienced any losses in such accounts and does not

believe it is exposed to any significant credit risk on such accounts. There are no restrictions on the cash and cash

equivalents held by the Fund.

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*Valuation* – Portfolio securities are valued at market value determined on the basis of market quotations or, if market

quotations are not readily available or are unreliable, at fair value as determined in accordance with the policies and

procedures approved by and under the oversight of the Board. Pursuant to these policies and procedures, AlpInvest, as

the Fund's investment adviser, serves as the Fund's valuation designee pursuant to Rule 2a-5 of the 1940 Act. In this

capacity, the Adviser is responsible, among other things, for making all fair value determinations relating to all of the

Fund's investments, subject to the Board's oversight.

The Fund values its Private Markets Investments at fair value consistent with the principles of ASC Topic 820, Fair

Value Measurements ("ASC 820"). For Liquid investments that are publicly traded or for which market quotations are

available, including broadly syndicated term loans, valuations are generally based on the closing sales prices as of the

valuation date. See Note 3 for additional information.

*Investment Income* – The Fund's primary sources of income are investment income and gains recognized upon

distributions from portfolio investments and unrealized appreciation in the fair value of its portfolio investments. The

classification of distributions received, including return of capital, realized gains and dividend income, is based on

information received from the investment manager of the Private Markets Investment. The Fund seeks to record income

earned from its investments in underlying funds in a manner that most closely follows the character of income as

reported by those underlying funds. The change in unrealized appreciation on investments within the Consolidated

Statement of Operations includes the Fund's share of unrealized gains and losses, realized undistributed gains and

losses, and the undistributed net investment income or loss on investments for the relevant period.

Interest income, including amortization of premium or discount using the effective interest method, is recorded on an

accrual basis. Dividend income is recorded on the ex-dividend date or the date the Fund becomes aware of the dividend.

Other income from portfolio investments, which represents operating income from investment partnerships or other

flow through entities received by the Fund, is recorded on the date received.

*Fund Expenses* – The Fund bears all expenses incurred in the course of its operations, including, but not limited to, the

following: all fees and expenses of Private Markets Investments in which the Fund invests, management fees, fees and

expenses associated with the credit facility, legal fees, administrator fees, audit and tax preparation fees, custodial fees,

transfer agency fees, registration expenses, expenses of the Board and other administrative expenses. Certain of these

operating expenses are subject to an expense limitation agreement (the "Expense Limitation Agreement" as further

discussed in Note 4). Expenses are recorded on an accrual basis. Closing costs associated with the purchase of Primary,

Secondary and Direct Investments are included in the cost of the investment.

*Transfer Agent and Custodian Expenses -* SS&C Global Investor & Distribution Solutions, Inc. (the "Transfer Agent")

serves as the Fund's transfer agent. Under the Services Agreement with the Fund, the Transfer Agent is responsible for

maintaining all shareholder records of the Fund. The Transfer Agent is a wholly-owned subsidiary of SS&C

Technologies Holdings, Inc., a publicly traded company listed on the NASDAQ Global Select Market.

UMB Bank, N.A. ("UMB'') serves as custodian to the Fund. Under a Custody Agreement with the Fund, UMB is

responsible for the holding and safekeeping of the Fund's assets.

*Shareholders' Allocation* – The Fund currently offers Class A, Class I and Class W shares (See Note 7). Realized and

unrealized gains and losses and net investment income, excluding class specific expenses, if any, are allocated to each

class of common shares based upon the relative proportion of net assets of each class. Differences in per share

distributions by class are generally due to differences in class specific expenses.

*Dividends and Distributions* – Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date.

Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may

differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such

amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do

not require such reclassification.

*Foreign Currency* – Assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the

rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of investments and

income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are

recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations

are included with the net realized and unrealized gain or loss from investments in the Consolidated Statement of

Operations.

*Recent Accounting Pronouncements* – In June 2022, the FASB issued ASU 2022-03, *Fair Value Measurement (Topic*

*820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions*. The amendments in this

update clarify the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual sale

restrictions and introduce new disclosure requirements related to such equity securities. The amendments are effective

for fiscal years beginning after December 15, 2023, with early adoption permitted. The Fund does not expect this

guidance to impact its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), which improves reportable

segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU

2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years

beginning after December 15, 2024. The Fund has adopted ASU 2023-07 effective March 31, 2025 and concluded that

the application of this guidance did not have any material impact on its consolidated financial statements. Refer to Note

12, Segment Reporting, to these consolidated financial statements for further information.

In December 2023, the FASB issued *ASU 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures*.

The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily

related to rate reconciliation and income taxes paid information. The amendments are effective for annual periods

beginning after December 15, 2024, with early adoption permitted. The Fund expects that the adoption of the

amendments will not have a material impact on its financial statements.

**3. FAIR VALUE MEASUREMENTS**

The Fund follows the provisions of ASC 820-10, Fair Value Measurements and Disclosures, which among other

matters, requires enhanced disclosures about investments that are measured and reported at fair value. ASC 820-10

defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure

of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment

in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC

820-10 requires the Fund to assume that the portfolio investment is sold in its principal market to market participants or,

in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market

participants are defined as buyers and sellers in the principal or most advantageous market that are independent,

knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Fund has considered its principal

market as the market in which the Fund exits its portfolio investments with the greatest volume and level of activity.

ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are

observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels

listed below:

The three-tier hierarchy of inputs is summarized below:

Level 1 — Inputs that reflect unadjusted quoted prices in active markets for identical financial instruments that

the reporting entity has the ability to assess at the measurement date.

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the financial

instrument, either directly or indirectly. Level 2 inputs also include quoted prices for similar assets and liabilities

in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active.

Level 3 — Significant unobservable inputs for the financial instrument (including management's own

assumptions in determining the fair value of investments).

Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. During the

year ended March 31, 2025, there were transfers of $375,569 into Level 3 and transfers of $246,819 out of Level 3.

Transfers into and out of Level 3 within the broadly syndicated loans were primarily due to decreased or increased price

transparency, respectively, and are based on the Fund's policy to determine the fair value hierarchy utilizing available

quoted prices in active markets, the bid-ask spread and the liquidity of the investment.

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

*Underlying Funds* – Investments in Underlying Funds are recorded at fair value, using the Underlying Funds' net asset

value as a "practical expedient," in accordance with ASC 820-10.

Investments in Underlying Funds generally are restricted securities that are subject to substantial holding periods and

are not traded in public markets. Accordingly, the Fund may not be able to resell some of its investments for extended

periods, which may be several years. The types of Underlying Funds that the Fund may make investments in include

Primary and Secondary Investments. Primary Investments are investments in newly established private equity funds.

Secondary Investments are investments in existing private equity funds that are acquired in privately negotiated

transactions.

The fair value relating to certain underlying investments of these Underlying Funds, for which there is no public

market, has been estimated by the respective Underlying Funds' management and is based upon available information

in the absence of readily ascertainable fair values and does not necessarily represent amounts that might ultimately be

realized. Due to the inherent uncertainty of valuation, those estimated fair values may differ significantly from the

values that would have been used had a public market for the investments existed. These differences could be material.

AlpInvest will adjust the fair value provided by the Underlying Funds' management for subsequent cash flows received

from or distributed to the Underlying Funds and for any changes in the market prices of public securities held by the

Underlying Funds and may also apply a market adjustment to reflect the estimated change in the fair value of the

Underlying Funds non-public investments from the date of the most recent net asset value provided by the Underlying

Funds' management.

*Direct Investments* – The Fund may also make Direct Investments, which may include debt and/or equity securities

issued by operating companies and are typically made as investments alongside a private equity fund.

AlpInvest determines comparable public companies based on industry, size, developmental stage, strategy, etc., and

then calculates a trading multiple for each comparable company identified by dividing the enterprise value of the

comparable company by its earnings before interest, taxes, depreciation and amortization (EBITDA). The trading

multiple may then be discounted for considerations such as differences between the comparable companies and the

subject company based on company specific facts and circumstances. The combined multiple is then applied to the

subject company to calculate the value of the subject company.

*Broadly Syndicated Loans* – The Fund may also make investments in broadly syndicated loans. The broadly syndicated

loans are fair valued using pricing services and broker quotes. Pricing for the broadly syndicated loans is provided by

the Sub-Adviser who obtains marks from Markit, a third-party pricing service. The Sub-Adviser checks the valuations

and determines if price overrides or challenges are needed before final pricing is provided to the Adviser. Accordingly,

the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

The following table is a summary of information about the levels within the fair valuation hierarchy at which the Fund's

investments are measured as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Broadly Syndicated Loans | $— | $18311408 | $2700941 | $21012349 |
| Cash Equivalents | 216967510 |  |  | 216967510 |
| Direct Investments |  |  | 570170020 | 570170020 |
| Total | $216967510 | $18311408 | $572870961 | $808149879 |

---

The Fund held Primary Investments and Secondary Investments with a fair value of $1,185,067,240, which are

excluded from the fair value hierarchy as of March 31, 2025, in accordance with Subtopic 820-10 as investments in

Underlying Funds valued at net asset value, as a "practical expedient'' are not required to be included in the fair value

hierarchy.

The following table shows a reconciliation of Level 3 investments during the period.

