# EDGAR Filing Document

**Accession Number:** 0002058263
**File Stem:** 0002058263-26-000005
**Filing Date:** 2026-6
**Character Count:** 183720
**Document Hash:** 6da8a1443393699e59b5d8a5b790042e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002058263-26-000005.hdr.sgml**: 20260603

**ACCESSION NUMBER**: 0002058263-26-000005

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260603

**DATE AS OF CHANGE**: 20260603

**EFFECTIVENESS DATE**: 20260603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Carlyle AlpInvest Private Markets Secondaries Fund
- **CENTRAL INDEX KEY:** 0002058263

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24059
- **FILM NUMBER:** 261060369

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

**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 811-24059**

**Carlyle AlpInvest Private Markets Secondaries 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, 2026**

Explanatory Note: The Registrant has amended and restated the section of the report to shareholders for the period ended March

31, 2026, responsive to Item 11 of Form N-CSR to correct an inadvertent administrative error. No other changes were made to

this report.

---

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

---

![capsreportcover03312026.jpg](capsreportcover03312026.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Section** | **Page** |
| Shareholder Letter | <u>[4](#i88b0b817fbdf40199ef7310a26ed3c47_10)</u> |
| Fund Performance | <u>[5](#i88b0b817fbdf40199ef7310a26ed3c47_16)</u> |
| Report of Independent Registered Public Accounting Firm | <u>[6](#i88b0b817fbdf40199ef7310a26ed3c47_13)</u> |
| Consolidated Schedule of Investments | <u>[7](#i88b0b817fbdf40199ef7310a26ed3c47_19)</u> |
| Consolidated Statement of Assets and Liabilities | <u>[11](#i88b0b817fbdf40199ef7310a26ed3c47_22)</u> |
| Consolidated Statement of Operations | <u>[12](#i88b0b817fbdf40199ef7310a26ed3c47_25)</u> |
| Consolidated Statements of Changes in Net Assets | <u>[13](#i88b0b817fbdf40199ef7310a26ed3c47_28)</u> |
| Consolidated Statement of Cash Flows | <u>[14](#i88b0b817fbdf40199ef7310a26ed3c47_31)</u> |
| Consolidated Financial Highlights | <u>[15](#i88b0b817fbdf40199ef7310a26ed3c47_34)</u> |
| Notes to Consolidated Financial Statements | <u>[17](#i88b0b817fbdf40199ef7310a26ed3c47_37)</u> |
| Dividend Reinvestment Plan | <u>[30](#i88b0b817fbdf40199ef7310a26ed3c47_40)</u> |
| Management of the Fund | <u>[31](#i88b0b817fbdf40199ef7310a26ed3c47_43)</u> |
| Approval of Advisory Agreements | <u>[32](#i88b0b817fbdf40199ef7310a26ed3c47_273)</u> |
| Privacy Policy | <u>[34](#i88b0b817fbdf40199ef7310a26ed3c47_46)</u> |
| Federal Income Tax Information | <u>[35](#i88b0b817fbdf40199ef7310a26ed3c47_49)</u> |
| Additional Information | <u>[36](#i88b0b817fbdf40199ef7310a26ed3c47_52)</u> |

---

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**SHAREHOLDER LETTER**

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

The Carlyle AlpInvest Private Markets Secondaries Fund ("CAPS" or the "Fund") seeks to provide the wealth

management channel diversified, immediate, and continuous access to what we believe are best-in-class secondaries.

CAPS opportunistically allocates its assets across a global portfolio of private markets investments, leveraging the

$107 billion Carlyle AlpInvest platform, and is expected to generally invest alongside the firm's institutional

commingled funds.

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

CAPS Class I share has generated a total net return of 5.60% (as of March 31, 2026) since its inception in November

2025. The Fund's performance since inception has been driven by appreciation across its underlying investment

strategy, including operational value creation in GP-centered secondaries and capturing discounts in certain

secondary LP portfolio transactions.

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

The secondaries market continues to present a compelling opportunity set. Years of muted distributions have left

many limited partners seeking liquidity, driving robust deal flow at attractive entry points. At the same time, GP-led

transactions have matured into a mainstream liquidity tool, with high-quality managers increasingly using

continuation vehicles to retain their best assets. While broader market uncertainty has introduced caution in some

corners of private equity, we view the current environment as one that rewards disciplined and relationship-driven

buyers.

CAPS' investment strategy has focused on asset and GP quality combined with uncompromising standards around

GP alignment. We focus on acquiring fund interests and assets managed by notable and high-potential GPs that have

strong track records of value creation for their investors, and a bias for services businesses. A key reason for this

emphasis has been the resiliency of such managers and companies in previous market cycles. We have also

prioritized the middle market, 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.

CAPS' portfolio has developed in line with our portfolio construction objectives. As of March 31, 2026, the Fund

comprised 19 transactions spanning more than 70 private equity managers and over 950 underlying portfolio

companies, with diversification across fund vintages, geographies, industries, and deal sizes. Approximately 65% of

the portfolio is weighted to the U.S. market with a core focus on middle-market buyout transactions. The portfolio is

further diversified across transaction type, with allocations of 50% to secondary LP transactions, 25% to GP-

centered single-asset transactions, and 25% to GP-centered multi-asset 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.

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**FUND PERFORMANCE**

Performance of a $25,000 Investment

![image.jpg](image.jpg)

This graph compares a hypothetical $25,000 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, 2026 were as follows:

---

| | |
|:---|:---|
| | Average Annual Total Returns |
| | Since Inception\* |
| Class I<br> NA | 6.60% |
| MSCI World Index<br> NA | (5.80)% |

---

\* Commencement of operations for the Fund was November 3, 2025, following the reorganization of AlpInvest

Seed Fund II, 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 SECONDARIES FUND**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

![image1.jpg](image1.jpg)

Ernst & Young LLPTel: +1 212 773 3000

One Manhattan Westey.com

New York, NY 10001

**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements**

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

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

2026, and the related consolidated statements of operations, cash flows and changes in net assets, and the

consolidated financial highlights, for the period from November 3, 2025 (Commencement of Operations) to

March 31, 2026, 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, 2026, and the consolidated results of its operations, its cash flows, the consolidated

changes in its net assets, and its consolidated financial highlights, for the period from November 3, 2025

(Commencement of Operations) to March 31, 2026, 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 audit. 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 audit 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 audit, 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 audit 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, 2026, by

correspondence with custodians, third-party managers, management of the underlying funds, as applicable;

when replies were not received from the custodians, third-party managers, and management of the underlying

funds, we performed other auditing procedures. Our audit 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 audit provides a reasonable basis for our opinion.

![image2.jpg](image2.jpg)

We have served as the auditor of one or more of AlpInvest Private Equity Investment Management, LLC

investment companies since 2022.