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | | |
|:---|:---|:---|
| | **Broadly Syndicated Loans** | **Direct Investments** |
| Balance as of March 31, 2024 | $246202 | $124887058 |
| Transfers into Level 3 | 375569 |  |
| Purchases | 2345443 | 419882236 |
| Distributions |  |  |
| Net Realized Gains (Losses) | (71) |  |
| Net Change in Unrealized Appreciation (Depreciation) | (19383) | 25400726 |
| Transfers out of Level 3 | (246819) |  |
| Balance  | $2700941 | $570170020 |
| Net Change in Unrealized Appreciation/(Depreciation) on <br>investments held at March 31, 2025<br>| $(19383) | $25400726 |

---

A listing of Private Markets Investment types held by the Fund which use unobservable inputs in deriving their

valuation, along with related attributes, as of March 31, 2025, are shown in the below table:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reporting** <br>**Security Type** | **Valuation** <br>**Techniques** | **Significant** <br>**Unobservable** <br>**Inputs** | **Fair Value as** <br>**of March 31,** <br>**2025** | **Single Input or Range** <br>**(Weighted Average by** <br>**Fair Value)** | **Impact to** <br>**Valuation from** <br>**an Increase in** <br>**Input** <sup>(2)</sup> | | | | | | |
| **Reporting** <br>**Security Type** | **Valuation** <br>**Techniques** | **Significant** <br>**Unobservable** <br>**Inputs** | **Fair Value as** <br>**of March 31,** <br>**2025** | **Single Input or Range** <br>**(Weighted Average by** <br>**Fair Value)** | **Impact to** <br>**Valuation from** <br>**an Increase in** <br>**Input** <sup>(2)</sup> | Common Stocks | Comparable Company <br>Multiple<br>| LTM EBITDA Multiple | $166207046 | 5.04x - 33.08x (16.68x) | Increase |
| Common Stocks | Comparable Company <br>Multiple<br>| LTM EBITDA Multiple<br>Comparable Transaction <br>Multiple<br>| 13409274 | 21.70x - 21.70x <br>(21.70x)<br>22.50x-22.50x (22.50x)<br>| Increase |  |  |  |  |  |  |
| Common Stocks | Comparable Company <br>Multiple<br>| Forward Revenue <br>Multiple<br>| 538137 | 1.24x - 1.24x (1.24x) | Increase |  |  |  |  |  |  |
| Common Stocks | Comparable Company <br>Multiple<br>| Comparable Transaction <br>Multiple<br>| 5230874 | 10.32x - 10.32x <br>(10.32x)<br>| Increase |  |  |  |  |  |  |
| Common Stocks | At Cost | N/A | 263754276 | N/A | N/A |  |  |  |  |  |  |
| Preferred Stocks | Comparable Company <br>Multiple<br>| LTM EBITDA Multiple | 76755696 | 5.04x - 31.08x (13.37x) | Increase |  |  |  |  |  |  |
| Preferred Stocks | Comparable Company <br>Multiple<br>| LTM Revenue Multiple | 2134620 | 7.83x - 7.83x (7.83x) | Increase |  |  |  |  |  |  |
| Preferred Stocks | At Cost | N/A | 30695447 | N/A | N/A |  |  |  |  |  |  |
| Convertible <br>Preferred Stocks<br>| Comparable Company <br>Multiple<br>| LTM EBITDA Multiple<br>Comparable Transaction <br>Multiple<br>| 3849970 | 18.80x - 18.80x <br>(18.80x)<br>19.00x - 19.00x <br>(19.00x)<br>| Increase |  |  |  |  |  |  |
| Shareholder Loan | At Cost | N/A | 3018947 | N/A | N/A |  |  |  |  |  |  |
| Warrants | Comparable Company <br>Multiple<br>| LTM EBITDA Multiple | 4575733 | 10.51x - 10.51x <br>(10.51x)<br>| Increase |  |  |  |  |  |  |
| Broadly Syndicated <br>Loans<br>| Consensus Pricing | Indicative Quotes | 2700941 | 96.50 - 100.00 (99.12) | Increase |  |  |  |  |  |  |
| Total Level 3 <br>Investments<br>|  |  | $572870961 |  |  |  |  |  |  |  |  |

---

(1)The investments were acquired shortly before period end. AlpInvest assessed and considered cost to be the best estimate of fair value.

(2)This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the

corresponding unobservable input.

**4. RELATED PARTY TRANSACTIONS**

The Fund entered into an investment management agreement with AlpInvest (the "Investment Management

Agreement"), the Fund's investment adviser. The Adviser entered into a sub-advisory agreement with the Sub-Adviser.

In consideration of the advisory services provided by the Adviser, the Fund pays the Adviser a monthly management

fee equal to 1.25% on an annualized basis of the Fund's net asset value (including assets held in a Subsidiary) as of the

last day of the month (the "Management Fee"). For purposes of determining the Management Fee payable to the

Adviser for any month, the net asset value is calculated after any subscriptions but prior to any repurchases occurring in

that month and prior to any reduction for any fees and expenses of the Fund for that month, including, without

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

limitation, the Management Fee and the Incentive Fee (as defined below) payable to the Adviser for that month. The

Management Fee is payable in arrears within 30 business days after the end of the month. The Fund bears all other costs

and expenses of its operations and transactions as set forth in the Investment Management Agreement. For the year

ended March 31, 2025, the Fund incurred Management Fees of $13,226,507.

At the end of each calendar quarter of the Fund (and at certain other times), the Adviser (or, to the extent permitted by

applicable law, an affiliate of the Adviser) will be entitled to receive an Incentive Fee equal to 10% of the excess, if any,

of (i) the net profits of the Fund for the relevant period over (ii) the then balance, if any, of the Loss Recovery Account

(as defined below) at the start of the relevant period (the "Incentive Fee"). For the purposes of the Incentive Fee, the

term "net profits" means (i) the amount by which the net asset value of the Fund on the last day of the relevant period

exceeds the net asset value of the Fund as of the commencement of the same period, including any net change in

unrealized appreciation or depreciation of investments and realized income and gains or losses and expenses (including

offering and organizational expenses) plus (ii) the aggregate distributions accrued during the period.

The services of all investment professionals and staff of the Adviser, when and to the extent engaged in providing

investment advisory and management services, and the compensation and routine overhead expenses of such personnel

allocable to such services, are provided and paid for by the Adviser.

In addition to the fees and expenses to be paid by the Fund under the Investment Management Agreement, AlpInvest

provides certain administrative and other services necessary for the Fund to operate pursuant to an administration

agreement between the Fund and AlpInvest (the "Administration Agreement"). The Fund reimburses the administrator

for its costs, expenses and allocable portion of overhead (including compensation of personnel performing

administrative duties) in connection with the services performed for the Fund pursuant to the terms of the

Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may

delegate its obligations under the Administration Agreement to an affiliate or to a third party, and the Fund will

reimburse the Administrator for any services performed for the Fund by such affiliate or third party. The Administrator

has hired ALPS Fund Services, Inc. to serve as sub-administrator to assist in the provision of administrative services.

The sub-administrator receives compensation for its provision of sub-administrative services under a sub-administration

agreement; such compensation is paid directly or indirectly by the Fund. For the year ended March 31, 2025, the Fund

incurred fund accounting and administration fees of $914,925.

The Adviser and the Fund have entered into an Amended and Restated Expense Limitation Agreement in respect of

each of Class A Shares, Class I Shares and Class W Shares under which the Adviser has agreed contractually from

August 1, 2024 through July 31, 2025 to waive its Management Fee as well as the Fund's operating expenses on a

monthly basis to the extent that the Fund's total annualized fund operating and ongoing offering expenses on a monthly

basis (excluding (i) expenses directly related to the costs of making investments, including interest and structuring costs

for borrowings and line(s) of credit, taxes, brokerage costs, acquired fund fees and expenses, the Fund's proportionate

share of expenses related to direct investments, litigation and extraordinary expenses, (ii) Incentive Fees and (iii) any

distribution fees) in respect of the relevant month exceed 2.25% of the month-end net asset value of such Class (the "

2025 Expense Cap") (the "Amended and Restated Expense Limitation Agreement"). The Adviser and the Fund

previously entered into an Expense Limitation Agreement in respect of each of Class A Shares, Class I Shares and Class

W Shares under which the Adviser has agreed contractually from July 28, 2023 through July 31, 2024 to waive its

Management Fee and/or reimburse the Fund's initial organizational and offering costs incurred prior to launch, as well

as the Fund's operating expenses on a monthly basis to the extent that the Fund's total annualized fund operating and

ongoing offering expenses on a monthly basis (excluding (i) expenses directly related to the costs of making

investments, including interest and structuring costs for borrowings and line(s) of credit, taxes, brokerage costs,

acquired fund fees and expenses, the Fund's proportionate share of expenses related to direct investments, litigation and

extraordinary expenses, (ii) Incentive Fees and (iii) any distribution fees) in respect of the relevant month exceed 3.00%

of the month-end net asset value of such Class (the "2024 Expense Cap," and with the 2025 Expense Cap, the "Expense

Cap") (the "Original Expense Limitation Agreement").

In consideration of the Adviser's agreement to waive its Management Fee (and under the terms of the Original Expense

Limitation Agreement, and reimburse the Fund expenses incurred prior to commencement of operations), the Fund has

agreed to repay the Adviser in the amount of any waived Management Fees and Fund expenses reimbursed in respect of

each of Class A Shares, Class I Shares and Class W Shares subject to the limitation that a reimbursement (an "Adviser

Recoupment") will be made only if and to the extent that: (i) it is payable not more than three years from the date on

which the applicable waiver or expense payment was made by the Adviser; and (ii) the Adviser Recoupment does not

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

cause the Fund's total annual operating expenses (on an annualized basis and net of any reimbursements received by the

Fund during such fiscal year) during the applicable quarter to exceed the Expense Cap of such Class. The Adviser

Recoupment for a class of Shares will not cause Fund expenses in respect of that class to exceed any Expense Cap in

place either (i) at the time of the waiver or (ii) at the time of recoupment. The Amended and Restated Expense

Limitation Agreement will remain in effect from August 1, 2024 through July 31, 2025, unless and until the Board

approves its modification or termination. The Adviser Recoupment will survive the termination of the Amended and

Restated Expense Limitation Agreement. For the year ended March 31, 2025, the Adviser did not reimburse fees

subject to recoupment.