New York, NY

May 30, 2026

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Private Equity Investments (69.1%)** | **Footnotes** | **Acquisition Date** | **Cost Value** | **Fair Value** <sup>(1)</sup> |
| **Secondary Investments (69.1%)** | (2)(6)(7) |  |  |  |
| **Europe (24.3%)** |  |  |  |  |
| Alto Capital V | (3) | 12/31/2025 | $1666844 | $2294923 |
| Apheon Special Opportunities Fund SCA | (4) | 12/31/2025 | 2630969 | 2576958 |
| Apheon MidCap Buyout IV, SCSp | (3) | 12/31/2025 | 11248038 | 16977615 |
| Apheon MidCap Buyout VI SCSp | (4) | 12/31/2025 | 100 |  |
| Apheon Opseo Long Term Value Fund SCSp | (3) | 12/31/2025 | 3871230 | 8551695 |
| Apheon Svt Long Term Value Fund SCSp | (3) | 12/31/2025 | 5722641 | 8984332 |
| Backed 1, L.P. | (4) | 12/31/2025 | 1766355 | 4089353 |
| Backed 2, L.P. | (4) | 12/31/2025 | 1065856 | 1966705 |
| Bain Capital Tremont Holdings, L.P. | (3) | 3/10/2026 | 5507836 | 5332795 |
| Bregal Unternehmerkapital IV-B SCSp | (4) | 12/31/2025 | 1283852 | 1420932 |
| CVC Capital Partners VIII (A) L.P. | (5) | 3/31/2026 | 13557988 | 15935022 |
| E.C.B. (Bastille) SCA | (3) | 12/31/2025 | 1251519 | 1142106 |
| ECI 12 Special Purpose, L.P. | (3) | 9/30/2025 | 14559031 | 15247163 |
| Elysium Acquisition, L.P. | (3) | 9/30/2025 | 10237194 | 12410335 |
| Epiris Fund III (B), L.P. | (4) | 12/31/2025 | 2258768 | 3777738 |
| Hg Saturn 4 B, L.P. | (3) | 12/31/2025 | 34426 | 15523 |
| KKR Azur Co-lnvest, L.P. | (3) | 12/31/2025 | 4807220 | 3931894 |
| KKR Rainbow Co-lnvest (Asset), L.P. | (3) | 12/31/2025 | 3453319 | 5140708 |
| KKR Sigma Co-lnvest II, L.P. | (3) | 12/31/2025 | 7927331 | 9848103 |
| Merieux Participations 2 SAS | (3) | 12/31/2025 | 1168842 | 1572526 |
| Merieux Participations SAS | (3) | 12/31/2025 | 68119 | 91087 |
| Portage Capital Solutions International Fund I, L.P. | (4) | 12/31/2025 | 1412207 | 1983903 |
| PrimeStone Capital Fund ICAV | (3) | 12/31/2025 | 394732 | 556746 |
| Providence Strategic Growth Europe, L.P. | (4) | 9/30/2025 | 1993492 | 1866165 |
| PSG Europe II, L.P. | (4) | 9/30/2025 | 1305817 | 1321285 |
| Sagard 3 FPCI | (3) | 12/31/2025 | 7061965 | 6764275 |
| Sagard 4A FPCI and Sagard 4B FIPS (A Shares) | (4) | 12/31/2025 | 15803490 | 11702238 |
| Sagard II-A FPCI and Sagard II-B FPCI | (3) | 12/31/2025 | 284423 | 316171 |
| Sagard NewGen FPCI | (3) | 12/31/2025 | 2910533 | 2677713 |
| Sagard NewGen Pharma FPCI | (3) | 12/31/2025 | 1023790 | 805198 |
| Sagard Testing FPCI | (4) | 12/31/2025 | 5834939 | 4771721 |
| **Total Europe** |  |  | $132112866 | $154072928 |
| **North America (44.8%)** |  |  |  |  |
| Apollo Overseas Partners (Delaware 892) IX, L.P. | (5) | 3/31/2026 | $12309824 | $14351292 |
| Audax Private Equity Beacon CF | (3) | 9/30/2025 | 17905961 | 22377355 |
| Bain Capital Beacon Holdings, L.P. | (3) | 9/30/2025 | 33204292 | 31250697 |

---

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Private Equity Investments (69.1%)** | **Footnotes** | **Acquisition Date** | **Cost Value** | **Fair Value** <sup>(1)</sup> |
| C2 Capital Global Export-To-China Fund, L.P. | (4) | 12/31/2025 | 5058209 | 10325168 |
| CF24XB SCSp | (3) | 9/30/2025 | 11796244 | 11162023 |
| Churchill Secondary Partners II, L.P. | (3) | 9/30/2025 | 5846339 | 5808301 |
| Churchill Secondary Partners III, L.P. | (4) | 3/31/2026 | 10726569 | 12180833 |
| Court Square Capital Partners IV-A, L.P. | (5) | 3/31/2026 | 13329997 | 16605004 |
| Court Square Capital Partners V, L.P. | (5) | 3/31/2026 |  |  |
| EAG Holdings, L.P. | (5) | 3/14/2026 |  | 693805 |
| GA Continuity Fund II, L.P. | (3) | 9/30/2025 | 6014437 | 5675022 |
| Glow Mint Mit 2 Pty, Ltd. | (5) | 3/14/2026 |  | 797694 |
| Green Equity Investors Side VII, L.P. | (4) | 3/31/2026 | 13979807 | 14865544 |
| Green Equity Investors Side X, L.P. | (5) | 3/31/2026 |  |  |
| Hellman & Friedman Capital Partners IX (Parallel), L.P. | (5) | 3/31/2026 | 6595777 | 7040809 |
| Hidden Harbor Capital Partners Continuation Fund, L.P. | (3) | 9/30/2025 | 15162905 | 14714130 |
| LEP Red Rock Fund, L.P. | (3) | 10/8/2025 | 10337062 | 11841033 |
| LM Simba CV Feeder | (3) | 1/7/2026 | 15627437 | 18411468 |
| Madison Dearborn Capital Partners IX-C, L.P. | (3) | 10/8/2025 | 133138 | 116249 |
| Madison Dearborn Capital Partners VIII-C, L.P. | (3) | 9/30/2025 | 1656948 | 1667790 |
| OEP Jupiter, L.P. | (5) | 3/10/2026 | 14752715 | 20260600 |
| One Equity Partners IX-B SCSp | (4) | 12/31/2025 | 4081849 | 4562491 |
| Peak Rock Capital Fund IV-C NUS | (4) | 12/31/2025 | 467260 | 566800 |
| Providence Strategic Growth II, L.P. | (4) | 9/30/2025 | 878370 | 678328 |
| Providence Strategic Growth III, L.P. | (4) | 9/30/2025 | 1831336 | 1576089 |
| Providence Strategic Growth IV, L.P. | (4) | 9/30/2025 | 2674591 | 2343433 |
| Providence Strategic Growth, L.P. | (4) | 9/30/2025 | 183677 | 141932 |
| PSG Fidelity Co-Invest, L.P. | (4) | 9/30/2025 | 1105243 | 1116789 |
| PSG LM Sequel, L.P. | (4) | 10/3/2025 | 190982 | 237716 |
| PSG LM Sequel, L.P. | (4) | 10/3/2025 | 101078 | 128507 |
| PSG V, L.P. | (4) | 9/30/2025 | 2674527 | 2391896 |
| PSG VI, L.P. | (4) | 9/30/2025 | 349641 | 366753 |
| Stone Point CV, L.P. | (3) | 10/13/2025 | 24182881 | 23912919 |
| The Resolute III Continuation Fund, L.P. | (3) | 9/30/2025 | 37180085 | 33953832 |
| Thomas H. Lee Parallel Fund VIII, L.P. | (5) | 3/31/2026 | 1691869 | 2062497 |
| Warburg Pincus Capital Solutions Founders Fund, L.P. | (4) | 12/31/2025 | 1079942 | 1699327 |
| **Total North America** |  |  | $273110992 | $295884126 |
| **Total Secondary Investments** |  |  | $405223858 | $449957054 |
| **Total Private Equity Investments** |  |  | $405223858 | $449957054 |
| **Total Investments (69.1%)** |  |  | $405223858 | $449957054 |
| **Cash Equivalents (38.6%)** |  |  |  |  |
| **North America (38.6%)** |  |  |  |  |

---

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Private Equity Investments (69.1%)** | **Footnotes** | **Acquisition Date** | **Cost Value** | **Fair Value** <sup>(1)</sup> |
| UMB Money Market II Special (3.4%) | (3)(4)(5) |  | $248512996 | $248512996 |
| **Total Cash Equivalents** |  |  | $248512996 | $248512996 |
| **Total Investments and Cash Equivalents (107.7%)** |  |  | $653736854 | $698470050 |
| **Other Assets and Liabilities, Net (-7.7%)** |  |  |  | $(49976818) |
| **Net Assets (100.0%)** |  |  |  | **$648493232** |

---

**Investment Abbreviations:**

(1) The Fair Value of the Secondary Investments is determined using the net asset value of the respective underlying funds as a practical expedient in accordance with ASC Topic 820, Fair Value Measurement.

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

(2) Secondary Investments are portfolios of assets acquired on the secondary market.

(3) Investments held in AlpInvest Seed Fund II L.P.

(4) Investments held in AlpInvest CAPS Blocker LLC.

(5) Investments held in AlpInvest CAPS Holdings, LLC.

(6) Investment does not issue shares.

(7) Non-income producing security.

(8) 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, 2026 was

$449,957,054, or 69.1% of net assets.

*See accompanying Notes to Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026**

---

| | |
|:---|:---|
| **SUMMARY OF INVESTMENTS BY STRATEGY (AS A PERCENTAGE OF TOTAL INVESTMENTS)** | **SUMMARY OF INVESTMENTS BY STRATEGY (AS A PERCENTAGE OF TOTAL INVESTMENTS)** |
| Secondary Investments | 100.00% |
| Primary Investments | —% |
| **Total Investments** | **100.0%** |

---

*See accompanying Notes to Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES**

---

| | |
|:---|:---|
| **ASSETS:** | **March 31, 2026** |
| Investments, at fair value (cost $405,223,858) | $449957054 |
| Cash and cash equivalents  | 248512996 |
| Cash denominated in foreign currency (cost $1,238,161) | 1238161 |
| Receivable for investments sold  | 3984 |
| Interest receivable  | 960505 |
| Deferred offering cost  | 372835 |
| Deferred purchase price - interest | 2253784 |
| Prepaid expenses and other assets  | 211909 |
| Total assets | 703511228 |
| **LIABILITIES:** |  |
| Payable for investments purchased | $48270358 |
| Deferred tax liability | 2159196 |
| Incentive fee payable | 1867886 |
| Management fee payable | 1057595 |
| Legal fees payable | 315000 |
| Audit fees payable | 85500 |
| Fund accounting and administration fees payable | 95647 |
| Due to investment adviser | 629480 |
| Other payables and accrued expenses | 537334 |
| Total liabilities | $55017996 |
| **Commitment and Contingencies (See Note 10)** |  |
| **Net Assets Attributable to Common Shareholders** | **$648493232** |
| **COMPOSITION OF NET ASSETS ATTRIBUTABLE TO COMMON SHARES:** | **COMPOSITION OF NET ASSETS ATTRIBUTABLE TO COMMON SHARES:** |
| Paid-in capital | $612193567 |
| Total distributable earnings | 36299665 |
| **Net Assets Attributable to Common Shareholders** | **$648493232** |

---

---

| | |
|:---|:---|
| **NET ASSET VALUE PER SHARE** | |
| **Class I** |  |
| Net Assets | $473189478 |
| Shares of Beneficial Interest | 44387385 |
| Net Asset Value per share of Beneficial Interest | $10.66 |
| **NET ASSET VALUE PER SHARE** |  |
| **Class U** |  |
| Net Assets | $175303754 |
| Shares of Beneficial Interest | 16499146 |
| Net Asset Value per share of Beneficial Interest | $10.63 |

---

*See accompanying Notes to Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**CONSOLIDATED STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | **For the period from** <br>**November 3, 2025** <br>**(Commencement of** <br>**Operations) to March** <br>**31, 2026**<br>|
| Interest income | $3781192 |
| Total Investment Income | $3781192 |
| **EXPENSES:** |  |
| Incentive fees | $4863693 |
| Management fees | 3063745 |
| Organizational expense | 790178 |
| Interest expense | 737602 |
| Legal fees | 340000 |
| Audit fees | 205500 |
| Distribution fees | 465088 |
| Offering costs | 267537 |
| Fund accounting and administration fees | 215867 |
| Insurance expense | 102114 |
| Transfer agent fees | 68821 |
| Trustees' fees and expenses | 80107 |
| Other expenses | 43957 |
| Tax advisory expense | 101000 |
| Custodian fees | 16367 |
| Printing expense | 7624 |
| Total expenses before waiver | $11369200 |
| Less fees waived by Investment Adviser | (612749) |
| Total Expenses | 10756451 |
| **Net Investment Loss** | **$(6975259)** |
| **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 | $24856 |
| Net change in unrealized appreciation on investments and foreign currency | 45409265 |
| Net Realized and Unrealized Gain on Investments and Foreign Currency before taxes | 45434121 |
| Net change in deferred income tax expense | (2159196) |
| Net Realized and Unrealized Gain on Investments and Foreign Currency after taxes | 43274925 |
| **Net Increase in Net Assets Attributable to Common Shares from Operations** | **$36299666** |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