The Adviser has paid certain expenses on behalf of the Fund, including offering costs, organizational expenses, and

other expenses. As of March 31, 2025, the Fund has recorded $105,545 as due to the Adviser in the accompanying

Consolidated Statement of Assets and Liabilities.

TCG Capital Markets L.L.C. (the "Distributor") serves as the Fund's principal underwriter and acts as the distributor of

the Shares on a best efforts basis, subject to various conditions. The Shares are offered for sale through the Distributor

at net asset value plus any applicable sales load. The Distributor also may enter into broker-dealer selling agreements

with other broker-dealers for the sale and distribution of the Shares.

Related parties owned approximately 6% of the Fund's total outstanding shares as of March 31, 2025. Related parties

may include, but are not limited to, the Adviser and its affiliates, affiliated broker dealers, fund of funds, and directors

or employees.

The Fund commencedquarterly repurchase offers for valuation dates December 31, 2024 and March 31, 2025. In

connection with the repurchase offers, an affiliate of the Fund, CG Subsidiary Holdings LLC, redeemed 377,074 Class I

shares and 1,800,000 Class I shares, respectively, for total considerations of $4,992,459 and $25,578,000, respectively.

These transactions were effected at the NAV price on the Repurchase Pricing Dates, as defined by the quarterly

repurchase offers.

**5. REVOLVING CREDIT FACILITY**

The Fund has a revolving credit agreement, as amended from time to time (the "Credit Facility"), with Barclays Bank

PLC (the "Lender") that can be increased with the consent of the Lender with at least 12 business days' prior notice.

The Credit Facility currently permits borrowings up to $225 million and has a scheduled availability period end date

that extends by one day each day unless either the Lender has delivered written notice to not extend at which point the

commitment terminates 270 days following date of such notice or the Fund has delivered written notice to not extend at

which point the commitment terminates 60 days following date of such notice. The final maturity date of the Credit

Facility is March 9, 2028. The purpose of the Credit Facility is to provide working capital to the Fund to manage its

liquidity needs, including acting as warehouse financing for the Fund's acquisition of Private Markets Investments. The

Credit Facility has an interest rate equal to the SOFR plus a 2.90% applicable margin, plus a 0.10% term SOFR credit

spread adjustment, per annum and a commitment fee of 1.10% per annum on the average daily unused balance. The

Fund's borrowing capacity is subject to the ability of the lender to fulfill its respective obligations under the Credit

Facility. As of March 31, 2025, there were no borrowings outstanding. For the year ended March 31, 2025, there were

no borrowings and no repayments under the Credit Facility. For the year ended March 31, 2025, expenses charged to

the Fund related to the Credit Facility were $1,319,028.

Deferred financing costs include capitalized expenses related to the closing or amendments of the Credit Facility.

Amortization of deferred financing costs for the Credit Facility is computed on the straight-line basis over its term. The

Fund paid and capitalized $60,000, $99,556 and $80,848 of deferred financing costs during the renewal and upsizes of

the Credit Facility on March 8, 2024, June 24, 2024 and December 20, 2024, respectively. For the year ended March

31, 2025, amortization of $260,589 is included in the accompanying Consolidated Statement of Operations. As of

March 31, 2025, there are $23,861 of accrued financing costs in the accompanying Consolidated Statement of Assets

and Liabilities.

**6. OFFERING COSTS**

Offering costs incurred by the Fund are treated as deferred charges until operations commence and thereafter are

amortized over a 12-month period using the straight line method. Examples of these costs are registration fees, legal

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

fees, and fees relating to the initial and supplemental registration statement and updates to the registration statement.

These costs will be subject to recoupment in accordance with the Fund's Expense Limitation Agreement, as discussed in

Note 4. As of March 31, 2025, there are $186,872of deferred offering costs in the accompanying Consolidated

Statement of Assets and Liabilities.

**7. CAPITAL SHARE TRANSACTIONS**

The Fund offers three separate classes of common shares of beneficial interest ("Shares") designated as Class A ("Class

A Shares"), Class I ("Class I Shares") and Class W ("Class W Shares"). All classes of Shares have identical voting,

dividend, liquidation and other rights and will be subject to the same terms and conditions, except each class of Shares

is subject to different fees and expenses. The Fund may offer additional classes of Shares in the future. The Fund has

received an exemptive order from the SEC with respect to the Fund's multi-class structure. The purchase price of the

Shares at the Commencement of Operations was $10.00 per Share. Thereafter, the purchase price per Shares was based

on the net asset value ("NAV") per Share as of the date such Shares were purchased. Fractions of Shares are issued to

one one-thousandth of a Share. As of March 31, 2025 outstanding shares of Class A, Class I and Class W were

20,376,249, 109,207,969, and 723, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended March 31, 2025** | **For the Year Ended March 31, 2025** | **For the Year Ended March 31, 2025** | **For the Year Ended March 31, 2025** |
|  | **Proceeds from Sales** | **Proceeds from Sales** | **Reinvestment of Distributions** | **Reinvestment of Distributions** |
| | **Shares** | **Dollar Amounts** | **Shares** | **Dollar Amounts** |
| **Carlyle AlpInvest** <br>**Private Markets Fund -** <br>**Class I**<br>| 75218495 | $988472223 | 130753 | $1731174 |
| **Carlyle AlpInvest** <br>**Private Markets Fund -** <br>**Class A**<br>| 20384805 | $270293829 | 18508 | $243009 |
| **Carlyle AlpInvest** <br>**Private Markets Fund -** <br>**Class W**<br>|  | $— |  | $— |
| Increase in Shares and <br>Net Assets<br>| 95603300 | $1258766052 | 149261 | $1974183 |

---

The Fund accepts initial and additional purchases of Shares as of the first business day of each calendar month at the

Fund's then-current net asset value per Share of each respective share class (determined as of the close of business on

the last business day of the immediately preceding month). The minimum initial investment in the Fund by any investor

is $50,000 with respect to Class A Shares, Class I Shares and Class W Shares. The minimum additional investment in

the Fund by any investor is $10,000, except for additional purchases pursuant to the dividend reinvestment plan. Class

A Shares are sold at the public offering price, which is the net asset value of a Class A Share plus an initial maximum

3.00% sales charge. Class A shares are subject to a 0.50% distribution fee through June 30, 2027, thereafter the

distribution fee will increase to 0.75%. Class W Shares are sold at the public offering price, which is the net asset value

of a Class W Share plus an initial maximum 2.00% sales charge. Class W shares are subject to a distribution fee of

0.75%. Class I Shares are not subject to any initial sales charge or a distribution fee. The Fund reserves the right to

reject any subscription for shares.

No shareholder has the right to require the Fund to repurchase his, her or its shares. To provide a limited degree of

liquidity to shareholders, at the sole discretion of the Adviser and subject to the Board's approval, the Fund may from

time to time offer to repurchase shares pursuant to written tenders by shareholders. The Adviser expects that it will

recommend to the Board (subject to its discretion) that the Fund offer to repurchase shares from shareholders on a

quarterly basis in an amount expected to be approximately 5% of the Fund's net asset value.

A 2.00% early repurchase fee will be charged by the Fund with respect to any repurchase of shares from a shareholder

at any time prior to the day immediately preceding the one-year anniversary of the shareholder's purchase of the Shares.

During the year ended March 31, 2025, 2,305,395 Class I shares and 3,992 Class A shares were tendered, and no Class

W shares were tendered.

**8. INVESTMENT TRANSACTIONS**

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

For the year ended March 31, 2025, total purchases and total sales or paydowns from investments amounted to

$1,230,726,187 and $23,956,725, respectively.

**9. FEDERAL AND OTHER TAX INFORMATION**

The Fund intends to qualify annually as a RIC under Subchapter M of the Code. To qualify for and maintain RIC tax

treatment, the Fund must, among other things, distribute at least 90% of its net ordinary income and realized net short-

term capital gains in excess of realized net long-term capital losses, if any. The Fund has adopted a tax-year end of

September 30. The Fund's initial tax year was September 30, 2023. The Fund files tax returns as prescribed by the tax

laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by

U.S. federal, state, local and foreign jurisdictions, where applicable.

For the tax year ended September 30, 2024, permanent differences between book and tax basis of $1,643,575 are

attributable to certain non-deductible expenses for tax purposes and investments in partnerships. These reclassifications

have no effect on total NAV or NAV per Share. For the tax year ended September 30, 2024, the following amounts

were reclassified:

---

| | |
|:---|:---|
| Paid-in Capital | $(1643575) |
| Total distributable earnings (or loss) | 1643575 |

---

The tax character of Subchapter M distributions for the tax year ended September 30, 2024, were as follows:

---

| | | |
|:---|:---|:---|
| | **Ordinary Income** | **Long-Term Capital** <br>**Gains**<br>|
| 2023 | $— | $500001 |
| 2024 | $— | $2250000 |

---

For the tax year endedSeptember 30, 2024, the Fund's tax components of distributable earnings on a tax basis are as

follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $— |
| Accumulated capital gains (losses) | 538076 |
| Unrealized appreciation (depreciation) | 128128625 |
| Late year loss deferrals | (11342705) |
| Total distributable earnings | $117323996 |

---

As of March 31, 2025, the federal tax cost of investments and unrealized appreciation (depreciation) are as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $325939955 |
| Gross unrealized depreciation | (33652958) |
| Net unrealized appreciation | $292286997 |
| Tax costs of investments | $1483472299 |

---

Consolidation of Subsidiary: The consolidated financial statements of the Fund include AlpInvest CAPM Holdings,

LLC, AlpInvest Seed Fund GP, LLC, AlpInvest Seed Fund Limited Partner, LLC, AlpInvest Seed Fund, L.P., and ACP

2022 Marvel Blocker LLC, all wholly-owned subsidiaries of the Fund. ACP 2022 Marvel Blocker LLC has the same

investment objective as the Fund. ACP 2022 Marvel Blocker LLC is taxed as a corporation and used when the Fund has

determined that owning certain investment funds within a domestic limited liability company structure would not be

beneficial. As of March 31, 2025, the total value of investment held by the ACP 2022 Marvel Blocker LLC is

$275,346,896, or approximately 14.97%, of the Fund's net assets.