---

| | |
|:---|:---|
| <br>**FROM OPERATIONS:** | **For the period from** <br>**November 3, 2025** <br>**(Commencement of** <br>**Operations) to** <br>**March 31, 2026**<br>|
| Net investment loss | $(6975259) |
| Net realized gain on investments and foreign currency | 24856 |
| Net change in unrealized appreciation on investments and foreign <br>currency<br>| 45409265 |
| Net change in deferred income tax asset/(liability) | (2159196) |
| **Net Increase in Net Assets Attributable to Common Shares** <br>**from Operations**<br>| **$36299666** |
| **CAPITAL SHARE TRANSACTIONS:** |  |
| Class I |  |
| Proceeds from shares sold | $444315532 |
| Class U |  |
| Proceeds from shares sold | $167878034 |
| **Net Increase from Capital Share Transactions** | **612193566** |
| **Net Increase in Net Assets Attributable to Common Shares** | **$648493232** |
| **NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS** | **NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS** |
| Beginning of period | $— |
| **End of period** | **$648493232** |
| **SHARE ACTIVITY** |  |
| Class I |  |
| Shares sold | 44387385 |
| Class U |  |
| Shares sold | 16499146 |

---

*See accompanying Notes to Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | **For the period from** <br>**November 3, 2025** <br>**(Commencement of** <br>**Operations) to March 31,** <br>**2026**<br>|
| Net increase in net assets resulting from operations | $36299666 |
| Adjustments to reconcile net increase in net assets from operations to net cash Used in <br>operating activities:<br>|  |
| Cost of investments purchased and change in payable for investments purchased | (364583077) |
| Proceeds from sales of and distributions from investments and change in receivable <br>for investments sold<br>|  |
| Return of capital | 7663780 |
| Net Premium amortization/(discount accretion) |  |
| Net realized gain(loss) on investments | (73908) |
| Net realized gain(loss) on foreign currency transactions | 49052 |
| Deferred income tax expense | 2159196 |
| Net Change in unrealized (appreciation)/depreciation on investments | (44697475) |
| Net Change in unrealized (appreciation)/depreciation on foreign currency translations | (711790) |
| (Increase)/Decrease in assets: |  |
| Interest receivable | (960505) |
| Deferred offering cost | (372835) |
| Insurance | (142917) |
| Prepaid expenses and other assets | (68992) |
| Deferred purchase price - interest | (2253784) |
| Increase/(Decrease) in liabilities: |  |
| Incentive fee payable | 1867886 |
| Management fee payable | 1057595 |
| Legal fees payable | 315000 |
| Audit fees payable | 85500 |
| Due to Investment Adviser | 629480 |
| Fund accounting and administration fees payable | 95647 |
| Other payables and accrued expenses | 537334 |
| **Net Cash Used in Operating Activities** | **$(363105147)** |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |
| Net Proceeds from sales of shares | $612193566 |
| Distributions |  |
| **Net Cash Provided by Financing Activities** | **612193566** |
| **Effect of exchange rates on cash** | **662738** |
| **Net increase in cash and cash equivalents** | **249751157** |
| **Cash and cash equivalents, beginning balance** |  |
| **Cash and cash equivalents, ending balance** | $249751157 |

---

---

| | |
|:---|:---|
| **Supplemental disclosure of cash flow information** |  |
| **Reconciliation of cash, cash equivalents and foreign currency, ending balance:** |  |
| Cash and cash equivalents | $248512996 |
| Cash denominated in foreign currencies | 1238161 |
| Total cash, cash equivalents and foreign currency, ending balance | $249751157 |

---

*See accompanying Notes to Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**CONSOLIDATED FINANCIAL HIGHLIGHTS**

---

| | |
|:---|:---|
| **CLASS I** | **For the period from** <br>**November 3, 2025** <br>**(Commencement of** <br>**Operations) to March 31,** <br>**2026**<br>|
| **PER SHARE OF BENEFICIAL INTEREST OPERATING PERFORMANCE** | **PER SHARE OF BENEFICIAL INTEREST OPERATING PERFORMANCE** |
| Net asset value, beginning of period | $10.00 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS** |  |
| Net investment loss <sup>(a)</sup> | (0.12) |
| Net realized and unrealized gain on investments and foreign currency | 0.78 |
| **Total Income from Investment Operations** | **0.66** |
| Dividends to shareholders |  |
| Total Dividends and/or distributions to shareholders: |  |
| **Net asset value per common share - end of period** | **$10.66** |
| **Total Return** <sup>(c)</sup> | **6.60%** |
| **Ratios/Supplemental Data** |  |
| Net assets attributable to common shares, end of period (000s) | $473189 |
| Ratio of expenses to average net assets attributable to common shares, excluding fee waiver <sup>(d)</sup> | 3.14% |
| Ratio of expenses to average net assets attributable to common shares, including fee waiver <sup>(d)</sup> | 2.90% |
| Ratio of net investment gain (loss) to average net assets attributable to common shares <sup>(b)</sup> | (0.64)% |
| Interest and fees from borrowings <sup>(e)</sup> | —% |
| Portfolio turnover rate <sup>(f)</sup> | —% |

---

(a) Calculated using average common shares outstanding.

(b) Net investment loss ratio is annualized and calculated excluding Incentive Fees for the period ended March 31, 2026. Net investment loss

ratio is annualized except for organizational fees, which are one time expenses, and calculated excluding Incentive Fees. If Incentive Fees

were included, the ratios would have been lowered by 0.78% for the period ended March 31, 2026. 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 0.78% for the period ended March 31, 2026.

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 November 3, 2025.

*See accompanying Notes to Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**CONSOLIDATED FINANCIAL HIGHLIGHTS (Continued)**

---

| | |
|:---|:---|
| **CLASS U** | **For the period from** <br>**November 3, 2025** <br>**(Commencement of** <br>**Operations) to March 31,** <br>**2026**<br>|
| **PER SHARE OF BENEFICIAL INTEREST OPERATING PERFORMANCE** | **PER SHARE OF BENEFICIAL INTEREST OPERATING PERFORMANCE** |
| Net asset value, beginning of period | $10.00 |
| **INCOME/(LOSS) FROM INVESTMENT OPERATIONS** | **INCOME/(LOSS) FROM INVESTMENT OPERATIONS** |
| Net investment loss <sup>(a)</sup> | (0.15) |
| Net realized and unrealized gain on investments and foreign currency | 0.78 |
| **Total Income from Investment Operations** | **0.63** |
| Dividends to shareholders |  |
| Total Dividends and/or distributions to shareholders: |  |
| **Net asset value per common share - end of period** | **$10.63** |
| **Total Return** <sup>(c)</sup> | **6.30%** |
| **Ratios/Supplemental Data** |  |
| Net assets attributable to common shares, end of period (000s) | $175304 |
| Ratio of expenses to average net assets attributable to common shares, excluding fee waiver <sup>(d)</sup> | 4.05% |
| Ratio of expenses to average net assets attributable to common shares, including fee waiver <sup>(d)</sup> | 3.74% |
| Ratio of net investment gain (loss) to average net assets attributable to common shares <sup>(b)</sup> | (0.83)% |
| Interest and fees from borrowings <sup>(e)</sup> | —% |
| Portfolio turnover rate <sup>(f)</sup> | —% |

---

(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, 2026. If Incentive Fees

were included, the ratio would have been lowered by 1.00% for the period ended March 31, 2026. 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 1.00% for the period ended March 31, 2026. 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 November 3, 2025.

*See accompanying Notes to Consolidated Financial Statements.*

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**1. ORGANIZATION**

Carlyle AlpInvest Private Markets Secondaries Fund (the "Fund") was organized as a Delaware statutory trust on

January 30, 2025. 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 had no operations prior to November 3,

2025 other than when AlpInvest US Holdings, LLC made a seed investment of $100,000 and received 10,000 Class I

shares of beneficial interest.

Simultaneous with the commencement of the Fund's operations, AlpInvest Seed Fund II, L.P. (the "Predecessor Fund"),

through a taxable reorganization of the Predecessor Fund into the Fund ("Reorganization"), transferred its assets and

liabilities to the Fund in exchange for shares of the Fund. The Predecessor Fund maintained an investment objective,

strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the

Fund, and at the time of the Reorganization, the Predecessor Fund was managed by the same Adviser and portfolio

managers as the Fund. The investments acquired by the Fund in the Reorganization were valued using fair value

procedures approved by the Fund's Board of Trustees (the "Board"). The plan of reorganization was approved by the

Board on October 20, 2025. See Note 12 for additional information on the Reorganization.

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 actively manages the portion of the Fund's assets allocated to liquid fixed-income

investments. 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 intends to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in

Secondary Investments. For purposes of this policy, "Secondary Investments" include, without limitation:

• acquisitions of privately owned portfolios, consisting primarily of single- or multiple-limited partner

commitments in unaffiliated private funds ("Underlying Funds") acquired from existing investors;

• investments involving partnering with a general partner of an Underlying Fund across a range of transaction

settings and structures, with the objective of gaining exposure to one or more existing investments, often

structured as continuation funds, spin-outs, fund recapitalizations, stapled secondaries, and direct asset

purchases; and

• primary investments in existing Underlying Funds that have committed and reserved at least 50% of their

assets to portfolio investments at the time of the Fund's commitment ("Substantially Invested Underlying

Funds").

In addition, the Fund may invest up to 10% of its assets in Underlying Funds during their original

issue not in connection with any Secondary Investment ("Primary Investments").

In calculating the value of its investments for purposes of its 80% policy, the Fund will include investments in money

market funds, cash and cash equivalents, and U.S. Treasury securities with remaining maturities of one year or less that

cover binding legal commitments to invest in Underlying Funds (including Substantially Invested Underlying Funds)

that the Fund reasonably expects to be called in the future.

In addition, the Fund may invest up to 10% of its assets in Underlying Funds during their original issue not in

connection with any Secondary Investment ("Primary Investments").

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 may invest in fixed income investments in order to manage its

cash and liquidity needs while earning an incremental return.

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**2. SIGNIFICANT ACCOUNTING POLICIES**

*Basis of Presentation* – The Consolidated Schedule of Investments has 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 Accounting Standards

Codification ("ASC") Topic 946, Financial Services - Investment Companies. The preparation of the Consolidated

Schedule of Investments 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 Schedule of

Investments and the reported amounts of income and expenses for the period. Actual results could differ from those

estimates. The consolidated Schedule of Investments 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 Schedule of Investments.

*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 includes AlpInvest CAPS Holdings, LLC, AlpInvest Seed Fund II,

L.P., AlpInvest Seed Fund II GP, LLC, and AlpInvest CAPS Blocker LLC, all wholly-owned subsidiaries of the Fund.

*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 intends to qualify 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 8 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, 2026.

The Fund intends to qualify and elect to be treated for U.S. federal income tax purposes, and intends to qualify

annually, as a RIC under Subchapter M of the Code. As a RIC, the Fund generally will not be subject to corporate-level

U.S. federal income taxes on any net ordinary income or capital gains that is currently distributed as dividends for U.S.

federal income tax purposes to Shareholders, as applicable. To qualify for and maintain its treatment as a RIC for U.S.

federal income tax purposes, the Fund is required to meet certain specified source-of-income and asset diversification

requirements, and is required to distribute dividends for U.S. federal income tax purposes of an amount at least equal to

90% of the sum of its net ordinary income and realized net short-term capital gains in excess of realized net long-term

capital losses each tax year to Shareholders, as applicable.

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.

AlpInvest CAPS 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. AlpInvest

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

With respect to AlpInvest CAPS 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

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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, 2026,

the Fund does not have a deferred tax asset. At March 31, 2026, the Fund has a deferred tax liability of $2,159,196,

which is included in the consolidated financial statements.

*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, 2026, the Fund had cash equivalents of $248,512,996 (cost of $248,512,996

representing 248,512,996 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.

*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, valuations are generally based on the closing sales prices as of the valuation date. See Note 3, "Fair Value

Measurements".

*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, 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 and Secondary 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.

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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 U, Class D, and Class I shares (See Note 6). 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

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.

*Deferred Costs Relating to Purchases of Secondary Investment Funds –* Deferred costs associated with the acquisition

of Secondary Investment Funds are amortized monthly over the deferral period until the payment due date. On the due

date, the payment value corresponds to the notional amount owed to the respective counterparty.

*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 adoption of the guidance did not

have an impact to the Fund's consolidated financial statements.

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 adoption of the guidance did not

have a material impact to the Fund's consolidated 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 U.S. 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:

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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 access 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).

*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 Fund's 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.

*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 Fund did not hold any

broadly syndicated loans at March 31, 2026.

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, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash Equivalents | 248512996 |  |  | 248512996 |
| Total | $248512996 | $— | $— | $248512996 |

---

The Fund held Secondary Investments with a fair value of $449,957,054, which are excluded from the fair value

hierarchy as of March 31, 2026, 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.

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**4. RELATED PARTY TRANSACTIONS**

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

Agreement"). 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"). The Adviser and the Fund have entered into a Management Fee Waiver

Agreement pursuant to which the Adviser has agreed contractually for a period of one year from the commencement of

the Fund's operations to waive its Management Fee to 1.00% of the Fund's net asset value. 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 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. The Management Fee Waiver Agreement will remain in effect for a period of one year from

the commencement of the Fund's operations, unless and until the Board approves its modification or termination. The

Adviser will not recoup any waived Management Fees under the terms of the Management Fee Waiver Agreement. For

the period from November 3, 2025 to March 31, 2026, the Fund incurred Management Fees of $3,063,745.