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

ACP 2022 Marvel Blocker LLC has elected to be treated as a C-corporation for federal and state income tax purposes

and is required to account for its estimate of income taxes through the establishment of a deferred tax asset or liability.

The Fund recognizes deferred income taxes for temporary differences in the basis of assets and liabilities for financial

and income tax purposes. Deferred tax assets are recognized for deductible temporary differences, tax credit

carryforwards or net operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary

differences. To the extent ACP 2022 Marvel Blocker LLC has a deferred tax asset, consideration is given to whether or

not a valuation allowance is required.

For the period ended March 31, 2025, ACP 2022 Marvel Blocker LLC recorded a $26,383 provision for income tax

expense. For the period ended March 31, 2025, there is a change in the deferred portion of the income tax benefit/

(expense) included in the Consolidated Statement of Operations of $(5,617,747). As of March 31, 2025, ACP 2022

Marvel Blocker LLC has a deferred tax liability of $7,065,681 due to estimated future tax expense pertaining to

unrealized gains and no deferred tax asset.

Management evaluates the tax positions taken or expected to be taken in the course of preparing the Fund's tax returns

to determine whether the tax positions will "more-likely-than-not" be sustained upon examination by the applicable tax

authority. Tax positions deemed to meet the more-likely-than-not threshold that would result in a tax benefit or expense

to the Fund would be recorded as a tax benefit or expense in the current year. The Fund has not recognized any tax

liability for unrecognized tax benefits or expenses as of March 31, 2025. The Fund recognizes interest and penalties, if

any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During

the year ended March 31, 2025, the Fund did not incur any interest or penalties. The Fund's tax return filed for the year

ended September 30, 2023, can be subject to examination by the Internal Revenue Service.

The March 31, 2025, book cost has been adjusted for book/tax basis differences. The difference between book basis and

tax basis distributable earnings and unrealized appreciation/(depreciation) is primarily attributable to investments in

partnerships.

**10. RISK FACTORS**

Investing in the Fund involves risks, including the risk that a shareholder may receive little or no return on their

investment or that a shareholder may lose part or all of their investment. Before making an investment decision, a

prospective shareholder should (i) consider the suitability of this investment with respect to the shareholder's

investment objectives and personal situation and (ii) consider factors such as the shareholder's personal net worth,

income, age, risk tolerance and liquidity needs.

Below is a summary of some of the principal risks of investing in the Fund. Shareholders should consider carefully the

following principal risks before investing in the Fund:

**Illiquidity of the Shares** – Unlike many closed-end funds, the Shares will not be listed on any securities exchange.

Although the Adviser expects that it will recommend to the Board that the Fund offer to repurchase shares from

shareholders on a quarterly basis in an amount expected to be approximately 5% of the Fund's net asset value, no

assurances can be given that the Fund will do so. Additionally, there is no guarantee that an investor will be able to sell

all of the Shares in a repurchase offer that the investor desires to sell. The Fund should therefore be considered to offer

limited liquidity.

**Limited Operating History** – The Fund has a limited operating history upon which potential investors can evaluate its

performance. Therefore, its operating expenses may be significant and typically higher than expenses of similarly

situated established funds.

**Highly Competitive Market** – The activity of identifying, completing and realizing upon attractive investments is

highly competitive and involves a high degree of uncertainty. The Fund will be competing for investments with other

private equity investors having similar investment objectives. It is possible that competition for appropriate investment

opportunities may increase, thus reducing the number of investment opportunities available to the Fund and adversely

affecting the terms upon which investments can be made.

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Potential for Limited Investment Opportunities** – There can be no assurance that the Fund will be able to identify,

structure, complete and realize upon investments that satisfy its investment objective, or that it will be able to fully

invest its offering proceeds.

**Management Risk** – The Adviser cannot provide any assurance that it will be able to choose, make or realize

investments in any particular investment, asset or portfolio. There can be no assurance that investments effected through

the Fund will be able to generate returns or that the returns will be commensurate with the risks of investing in the type

of transactions described herein.

**Direct Investments Risks** – The market for Direct Investments may be very limited and the Direct Investments to

which the Fund wishes to allocate capital may not be available at any given time. Direct Investments may be heavily

negotiated and may incur additional transactions costs for the Fund. Direct Investments are more concentrated than

investments in Underlying Funds, which hold multiple portfolio companies. There is a risk that a sponsor of an

Underlying Fund may choose not to make the most attractive Direct Investments available to the Fund and may instead

reserve such investments for higher fee funds or its own accounts.

**Secondary Investments Risks** – The Fund may acquire Secondary Investments from existing investors in such

Secondary Investments, but also in certain cases from the issuers of such interests or other third parties. In many cases,

the economic, financial and other information available to and utilized by the Adviser in selecting and structuring

Secondary Investments may be incomplete or unreliable. The Fund will also not have the opportunity to negotiate the

terms of the Secondary Investments, including any special rights or privileges.

**Primary Investments Risks** – The Fund's interest in Primary Investments will consist primarily of capital

commitments to, and investments in, private investment funds managed by sponsors unaffiliated with the Fund or the

Advisers. Identifying, selecting and investing in Primary Investments involves a high level of risk and uncertainty. The

underlying investments made by Primary Investments may involve highly speculative investment techniques, including

extremely high leverage, highly concentrated portfolios, workouts and startups, control positions and illiquid

investments.

**Portfolio Companies Risks** – The portfolio companies in which the Fund invests, either directly or indirectly through

an Underlying Fund, may involve a high degree of business and financial risk. Portfolio companies may be in early

stages of development, may have operating losses or significant variations in operating results and may be engaged in

rapidly changing businesses with products subject to a substantial risk of obsolescence. Portfolio companies may also

include companies that are experiencing or are expected to experience financial difficulties, which may never be

overcome. In addition, they may have weak financial conditions and may require substantial additional capital to

support their operations, to finance expansion or to maintain their competitive positions.

**Underlying Fund Risks** – Investments in Underlying Funds entail a variety of risks. Sponsors of Underlying Funds

may invest such funds' assets in securities of non-U.S. issuers, including those in emerging markets, and the Fund's

assets may be invested in Underlying Funds that may be denominated in non-U.S. currencies, thereby exposing the

Fund to various risks that may not be applicable to U.S. securities. A sponsor of an Underlying Fund may focus on a

particular industry or sector (e.g., energy, utilities, financial services, healthcare, consumer products, industrials and

technology), which may subject the Underlying Fund, and thus the Fund, to greater risk and volatility than if

investments had been made in issuers in a broader range of industries. A sponsor of an Underlying Fund may also focus

on a particular country or geographic region, which may subject the Underlying Fund, and thus the Fund, to greater risk

and volatility than if investments had been made in issuers in a broader range of geographic regions.

An Underlying Fund's assets may be invested in a limited number of securities or portfolio companies which may

subject the Underlying Fund, and thus the Fund, to greater risk and volatility than if investments had been made in a

larger number of securities. An Underlying Fund's investments, depending upon strategy, may be in companies whose

capital structures are highly leveraged. Such investments involve a high degree of risk in that adverse fluctuations in the

cash flow of such companies, or increased interest rates, may impair their ability to meet their obligations, which may

accelerate and magnify declines in the value of any such portfolio company investments in a down market.

Fund shareholders will bear two layers of fees and expenses: asset-based fees, incentive fees and expenses at the Fund

level, and asset-based fees, carried interests, incentive allocations or fees and expenses at the Underlying Fund level. In

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

addition, to the extent that the Fund invests in an Underlying Fund that is itself a "fund of funds," the Fund will bear a

third layer of fees.

**"Cash Drag" Risk** – The Fund may maintain a sizeable cash position in anticipation of funding capital calls. The Fund

will generally not contribute the full amount of its commitment to an Underlying Fund at the time of its admission to the

Underlying Fund. Instead, the Fund will be required to make incremental contributions pursuant to capital calls issued

from time to time by the Underlying Funds. In addition, Underlying Funds may not call all the capital committed to

them. The overall impact on performance due to holding a portion of the investment portfolio in cash or cash

equivalents could be negative.

**"Over-Commitment" Risk** – In order to help ensure that a greater amount of the Fund's capital is invested, the Fund

expects to pursue an "over-commitment" strategy whereby it commits more than its available capital. However,

pursuing such a strategy presents risks to the Fund, including the risk that the Fund is unable to fund capital

contributions when due, pay for repurchases of Shares tendered by shareholders or meet expenses generally. If the Fund

defaults on its commitment to an Underlying Fund or fails to satisfy capital calls to an Underlying Fund in a timely

manner then, generally, it will be subject to significant penalties, possibly including the complete forfeiture of the

Fund's investment in the Underlying Fund. Any failure (or potential failure) by the Fund to make timely capital

contributions in respect of its commitments may also (i) impair the ability of the Fund to pursue its investment program,

(ii) force the Fund to borrow through a credit facility or other arrangements (which would impose interest and other

costs on the Fund), or (iii) otherwise impair the value of the Fund's investments (including the devaluation of the Fund).