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 12.5% 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 Fund will maintain a memorandum account (the "Loss Recovery Account"), which will have an initial balance of

zero and will be (i) increased upon the close of each calendar quarter of the Fund by the amount of the net losses of the

Fund for the quarter, before giving effect to any repurchases or distributions for such quarter, and (ii) decreased (but not

below zero) upon the close of each calendar quarter by the amount of the net profits of the Fund for the quarter. For

purposes of the Loss Recovery Account, the term "net losses" shall mean the amount by which (i) the sum of (A) the

net asset value of the Fund as of the beginning of such quarter and (B) the aggregate issue price of shares of the Fund

issued during such quarter (excluding any Shares of such Class issued in connection with the reinvestment of dividends

paid, or other distributions made, by the Fund through the DRP) exceeds (ii) the sum of (X) the net asset value of the

Fund as of the end of such quarter, (Y) the aggregate repurchase price of all shares repurchased by the Fund during such

quarter and (Z) the amount of dividends and other distributions paid in respect of the Fund during such quarter and not

reinvested in additional shares through the DRP. Shareholders will benefit from the Loss Recovery Account in

proportion to their holdings of Shares. For purposes of the "net losses" calculation, the net asset value shall include

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

offering and organizational expenses).

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, AlpInvest (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

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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 period

from November 3, 2025 to March 31, 2026, the Fund incurred fund accounting and administration fees of $215,867.

The Adviser and the Fund have entered into an Expense Limitation Agreement in respect of each class of Shares under

which the Adviser has agreed for a period of 18 months from the commencement of the Fund's operations 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 " Expense Cap").

Under the terms of the Expense Limitation Agreement, 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 of 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 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. See "Fund

Expenses—Expense Limitation Agreement" for additional information. The Expense Limitation Agreement will remain

in effect for a period of 18 months from the commencement of the Fund's operations, unless and until the Board

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

Limitation Agreement.

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

other expenses. As of March 31, 2026, the Fund has recorded $629,480 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 9% of the Fund's total outstanding shares as of March 31, 2026. Related parties

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

or employees.

**5. 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

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, 2026, there are $372,835 of deferred offering costs in the accompanying Consolidated

Statement of Assets and Liabilities.

**6. CAPITAL SHARE TRANSACTIONS**

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

Shares"), Class U ("Class U Shares") and Class D ("Class D 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

operates in reliance on 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

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

was based on the net asset value 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, 2026 outstanding shares of Class I, Class U and Class D were

16,499,146, 44,387,385, and 0, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Period Ended March 31, 2026** | **For the Period Ended March 31, 2026** | **For the Period Ended March 31, 2026** | **For the Period Ended March 31, 2026** |
|  | **Proceeds from Sales** | **Proceeds from Sales** | **Reinvestment of Distributions** | **Reinvestment of Distributions** |
| | **Shares** | **Dollar Amounts** | **Shares** | **Dollar Amounts** |
| **Carlyle AlpInvest** <br>**Private Markets** <br>**Secondaries Fund -** <br>**Class I**<br>| 44387385 | $444315532 |  | $— |
| **Carlyle AlpInvest** <br>**Private Markets** <br>**Secondaries Fund -** <br>**Class U**<br>| 16499146 | $167878034 |  | $— |
| Increase in Shares and <br>Net Assets<br>| 60886531 | $612193566 |  | $— |

---

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 $25,000 with respect to Class U Shares and Class I Shares and $10,000,000 for Class D Shares. The minimum

additional investment in the Fund by any investor is $10,000 with respect to each of Class U and Class I and $100,000

with respect to Class D, except for additional purchases pursuant to the dividend reinvestment plan. Class U Shares are

sold at the public offering price, which is the net asset value of a Class U Share plus an initial maximum 3.00% sales

charge. Class U shares are subject to a 0.85% distribution fee. Class D Shares are sold at the public offering price,

which is the net asset value of a Class D Share plus an initial maximum 3.00% sales charge. Class D shares are subject

to a distribution fee of 0.25%. 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.

**7. INVESTMENT TRANSACTIONS**

For the period from November 3, 2025 (commencement of operations) through March 31, 2026, total purchases and

total sales or paydowns from investments amounted to $415,879,028 and $0, respectively.

**8. FEDERAL AND OTHER TAX INFORMATION**

The Fund intends to qualify annually as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended

(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 first tax year will conclude on September 30, 2026.

Thereafter, the Fund's tax year will be the 12-month period ending on September 30. 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. As of March 31, 2026, there are

no tax years subject to examination by the major tax jurisdictions.

AlpInvest CAPS 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

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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 AlpInvest CAPS Blocker, LLC has a deferred tax liability, consideration is given to whether

or not a valuation allowance is required.

AlpInvest CAPS Blocker, LLC did not record a provision for income tax expense for the period ended March 31, 2026.

As determined in accordance with authoritative guidance, for the period ended March 31, 2026, there is no current

portion of the income tax benefit/(expense) included in the consolidated statement of operations. For the period ended

March 31, 2026, there is a deferred portion of the income tax benefit/(expense) included in the Consolidated Statement

of Operations of ($2,159,196). As of March 31, 2026, AlpInvest CAPS Blocker, LLC has a deferred tax liability of

$2,159,196 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, 2026. 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 fiscal period ended March 31, 2026, the Fund did not incur any interest or penalties.

The March 31, 2026, book cost has not been adjusted for book/tax basis differences, as the first tax year end will be

September 30, 2026.

**9. 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, beginning after the Fund completes its first full year of operations, 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.

**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

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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.

**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

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

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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).

At times, the Fund may likewise be under invested in its Secondary Investments and Primary Investments strategies in

anticipation of its future commitment obligations, which could cause the Fund to have less exposure to such

investments and potential cash drag for a period of time, and under such circumstances the Fund may not achieve its

investment objective.

**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 money market 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.

**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 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). The valuations placed on

assets purchased in secondary transactions shortly after their acquisition will often differ from the purchase price of

such assets. The Fund values its portfolio investments using its valuation procedures, whereas the purchase price for

such assets is determined in a negotiated transaction where the price is determined by, among other factors, the seller's

desire to sell and need for liquidity. 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.

**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

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

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.

**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.

**10. 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, 2026, the Fund had unfunded capital commitments to the Private Markets Investments totaling

$238,764,098 for Secondary Investments.

**11. 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,

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.

**12. REORGANIZATION INFORMATION**

Simultaneous with the Commencement of Operations, the Predecessor Fund reorganized with and into the Fund. The

Predecessor Fund maintained investment objectives, strategies and investment policies, guidelines and restrictions that

are, in all material respects, equivalent to those of the Fund. At the time of the Reorganization, the Predecessor Fund

was managed by an affiliate of the Adviser and the same portfolio managers as the Fund. The Reorganization was

completed after the close of business on October 31, 2025, at which time shareholders of the Predecessor Fund received

42,478,303 shares, with a net asset value per share of $10.00, of the Fund. For financial reporting purposes, the assets

received and shares issued were recorded at Fair Value, the cost of investments was carried forward to align to ongoing

reporting of the Funds realized and unrealized gains/losses with amounts distributable for tax purposes, and transaction

expenses incurred during the Reorganization were paid by the Adviser.

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**13. SUBSEQUENT EVENTS**

Subsequent events after March 31, 2026, 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 SECONDARIES FUND**

**DIVIDEND REINVESTMENT PLAN (UNAUDITED)**

Carlyle AlpInvest Private Markets Secondaries 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 Secondaries 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 SECONDARIES FUND**

**MANAGEMENT OF THE FUND (UNAUDITED)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 (3)**<br>| **OTHER** <br>**DIRECTORSHIP**<br>**S HELD BY** <br>**TRUSTEE**<br>|
| **INTERESTED TRUSTEES** | **INTERESTED TRUSTEES** | **INTERESTED TRUSTEES** | **INTERESTED TRUSTEES** | **INTERESTED TRUSTEES** | **INTERESTED TRUSTEES** |
| Christopher <br>Perriello<br>(1973)<br>| Trustee; Chair of <br>the Board; <br>President; <br>Principal <br>Executive Officer<br>| Since Inception | Carlyle AlpInvest (2007 <br>to present)<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 | Chaired Professor of <br>Finance, Harvard <br>Business School (2016 <br>to present); on Harvard <br>Business School faculty <br>since 2006; Advisory <br>Board Member of Thea <br>Capital (2025 to <br>present).<br>| 2 |  |
| 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>| 2 |  |
| 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>| 2 |  |

---

(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.

(3)The term "Fund Complex" as used herein includes the Fund and Carlyle AlpInvest Private Markets Fund.

In addition to Mr. Perriello, 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 Inception | 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 SECONDARIES FUND**

**APPROVAL OF ADVISORY AGREEMENTS**

The Board of Trustees (the "Board") of the Carlyle AlpInvest Private Markets Secondaries Fund (the "Fund")

consists of four individuals, three of whom are not "interested persons" of the Trust, as defined in the Investment

Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"). The Board is responsible for the

oversight of the Fund and its operations, and performs the various duties imposed on the directors or trustees of

investment companies by the 1940 Act.

At a meeting held on May 29, 2025, the Board, including a majority of the Independent Trustees, considered and

approved the Investment Management Agreement between AlpInvest Private Equity Investment Management, LLC

("AlpInvest") and the Fund (the "Advisory Agreement") and the Investment Subadvisory Agreement between

Carlyle Global Credit Investment Management L.L.C. (the "Sub-Adviser," and together with AlpInvest, the

"Advisers") and AlpInvest, with respect to the Fund (the "Sub-Advisory Agreement," and together with the

Advisory Agreement, the "Advisory Agreements"), each for an initial two-year term.

In advance of the Meeting, the Trustees requested and received materials relating to the Advisory Agreements and

had the opportunity to ask questions and request further information in connection with the consideration of the

Advisory Agreements.

In approving the Advisory Agreements, the Board, including the Independent Trustees, considered the factors it

deemed relevant. In their deliberations, the Trustees did not identify any single factor that alone was responsible for

the Board's decision to approve the Advisory Agreements. In connection with its deliberations, the Board

considered information provided at or in advance of the Meeting, including presentations from AlpInvest.

Based upon their review, the Trustees, including all of the Independent Trustees, determined, in the exercise of their

business judgment, that they were generally satisfied with the quality of investment advisory services to be provided

by the Advisers; that the fees to be paid to the Advisers under the Advisory Agreements were fair and reasonable

given the scope and quality of the services rendered by the Advisers; and that approval of the Advisory Agreements

was in the best interest of the Fund and its shareholders.

The material factors and conclusions that formed the basis for the Board's determinations to approve the Advisory

Agreements are discussed below.

These factors include, but are not limited to, the following: (1) the nature, extent, and quality of the services to be

provided to the Fund; (2) the investment performance of the Fund, AlpInvest and the Sub-Adviser; (3) the costs of

the services to be provided and profits to be realized by AlpInvest and its affiliates from the relationship with the

Fund; (4) the extent to which economies of scale would be realized as the Fund grows; and (5) whether fee levels

reflect these economies of scale for the benefit of the Fund's investors.

The Trustees, including the Independent Trustees, considered a variety of factors, including those described below.

The Trustees also considered other factors and did not treat any single factor as determinative, and each Trustee may

have attributed different weights to different factors. The Trustees also had an opportunity to meet in executive

session and separately with compliance personnel to discuss the materials presented.

*Nature, Extent, and Quality of Services*. The Board received and considered information regarding the nature, extent

and quality of the services to be provided to the Fund by AlpInvest, including an overview of AlpInvest and the

personnel that would perform services for the Fund. The Board considered the qualifications, backgrounds and

responsibilities of the members of AlpInvest's portfolio management team who would oversee the day-to-day

investment management and operations of the Fund. The Trustees considered AlpInvest's process for identifying

investment opportunities. The Trustees also considered AlpInvest's support resources available for investment

research, compliance and operations. In reaching their conclusions, the Trustees considered the fact that AlpInvest is

operated by personnel who have extensive experience operating other investment advisers and investment

companies and in managing and overseeing the effective operation of other service providers and that AlpInvest

would have access to the resources of the larger AlpInvest organization.

*Performance*. The Trustees considered that the Fund is newly formed and as such does not have a record of prior

performance. The Trustees did, however, consider AlpInvest's performance record with respect to the management

of other accounts, including a registered closed-end fund which invests a portion of its assets in secondary

transactions.

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**APPROVAL OF ADVISORY AGREEMENTS**

*Fees and Expenses*. The Trustees next considered information regarding the Fund's projected expense ratio and its

various components, including the proposed management fee for the Fund and the incentive compensation structure

of the Fund's investment management personnel. The Trustees noted that the Fund's investment strategy resulted in

a limited number of comparable funds. The Trustees compared the Fund's proposed fees, projected expenses and

overall expense ratio to expense information for the Fund's available peer group, as presented by AlpInvest, noting

that the management fee and overall expense ratio for the Fund were within the range of other funds in the peer

group. The Trustees noted that AlpInvest has agreed to contractually for a period of one year from the

commencement of the Fund's operations to waive its management fee to 1.00% of the Fund's net asset value (the

"Management Fee Waiver Agreement") and that AlpInvest has agreed to contractually, in respect of each class of

shares, for a period of 18 months from the commencement of the Fund's operations 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 (excepting certain "excluded expenses") in respect of the relevant month

exceed 3.00% of the month-end net asset value of such class (the "Expense Limitation Agreement"). The Trustees

took the expected expense waiver and limitation arrangements into account during their deliberations. In light of the

foregoing, and in their business judgment, the Trustees found that the proposed management fee rate and incentive

fee appeared reasonable for the management of the Fund's portfolio under the strategy described for the initial term

of the Advisory Agreement. The Trustees also noted that AlpInvest was responsible for the payment of CGCIM's

compensation under the terms of the Subadvisory Agreement.