**Risks of Liquidity Management Strategy** – The Fund invests in broadly syndicated term loans and other fixed income

investments in order to manage its cash and liquidity needs while earning an incremental return. During periods of

limited liquidity and higher price volatility, the Fund's ability to acquire or dispose of broadly syndicated term loans

and similar investments at a price and time that the Adviser deems advantageous may be severely impaired, which may

impair its ability to dispose of investments in a timely fashion and for a fair price, as well as its ability to take advantage

of market opportunities. To the extent the Fund obtains exposure to these investments through exchange-traded funds

and other pooled vehicles, the Fund will bear its share of the expenses of such funds. The Fund's liquidity management

strategy involves more risk than investing solely in cash and cash equivalents.

**Private Markets Investments** – The Fund is subject to, and indirectly invests in Underlying Funds and Direct

Investments that are subject to, risks associated with legal and regulatory changes applicable to private equity funds.

**Valuation Risk** – The value of the Fund's investments will be difficult to ascertain, and the valuations determined in

respect of investments in the Underlying Funds and other private markets investments, including Direct Investments,

will likely vary from the amounts the Fund would receive upon withdrawal from or disposition of its investments.

Similarly, the valuations determined by the Fund are likely to differ, potentially substantially, from the valuations

determined by other market participants for the same or similar investments. The Fund's investments in Underlying

Funds will be priced in the absence of a readily available market and may be valued in significant part based on

determinations of fair value provided by an investment's sponsor, which may prove to be inaccurate. Neither the

Adviser nor the Board will be able to confirm independently the accuracy of such valuations (which are unaudited,

except at year-end). With respect to the valuations of Underlying Funds, this risk is exacerbated to the extent that

Underlying Funds generally provide valuations only on a quarterly basis, and such valuations may incorporate inputs

that are up to several months old, whereas the Fund will provide valuations, and will issue Shares, on a monthly basis.

This means that the Underlying Fund information used by the Fund to issue and repurchase shares will typically be

several months old when used by the Fund. Because of this, the Fund's net asset value for financial reporting purposes

may differ from the net asset value used to process subscription and repurchase transactions as of the same date. To the

extent that the Fund does not receive timely or accurate information from the Underlying Funds regarding their

valuations, the Fund's ability to accurately calculate its net asset value may be further impaired. Additionally, any

adjustments the Fund makes to valuations received from an Underlying Fund to reflect timing differences or other

factors may result in such investment's fair value differing from the value ultimately realized by the Fund.

**Fixed-Income Securities Risks** – Fixed income securities risks include interest-rate and credit risk. Typically, when

interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond

issuer will not be able to make principal and interest payments.

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**Cash and Cash Equivalents** – The Fund may maintain a sizeable cash position in anticipation of funding capital calls.

As a result, the Fund generally will not contribute the full amount of its commitment to an Underlying Fund at the time

of its admission to the Underlying Fund. Instead, the Fund will be required to make incremental contributions pursuant

to capital calls issued from time to time by the Underlying Fund. The overall impact on performance due to holding a

portion of the investment portfolio in cash, cash equivalents and other fixed-income investments could be negative.

**Market Disruption and Geopolitical Risk** – The Fund may be materially adversely affected by market, economic and

political conditions globally and in the jurisdictions and sectors in which the Fund invests. The Fund is subject to the

risk that war, geopolitical tensions, such as a deterioration in the bilateral relationship between the U.S. and China or

conflicts, such as those in the middle east and between Russia and Ukraine, terrorism, natural and environmental

disasters, such as, for example, the spread of infectious illness or other public health issues, including widespread

epidemics or pandemics, systemic market dislocations and other geopolitical events may lead to increased short-term

market volatility and have adverse long-term effects on world economies and markets generally, as well as adverse

effects on issuers of securities and the value of the Fund's investments. Furthermore, events involving limited liquidity,

defaults, non-performance or other adverse developments that affect financial institutions or the financial services

industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and

may in the future lead to market-wide liquidity problems.

Additionally, the Fund is exposed to the risk of trade disputes, tariffs, sanctions, embargoes and other protectionist or

retaliatory measures that may be imposed by the US or other countries, which could adversely affect global trade,

economic activity and market confidence. Trade conflicts may also escalate into military or diplomatic confrontations,

which could further increase market volatility and geopolitical risk. The Fund may not be able to anticipate or

effectively manage the impact of these events, which could result in losses to the Fund.

**Leverage; Borrowings Risk** – The Fund may borrow money, which magnifies the potential for gain or loss on

amounts invested, subjects the Fund to certain covenants with which it must comply and may increase the risk of

investing with the Fund.

**Risks Relating to Fund's RIC Status** – To qualify and remain eligible for the special tax treatment accorded to RICs

and their shareholders under the Code, the Fund must meet certain source-of-income, asset diversification and annual

distribution requirements, and failure to do so could result in the loss of RIC status. The Fund's ability to satisfy the

foregoing tax requirements will generally depend in large part on the activities of, and information provided by, the

Underlying Funds, which the Fund does not control. In addition, the Fund is generally required each December to make

certain "excise tax" calculations based on income and gain information that must be obtained from the Underlying

Funds. The risks of not receiving timely or accurate information from the Underlying Funds include failing to satisfy

the RIC qualification tests and incurring excise tax on undistributed income and gain.

**11. COMMITMENTS AND CONTINGENCIES**

Under the Fund's organizational documents, its officers and trustees are indemnified against certain liabilities arising

out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into

contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum

exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund

that have not yet occurred. However, the Fund expects the risk of loss to be remote.

As of March 31, 2025, the Fund had unfunded capital commitments to the Private Markets Investments totaling

$43,869,685 for Direct Investments, $128,492,535 for Primary Investments and $501,359,093 for Secondary

Investments.

**12. SEGMENT REPORTING**

The Fund operates through a single operating and reporting segment with an investment objective to seek long-term

capital appreciation. The Fund opportunistically allocates its assets across a global portfolio of Private Markets

Investments. The chief operating decision maker ("CODM") is the Fund's President. The CODM assesses the

performance of the Fund and makes operating decisions on a consolidated basis, primarily based on the Fund's Net

Increase in Net Assets Resulting Attributable to Common Shares from Operations ("Net Income") as reported on the

accompanying Consolidated Statement of Operations. The CODM utilizes Net Income as a key metric in determining

the amount of dividends to be distributed to the Fund's shareholders, implementing investment policy decisions,

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

strategic initiatives, and managing and assessing the Fund's portfolio. The CODM assesses performance for the

segment and determines how to allocate resources based on Net Income. As the Fund's operations are comprised of a

single reporting segment, the segment assets are reflected on the accompanying Consolidated Statement of Assets and

Liabilities as Total Assets and the significant segment expenses are listed on the accompanying Consolidated Statement

of Operations.

**13. SUBSEQUENT EVENTS**

Subsequent events after March 31, 2025, have been evaluated through the date the consolidated financial statements

were issued. Management has determined that there were no subsequent events to report through the issuance of these

consolidated financial statements.

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**DIVIDEND REINVESTMENT PLAN (UNAUDITED)**

Carlyle AlpInvest Private Markets Fund (the "Fund") operates under the dividend reinvestment plan ("DRP")

administered by SS&C Global Investor & Distribution Solutions, Inc. as the Fund's transfer agent (the "Transfer

Agent"). Pursuant to the DRP, the Fund's distributions, net of any applicable U.S. withholding tax, are reinvested in

the same class of common shares of beneficial interest of the Fund ("Shares").

The Fund's shareholders (the "Shareholders") automatically participate in the DRP, unless and until an election is

made to withdraw from the plan on behalf of such participating Shareholder. A Shareholder who does not wish to

have distributions automatically reinvested may terminate participation in the DRP by written instructions to that

effect to the Transfer Agent. Shareholders who elect not to participate in the DRP will receive all distributions in

cash paid to the Shareholder of record (or, if the Shares are held in street or other nominee name, then to such

nominee). Such written instructions must be received by the Transfer Agent at least 5 days prior to the record date of

the distribution or the Shareholder will receive such distribution in Shares through the DRP. Under the DRP, the

Fund's distribution to Shareholders are automatically reinvested in full and fractional Shares as described below.

When the Fund declares a distribution, the Transfer Agent, on the Shareholder's behalf, will receive additional

authorized Shares from the Fund either newly issued or repurchased from Shareholders by the Fund and held as

treasury stock. The number of Shares to be received when distributions are reinvested will be determined by

dividing the amount of the distribution by the Fund's net asset value per Share.

The Transfer Agent will maintain all Shareholder accounts and furnish written confirmations of all transactions in

the accounts, including information needed by Shareholders for personal and tax records. The Transfer Agent will

hold Shares in the account of the Shareholders in non-certificated form in the name of the participant, and each

Shareholder's proxy, if any, will include those Shares purchased pursuant to the DRP. Each participant,

nevertheless, has the right to request certificates for whole and fractional Shares owned. The Fund will issue

certificates in its sole discretion. The Transfer Agent will distribute all proxy solicitation materials, if any, to

participating Shareholders.

In the case of Shareholders, such as banks, brokers or nominees, that hold Shares for others who are beneficial

owners participating under the DRP, the Transfer Agent will administer the DRP on the basis of the number of

Shares certified from time to time by the record Shareholder as representing the total amount of Shares registered in

the Shareholder's name and held for the account of beneficial owners participating under the DRP.

Neither the Transfer Agent nor the Fund shall have any responsibility or liability beyond the exercise of ordinary

care for any action taken or omitted pursuant to the DRP, nor shall they have any duties, responsibilities or liabilities

except such as expressly set forth herein. Neither shall they be liable hereunder for any act done in good faith or for

any good faith omissions to act, including, without limitation, failure to terminate a participant's account prior to

receipt of written notice of his or her death or with respect to prices at which Shares are purchased or sold for the

participants account and the terms on which such purchases and sales are made, subject to applicable provisions of

the federal securities laws.

The automatic reinvestment of distributions will not relieve participants of any federal, state or local income tax that

may be payable (or required to be withheld) on such distributions.

The Fund reserves the right to amend or terminate the DRP upon 90 days notice to Shareholders. There is no direct

service charge to participants with regard to purchases under the DRP; however, the Fund reserves the right to

amend the DRP to include a service charge payable by the participants.

A Shareholder holding Shares that participate in the DRP in a brokerage account may not be able to transfer the

Shares to another broker and continue to participate in the DRP.

All correspondence concerning the DRP should be directed to the Transfer Agent at Carlyle AlpInvest Private

Markets Fund, c/o SS&C Global Investor & Distribution Solutions, Inc., 430 W 7th Street, Suite 219537, Kansas

City, MO 64105-1407. Certain transactions can be performed by calling the toll free number (844) 417-4186.

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**MANAGEMENT OF THE FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME AND** <br>**YEAR OF** <br>**BIRTH** <sup>(1),(2)</sup><br>| **POSITION(S)** <br>**WITH THE** <br>**FUND**<br>| **LENGTH OF** <br>**SERVICE**<br>| **PRINCIPAL** <br>**OCCUPATION(S)** <br>**DURING PAST 5** <br>**YEARS**<br>| **PORTFOLIOS** <br>**IN FUND** <br>**COMPLEX** <br>**OVERSEEN BY** <br>**TRUSTEE**<br>| **OTHER** <br>**DIRECTORSHIP**<br>**S HELD BY** <br>**TRUSTEE**<br>|
| **INTERESTED TRUSTEES** | **INTERESTED TRUSTEES** | **INTERESTED TRUSTEES** | **INTERESTED TRUSTEES** | **INTERESTED TRUSTEES** | **INTERESTED TRUSTEES** |
| Joseph O'Connor <br>(1981)<br>| Trustee; Chair of <br>the Board; <br>President; <br>Principal <br>Executive Officer<br>| Since February <br>2023<br>| Managing Director <br>(2019 to present), <br>Principal (2015 to <br>2019), involved with <br>the Carlyle Group since <br>2008.<br>| 1 |  |
| **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
| Victoria Ivashina <br>(1974)<br>| Trustee; <br>Nominating and <br>Governance <br>Committee Chair<br>| Since Inception | Professor of Finance <br>Harvard Business <br>School (2015 to <br>present); on Harvard <br>Business School faculty <br>since 2006.<br>| 1 |  |
| Marc B. Moyers <br>(1955)<br>| Trustee; Audit <br>Committee Chair<br>| Since Inception | Clinical Professor of <br>Accounting, College of <br>William & Mary (2018 <br>to present); Partner, <br>KPMG (1986 to 2015).<br>| 1 |  |
| David Sylvester <br>(1956)<br>| Trustee; <br>Independent <br>Trustee Committee <br>Chair <br>| Since Inception | Partner, 3rd Gen Law <br>Group LLP (2012 to <br>present); Partner, <br>WilmerHale (1989 to <br>2005)<br>| 1 |  |

---

(1)Each Trustee serves an indefinite term until his or her successor is elected.

(2)The business address for each Trustee is One Vanderbilt Avenue, Suite 3400, New York, New York 10017.

In addition to Mr. O'Connor, other officers of the Fund are shown below:

---

| | | | |
|:---|:---|:---|:---|
| **NAME AND** <br>**YEAR OF** <br>**BIRTH** <sup>(1)</sup><br>| **POSITION(S)** <br>**WITH THE** <br>**FUND**<br>| **LENGTH OF** <br>**SERVICE**<br>| **PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS** |
| Parker Hooper <br>(1985)<br>| Treasurer; <br>Principal Financial <br>Officer<br>| Since Inception | Principal and Regulated Funds Controller, AlpInvest Partners <br>(2022 to present); Vice President (2019 to 2022), Senior <br>Accounting Manager (2017 to 2022), Sixth Street Partners. |
| Cameron Fairall <br>(1977)<br>| Secretary; Chief <br>Legal Officer<br>| Since Inception | Managing Director, The Carlyle Group and Chief Compliance <br>Officer, AlpInvest Partners (2011 to present). |
| Jennifer Juste <br>(1980)<br>| Chief Compliance <br>Officer<br>| Since November <br>2023<br>| Principal and Regulated Funds Attorney (2022 to Present); <br>Natixis Investment Managers 2019-2022 (Deputy Chief <br>Compliance Officer/Deputy General Counsel Mirova US LLC <br>2020-2022 and Chief Compliance Officer/ General Counsel <br>Ostrum US LLC 2019-2020). |
| Elizabeth Pelgrift <br>(1989)<br>| Assistant <br>Secretary; Anti-<br>Money Laundering <br>Compliance <br>Officer<br>| Since Inception | Compliance Officer, The Carlyle Group (2014 to present). |

---

(1)The business address for each Officer is One Vanderbilt Avenue, Suite 3400, New York, New York 10017.

The Fund's Statement of Additional Information includes additional information about directors of the Registrant

and is available, without charge, upon request, by calling (844) 417-4186 or by referring to the SEC's website at

https://www.sec.gov.

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**PRIVACY POLICY (UNAUDITED)**

As a Carlyle AlpInvest Private Markets Fund shareholder, you are entitled to know how we protect your personal

information and how we limit its disclosure.

**Information Sources**

We obtain nonpublic personal information about our shareholders from the following sources:

• The Subscription Agreement and other applications and forms.

• Your transactions with us, our affiliates or others.

**Protection of Information**

We do not disclose any nonpublic personal information (such as names on a customer list) about current or former

customers to anyone, except as permitted by law.

**Disclosure of Information**

We may use details about you and your investments to help us, our financial service affiliates, or firms that jointly

market their financial products and services with ours, to better serve your investment needs or suggest educational

material that may be of interest to you. If this requires us to provide you with an opportunity to "opt in" or "opt out"

of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before

any such sharing takes place.

**Right of Refusal**

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we

first offer you a reasonable opportunity to refuse or "opt out" of such disclosure.

**Other Security Measures**

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our

employees and agents have access to that information only so that they may offer you products or provide services,

for example, when responding to your account questions.

**Who We Are**

This notice describes the privacy policy of the Carlyle AlpInvest Private Markets Fund. This notice was last updated

as of December 19, 2022. In the event it is updated or changed, we will post an updated notice on our website at

www.carlyle.com/capm. If you have any questions about this privacy policy write to us at PO Box 219537 Kansas

City, MO 64121-9537, or call us at 844-417-4186.

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**FEDERAL INCOME TAX INFORMATION (UNAUDITED)**

In early 2025, if applicable, shareholders of record received information regarding a distribution paid to them by the

Fund during calendar year 2024.

The foregoing information is presented to assist shareholders in reporting distributions received from the Fund to the

Internal Revenue Service. Because of the complexity of the federal regulations which may affect your individual tax

return and the many variations in state and local tax regulations, we recommend that you consult your tax advisor for

specific guidance.

**CARLYLE ALPINVEST PRIVATE MARKETS FUND**

**ADDITIONAL INFORMATION**

**PROXY VOTING POLICY**

Information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve month

period ended June 30 as well as a description of the policies and procedures that the Fund uses to determine how to vote

proxies is available without charge, upon request, by calling (844) 417-4186 or by referring to the SEC's website at

https://www.sec.gov.

**PORTFOLIO HOLDINGS**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal

year on Form N-PORT. Form N-PORT is available on the SEC's website at https://www.sec.gov and may be reviewed

and copied at the SEC's Public Reference Room in Washington, DC (1-800-SEC-0330). The information on Form N-

PORT is available without charge, upon request, by calling (844) 417-4186.

![fp0083765_03.jpg](fp0083765_03.jpg)

---

| | |
|:---|:---|
| **Item 2.** | **Code of Ethics.** |

---

(a)As of the end of the period covered by this report, Carlyle AlpInvest Private Markets Fund (the "Fund" or

"Registrant") has adopted a code of ethics (the "Code of Ethics") that applies to the Registrant's principal executive

officer, principal financial officer, principal accounting officer or controller, or persons performing similar

functions, regardless of whether these individuals are employed by the Registrant or a third party.

(c)During the period covered by this report, there have not been any amendments to the provisions of the

Code of Ethics.

(d)During the period covered by this report, the Registrant had not granted any express or implicit waivers

from the provisions of the Code of Ethics.

(e)Not applicable.

(f)The Registrant's Code of Ethics is incorporated by reference. See Item 19(a)(1).

---

| | |
|:---|:---|
| **Item 3.** | **Audit Committee Financial Expert.** |

---

(a)(1)The Board of Trustees (the "Board") of the Registrant has determined that the Registrant has at least one

Audit Committee Financial Expert serving on its audit committee (the "Audit Committee").

(a)(2)The Board of the Registrant has designated Mr. Marc B. Moyers as the Registrant's Audit Committee

Financial Expert. Marc B. Moyers is "independent" as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

(a)(3)Not applicable.

---

| | |
|:---|:---|
| **Item 4.** | **Principal Accountant Fees and Services.** |

---

(a)Audit Fees: For the years ended March 31, 2025, and March 31, 2024, the Registrant's aggregate fees

billed for professional services rendered by the principal accountant for the audit of the Registrant's annual financial

statements or services that are normally provided by the principal accountant in connection with statutory and

regulatory filings or engagements were $213,131 and $282,100, respectively.

(b)Audit-Related Fees: For the years ended March 31, 2025, and March 31, 2024, no fees were billed for

assurance and related services by the principal accountant that were reasonably related to the performance of the

audit of the Registrant's financial statements and are not otherwise reported under paragraph (a) of this Item 4.

(c)Tax Fees: For the years ended March 31, 2025, and March 31, 2024, the aggregate fees billed for

professional services rendered by the Fund's tax adviser, PricewaterhouseCoopers LLP, for tax compliance, tax

advice and tax planning, which were comprised of the preparation of federal and state income tax returns, assistance

with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax

returns, were $63,865 and $88,283, respectively.

(d)All Other Fees: For the years ended March 31, 2025, and March 31, 2024, no fees were billed for products

and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of

this Item 4.

(e)(1)The Audit Committee has adopted, and the Board has approved, pre-approval policies and procedures,

which are intended to comply with Rule 2-01 of Regulation S-X and sets forth guidelines and procedures to be

followed by the Fund when retaining an auditor to perform audit, audit-related, tax and other services for the Fund.

The Audit Committee must pre-approve the audit and non-audit services of the auditors prior to the auditor's

engagement.

(2)No services described in paragraphs (b) through (d) of this Item 4 were approved by the Registrant's audit

committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)During the audit of Registrant's financial statements for the reporting period, less than 50 percent of the

hours expended on the principal accountant's engagement were attributed to work performed by persons other than

the principal accountant's full-time, permanent employees.

(g)For the years ended March 31, 2025, and March 31, 2024, no fees were billed for services by the

Registrant's accountant for services rendered to the Registrant, the Registrant's investment adviser (not including

any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another

investment adviser) and any entity controlling, controlled by, or under common control with the adviser that

provides ongoing services to the Registrant.

(h)The Audit Committee and Board have considered whether the provision of non-audit services to the

Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is

subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under

common control with the investment adviser that provides ongoing services to the Registrant, that were not pre-

approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the

principal accountant's independence.

(i)Not applicable.

(j)Not applicable.

---

| | |
|:---|:---|
| **Item 5.** | **Audit Committee of Listed Registrants.** |

---

Not applicable to the Registrant.

---

| | |
|:---|:---|
| **Item 6.** | **Investments** |

---

(a) The Consolidated Schedule of Investments is included as part of the Report to Shareholders filed under Item 1(a)

of this report.

(b) Not applicable to the Registrant.

---

| | |
|:---|:---|
| **Item 7.** | **Financial Statements and Financial Highlights for Open-End Management**<br>**Investment Companies.**<br>|

---

(a) Not applicable to closed-end investment companies.

(b) Not applicable to closed-end investment companies.

---

| | |
|:---|:---|
| **Item 8.** | **Changes in and Disagreements with Accountants for Open-End Management Investment**<br>**Companies.**<br>|

---

Not applicable to closed-end investment companies.

---

| | |
|:---|:---|
| **Item 9.** | **Proxy Disclosures for Open-End Management Investment Companies.** |

---

Not applicable to closed-end investment companies.

---

| | |
|:---|:---|
| **Item 10.** | **Remuneration Paid to Directors, Officers, and Others of Open-End Management** <br>**Investment Companies.**<br>|

---

Not applicable to closed-end investment companies.

---

| | |
|:---|:---|
| **Item 11.** | **Statement Regarding Basis for Approval of Investment Advisory Contract.** |

---

Not applicable for this annual report.

---

| | |
|:---|:---|
| **Item 12.** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management** <br>**Investment Companies.**<br>|

---

The Fund has delegated its proxy voting responsibility to the adviser. The proxy voting policies and procedures of

the adviser are set forth below. These guidelines are reviewed periodically by the adviser and the independent

trustees, and, accordingly, are subject to change.

An investment adviser registered under the Advisers Act has a fiduciary duty to act solely in the best interests of its

clients. As part of this duty, the adviser recognizes that it must vote portfolio securities in a timely manner free of

conflicts of interest and in the best interests of its clients. These policies and procedures for voting proxies are

intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act.

The adviser will vote proxies relating to the Fund's portfolio securities in what it perceives to be the best interest of

the Fund's shareholders. The adviser will review on a case-by-case basis each proposal submitted to a shareholder

vote to determine its impact on the portfolio securities held by the Fund. Although the adviser will generally vote

against proposals that may have a negative impact on the Fund's portfolio securities, it may vote for such a proposal

if there exist compelling long-term reasons to do so.

The adviser's proxy voting decisions are made by its investment committee. To ensure that the vote is not the

product of a conflict of interest, the adviser will require that: (1) anyone involved in the decision making process

disclose to the adviser's investment committee, and independent trustees, any potential conflict that he or she is

aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (2) employees

involved in the decision making process or vote administration are prohibited from revealing how the adviser

intends to vote on a proposal in order to reduce any attempted influence from interested parties.

The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30,

no later than August 31 of each year. The Fund's Form N-PX filing is available: (i) without charge, upon request, by

calling the Fund at Carlyle AlpInvest Private Markets Fund, c/o SS&C Global Investor & Distribution Solutions,

Inc., 430 W 7th Street, Suite 219537, Kansas City, MO 64105-1407, or (ii) by visiting the SEC's website at http://

www.sec.gov.

---

| | |
|:---|:---|
| **Item 13.** | **Portfolio Managers of Closed-End Management Investment Companies.** |

---

(a)(1) As of the date of filing this report, the personnel of the investment adviser who currently have primary

responsibility for the management of the Registrant (the "Portfolio Managers") are:

*Joseph O'Connor*

Mr. O'Connor is an interested Trustee, the Chair of the Board and the President and Principal Executive Officer of

the Fund. He has been a Portfolio Manager since its inception. Mr. O'Connor is a Managing Director in the Primary

Fund Investments team focusing on U.S. transactions and also serves on the firm's Investment Committee. He

joined AlpInvest Partners in 2008 from Cambridge Associates, where he was a Senior Associate in the U.S. private

equity research team covering U.S. buyout, distressed and private credit GPs. Mr. O'Connor received a BS in

Business Administration from Northeastern University and is a CFA® Charterholder. He represents AlpInvest

Partners on a number of advisory boards of fund partnerships.

*Sid Murdeshwar*

Mr. Murdeshwar became a Portfolio Manager in February 2023. He is a Managing Director in the Co-Investment

team where he is responsible for transactions in North America. Mr. Murdeshwar joined AlpInvest Partners in 2012

from Wafra Partners, where he was a Vice President in the private equity group based in New York. Mr.

Murdeshwar received a BS in Finance and Information Services from the Stern School of Business at New York

University and an MS in Accounting from the McIntire School of Commerce at the University of Virginia, and is a

licensed CPA in the state of New York.

*Eric Anton*

Mr. Anton became a portfolio manager of the Fund in February 2024. He is a Managing Director in the Secondary

and Portfolio Finance team where he is responsible for transactions in North America. Mr. Anton joined AlpInvest

Partners in 2011 from Jefferies, where he was an investment banker focused on healthcare. Prior to Jefferies, Mr.

Anton was with Ziegler, where he focused on M&A. Mr. Anton received a B.A. from Colgate University. He

represents AlpInvest Partners on a number of advisory boards of fund partnerships.

*Matthew Romanczuk*

Mr. Romanczuk became a portfolio manager of the Fund in February 2024. He is a Managing Director in the

Secondary and Portfolio Finance team where he is responsible for transactions in North America. Mr. Romanczuk

joined AlpInvest Partners in 2011 from Peter J. Solomon Company, where he was an investment banking analyst

focused on M&A. Mr. Romanczuk received an A.B. in Economics, magna cum laude, from Harvard University. He

represents AlpInvest Partners on a number of advisory boards of fund partnerships.

(a)(2) In addition to the Fund, the Portfolio Managers manage, or are affiliated with, other accounts, including other

pooled investment vehicles. The table below identifies the number of accounts for which the Portfolio Managers

have day-to-day management responsibilities and the total assets in such accounts, within each of the following

categories: registered investment companies, other pooled investment vehicles and other accounts, as of March 31,

2025. The accounts included within the categories "other pooled investment vehicles" and "other accounts" consist

of accounts that invest primarily in U.S. primary fund investments.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment** <br>**Companies** | **Registered Investment** <br>**Companies** | **Other Pooled Investment** <br>**Vehicles** | **Other Pooled Investment** <br>**Vehicles** | **Other Accounts** | **Other Accounts** |
| <br>**Portfolio Manager** | **Number of** <br>**Accounts** <sup>(1)</sup><br>| **Total Assets** | **Number of** <br>**Accounts**<br>| **Total Assets** | **Number of** <br>**Accounts**<br>| **Total Assets** |
| Joseph O'Connor | 0 | $— | 41 | $11766051639 | 4 | $17835923895 |
| Sid Murdeshwar | 0 | $— | 58 | $29019373814 | 5 | $18300901427 |
| Eric Anton | 0 | $— | 100 | $40587081445 | 16 | $21059748951 |
| Matthew Romanczuk | 0 | $— | 100 | $40587081445 | 16 | $21059748951 |

---

(1)Does not include Fund.

The table below identifies the number of accounts for which the Portfolio Managers have day-to-day management

responsibilities and the total assets in such accounts with respect to which the advisory fee is based on the

performance of the account, within each of the following categories: registered investment companies, other pooled

investment vehicles, and other accounts, as of March 31, 2025. The accounts included within the categories "other

pooled investment vehicles" and "other accounts" consist of accounts that invest primarily in U.S. primary fund

investments.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Registered Investment**<br>**Companies for which**<br>**AlpInvest receives a**<br>**performance-based fee** | **Registered Investment**<br>**Companies for which**<br>**AlpInvest receives a**<br>**performance-based fee** | **Other Pooled Investment**<br>**Vehicles managed for**<br>**which AlpInvest receives a**<br>**performance-based fee** | **Other Pooled Investment**<br>**Vehicles managed for**<br>**which AlpInvest receives a**<br>**performance-based fee** | **Other Accounts managed for**<br>**which AlpInvest**<br>**receives a performance-**<br>**based fee** | **Other Accounts managed for**<br>**which AlpInvest**<br>**receives a performance-**<br>**based fee** |
| <br>**Portfolio Manager** | **Number of** <br>**Accounts** <sup>(1)</sup><br>| **Total Assets** | **Number of** <br>**Accounts**<br>| **Total Assets** | **Number of** <br>**Accounts**<br>| **Total Assets** |
| Joseph O'Connor | 0 | $— | 25 | $9065417858 | 3 | $17301295433 |
| Sid Murdeshwar | 0 | $— | 56 | $28983612924 | 5 | $18300901427 |
| Eric Anton | 0 | $— | 69 | $37591927434 | 5 | $18300901427 |
| Matthew Romanczuk | 0 | $— | 69 | $37591927434 | 5 | $18300901427 |

---

(1)Does not include Fund.

**Conflicts of Interest**

The Portfolio Managers may manage separate accounts or other pooled investment vehicles that may have materially

higher or different fee arrangements than the Registrant and may also be subject to performance-based fees. The

side-by-side management of these separate accounts and pooled investment vehicles may raise potential conflicts of

interest relating to cross-trading and the allocation of investment opportunities. The adviser has a fiduciary

responsibility to manage all client accounts in a fair and equitable manner. The adviser seeks to provide best

execution of all securities transactions and to allocate investments to client accounts in a fair and reasonable manner.

To this end, the adviser has developed policies and procedures designed to mitigate and manage the potential

conflicts of interest that may arise from side-by-side management.

(a)(3) **Portfolio Manager Compensation**

The discussion below describes the Portfolio Managers' compensation as of March 31, 2025.

Compensation packages at the firm are structured such that key professionals have a vested interest in the continuing

success of the firm. Portfolio managers' compensation is comprised of base salary and a discretionary, performance-

driven annual bonus. Certain key individuals may also receive a long-term incentive award and/or a performance fee

award. As part of the firm's continuing effort to monitor retention, the adviser participates in annual compensation

surveys of investment management firms and subsidiaries to ensure that the adviser's compensation is competitive

with industry standards. The base salary component is generally positioned at mid-market. Increases are tied to

market, individual performance evaluations and budget constraints. Portfolio Managers may receive a yearly bonus.

Factors impacting the potential bonuses include but are not limited to: i) investment performance of funds/accounts

managed by a Portfolio Manager, ii) financial performance of the adviser, iii) client satisfaction, and iv) teamwork.

Long-term incentives are designed to share the long-term success of the firm and take the form of deferred cash

awards, which may include an award that resembles restricted stock.

(a)(4) **Disclosure of Securities Ownership**

The following table sets forth the dollar range of equity securities beneficially owned by each Portfolio Manager in

the Registrant as of March 31, 2025:

---

| | |
|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of Equity Securities in the Fund** |
| Joseph O'Connor | None |
| Sid Murdeshwar | None |
| Eric Anton | None |
| Matthew Romanczuk | None |

---

(b) Not applicable.

---

| | |
|:---|:---|
| **Item 14.** | **Purchases of Equity Securities by Closed-End Management Investment Company and** <br>**Affiliated Purchasers.**<br>|

---

Not Applicable to the Registrant.

---

| | |
|:---|:---|
| **Item 15.** | **Submission of Matters to a Vote of Security Holders.** |

---

There have been no material changes to the procedures by which the Registrant's shareholders may recommend

nominees to the Board that would require disclosure herein.

---

| | |
|:---|:---|
| **Item 16.** | **Controls and Procedures.** |

---

(a)The Registrant's principal executive and principal financial officers have concluded that the Registrant's

disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as

amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this Form N-CSR that

includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures

required by Rule 30a-3(b) under the 1940 Act) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act

of 1934, as amended.

(b)There were no changes in the Registrant's internal control over financial reporting (as defined in Rule

30a-3(d) under 1940 Act) that occurred during the period covered by this report that has materially affected, or is

reasonably likely to materially affect, the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| **Item 17.** | **Disclosure of Securities Lending Activities for Closed End Management Investment** <br>**Companies.**<br>|

---

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

---

| | |
|:---|:---|
| **Item 18.** | **Recovery of Erroneously Awarded Compensation.** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 19.** | **Exhibits.** |

---

(a)(1) The Registrant's Code of Ethics is incorporated by reference to the <u>[Registrant's Form N-CSR filed June 7,](https://www.sec.gov/Archives/edgar/data/1899610/000139834423011705/fp0083765-1_ex99code.htm)</u> 

<u>[2023](https://www.sec.gov/Archives/edgar/data/1899610/000139834423011705/fp0083765-1_ex99code.htm)</u>

(a)(2)Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17

CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon

which the registrant's securities are listed – Not applicable.

(a)(3) <u>[The certifications required by Rule 30a-2(a) of the 1940 Act are attached hereto.](capm_202503xn-csrsxex19axc.htm)</u>

(a)(4)Not applicable.

(a)(5)Not applicable.

(b) <u>[The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes Oxley Act of](capm_202503xn-csrsxex19bxc.htm)</u>

<u>[2002 are attached hereto.](capm_202503xn-csrsxex19bxc.htm)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has

duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CARLYLE ALPINVEST PRIVATE MARKETS FUND

By:<u>/s/ Joseph O'Connor</u>

Joseph O'Connor

President (Principal Executive Officer)

Date:June 9, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has

been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:<u>/s/ Joseph O'Connor</u>

Joseph O'Connor

President (Principal Executive Officer)

Date: June 9, 2025

By:<u>/s/ Parker Hooper</u>

Parker Hooper

Treasurer (Principal Financial Officer)

Date:June 9, 2025

## Ex-99.Cert

**Exhibit 19(a)(2)**

CERTIFICATIONS

I, Joseph O'Connor, President, (Principal Executive Officer) of the Carlyle AlpInvest Private Markets Fund (the

"Registrant"), certify that:

1. I have reviewed this report on Form N-CSR of the Registrant;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state

a material fact necessary to make the statements made, in light of the circumstances under which such

statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,

fairly present in all material respects the financial condition, results of operations, changes in net assets, and

cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as

of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure

controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and

internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of

1940) for the Registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and

procedures to be designed under our supervision, to ensure that material information relating to the

Registrant, including its consolidated subsidiaries, is made known to us by others within those

entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over

financial reporting to be designed under our supervision, to provide reasonable assurance

regarding the reliability of financial reporting and the preparation of financial statements for

external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in

this report our conclusions about the effectiveness of the disclosure controls and procedures, as of

a date within 90 days prior to the filing date of this report based on such evaluation; and

d.Disclosed in this report any change in the Registrant's internal control over financial reporting that

occurred during the period covered by this report that has materially affected, or is reasonably

likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit

committee of the Registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control

over financial reporting which are reasonably likely to adversely affect the Registrant's ability to

record, process, summarize, and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a

significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 9, 2025 | <u>/s/ Joseph O'Connor</u> |
|  | Joseph O'Connor, President |
|  | (Principal Executive Officer) |

---

**Exhibit 19(a)(2)**

CERTIFICATIONS

I, Parker Hooper, Treasurer, (Principal Financial Officer) of the Carlyle AlpInvest Private Markets Fund (the

"Registrant"), certify that:

1. I have reviewed this report on Form N-CSR of the Registrant;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state

a material fact necessary to make the statements made, in light of the circumstances under which such

statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,

fairly present in all material respects the financial condition, results of operations, changes in net assets, and

cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as

of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure

controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and

internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of

1940) for the Registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and

procedures to be designed under our supervision, to ensure that material information relating to the

Registrant, including its consolidated subsidiaries, is made known to us by others within those

entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over

financial reporting to be designed under our supervision, to provide reasonable assurance

regarding the reliability of financial reporting and the preparation of financial statements for

external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in

this report our conclusions about the effectiveness of the disclosure controls and procedures, as of

a date within 90 days prior to the filing date of this report based on such evaluation; and

d.Disclosed in this report any change in the Registrant's internal control over financial reporting that

occurred during the period covered by this report that has materially affected, or is reasonably

likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit

committee of the Registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control

over financial reporting which are reasonably likely to adversely affect the Registrant's ability to

record, process, summarize, and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a

significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 9, 2025 | <u>/s/ Parker Hooper</u> |
|  | Parker Hooper, Treasurer  |
|  | (Principal Financial Officer) |

---

## Ex-99.Cert906

**Exhibit 19(b)(1)**

**Certifications Under Section 906**

**of the Sarbanes-Oxley Act of 2002**

I, Joseph O'Connor, President and Principal Executive Officer of the Carlyle AlpInvest Private Markets Fund (the

"Registrant"), and

I, Parker Hooper, Treasurer and Principal Financial Officer of the Registrant,

each certify to the best of their knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended March 31, 2025 (the "Form N-

CSR") fully complies with the requirements of Sections 13(a) or 15(d) of the Securities and Exchange Act

of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial

condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| President, Principal Executive Officer | Treasurer, Principal Financial Officer |
| Carlyle AlpInvest Private Markets Fund | Carlyle AlpInvest Private Markets Fund |
| <u>/s/Joseph O'Connor, President</u> | <u>/s/ Parker Hooper, Treasurer</u> |
| Joseph O'Connor | Parker Hooper |
| Date: June 9, 2025 | Date: June 9, 2025 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been

provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange

Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as

part of the Form N-CSR with the Commission.