*Profitability*. The Trustees considered AlpInvest's anticipated profitability, the estimated costs of managing the

Fund, and the information provided by AlpInvest regarding its financial condition. The Trustees also considered that

the Fund is not yet operational and is unlikely to be profitable to AlpInvest in the near term.

*Economies of Scale*. The Trustees considered whether AlpInvest would realize economies of scale with respect to its

management of the Fund. The Trustees noted management's statement that economies of scale were not likely to

materialize during the initial term of the Advisory Agreement and Subadvisory Agreement and therefore were not a

relevant consideration at this time.

*Fall-out Benefits*. The Trustees noted that AlpInvest did not anticipate any material fallout benefits at this stage.

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

**PRIVACY POLICY (UNAUDITED)**

As a Carlyle AlpInvest Private Markets Secondaries 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 Secondaries Fund. This notice was

last updated as of October 30, 2025. In the event it is updated or changed, we will post an updated notice on our

website at www.carlyle.com/CAPS. 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 SECONDARIES FUND**

**FEDERAL INCOME TAX INFORMATION (UNAUDITED)**

In early 2026, if applicable, shareholders of record received information regarding a distribution paid to them by the

Fund during calendar year 2025.

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 SECONDARIES FUND**

**ADDITIONAL INFORMATION (UNAUDITED)**

**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.

![capsbackcover.jpg](capsbackcover.jpg)

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

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(a)As of the end of the period covered by this report, Carlyle AlpInvest Private Markets Secondaries 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 attached as Exhibit 19(a)(1) to this Form N-CSR.

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

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(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.

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| | |
|:---|:---|
| **Item 4.** | **Principal Accountant Fees and Services.** |

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(a)Audit Fees: For the period ended March 31, 2026, 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 was $205,500.

(b)Audit-Related Fees: For the period ended March 31, 2026, 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 period ended March 31, 2026, 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, was $101,000.

(d)All Other Fees: For the period ended March 31, 2026, 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 period ended March 31, 2026, 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.

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| | |
|:---|:---|
| **Item 5.** | **Audit Committee of Listed Registrants.** |

---

Not applicable to the Registrant.

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| | |
|:---|:---|
| **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.

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| | |
|:---|:---|
| **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.

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| | |
|:---|:---|
| **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.

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| | |
|:---|:---|
| **Item 11.** | **Statement Regarding Basis for Approval of Investment Advisory Contract.** |

---

The information required by this Item 11 is included as part of the semi-annual report to shareholders filed under

Item 1 of this Form N-CSR.

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| | |
|:---|:---|
| **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 Secondaries 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.

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| | |
|:---|:---|
| **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:

*Christopher Perriello*

Mr. Perriello has been a portfolio manager of the Fund since its inception. Mr. Perriello is a Managing Director -

Partner and Global Head of Secondaries. He is also a member of the Investment Committee. Mr. Perriello represents

Carlyle AlpInvest on the Advisory Boards of Ridgemont Equity Partners, One Equity Partners, Roark Capital and

Oaktree Principal Opportunities. Mr. Perriello joined Carlyle AlpInvest in 2007 from Paul Capital Investments,

where he was a Principal focused on fund investing. Previously, he was a Principal at Invesco Private Capital

responsible for evaluating venture and LBO fund investments as well as direct investments. Mr. Perriello received a

BA in Economics, cum laude, from the University of Pittsburgh and an MBA from The Georgia Institute of

Technology.

*Eric Anton*

Mr. Anton became a portfolio manager of the Fund since its inception. He is a Managing Director - Partner 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 since its inception. He is a Managing Director - Partner 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,

2026. 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** |
| Christopher Perriello | 0 | $— | 100 | $40587081445 | 16 | $21059748951 |
| Eric Anton | 1 | $4523980059 | 100 | $40587081445 | 16 | $21059748951 |
| Matthew Romanczuk | 1 | $4523980059 | 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, 2026. 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** |
| Christopher Perriello | 0 | $— | 69 | $37591927434 | 5 | $18300901427 |
| Eric Anton | 1 | $4523980059 | 69 | $37591927434 | 5 | $18300901427 |
| Matthew Romanczuk | 1 | $4523980059 | 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, 2026.

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, 2026:

---

| | |
|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of Equity Securities in the Fund** |
| Christopher Perriello | 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) <u>[Code of Ethics is attached hereto in response to Item 2(f).](caps_202603xn-csrxexxethics.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.](caps_202603xn-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](caps_202603xn-csrsxex19bxc.htm)</u>

<u>[2002 are attached hereto.](caps_202603xn-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 Secondaries Fund

By:<u>/s/ Christopher Perriello</u> 

Christopher Perriello

President (Principal Executive Officer)

Date:June 3, 2026

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/ Christopher Perriello</u> 

Christopher Perriello

President (Principal Executive Officer)

Date: June 3, 2026

By:<u>/s/ Parker Hooper</u> 

Parker Hooper

Treasurer (Principal Financial Officer)

Date:June 3, 2026

## Ex-99.Code

**Exhibit 19(a)(1)**

**Code of Ethics**

**1. Introduction** 

Carlyle AlpInvest Private Markets Fund (the "Fund") And Carlyle AlpInvest Private Markets Secondaries Fund (each a "Fund") (references to "the Fund" include each Fund as context requires) has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of the Fund's Access Persons and to ensure that they comply with the federal securities laws. To the extent that any such individuals are subject to compliance with the Code of Ethics of the Fund's adviser, (the "Adviser"), Fund Administrator or Distributor (collectively the "Service Providers"), as applicable, whose Codes of Ethics complies with Rule 17j-1, compliance by such individuals with the provisions of the Code of the applicable Service Providers shall constitute compliance with this Code. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.The interests of the Fund must always be paramount.** Access Persons have a legal, fiduciary duty to place the interests of the Fund ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. &nbsp;&nbsp;&nbsp;&nbsp;Access Persons may not take advantage of their relationship with the Fund.** Access Persons should avoid any situation (e.g. unusual investment opportunities, perquisites, accepting gifts of more than token value from persons seeking to do business with the Fund) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. &nbsp;&nbsp;&nbsp;&nbsp;All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest.** Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Fund, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. &nbsp;&nbsp;&nbsp;&nbsp;Access Persons must comply with all applicable laws.** In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**<u>Any violations of this code should be reported promptly to the Chief Compliance Officer. Failure to do so will be deemed a violation of this Code.</u>**

**2. &nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS**

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Any officers, trustees, general partner or employee (or persons occupying a similar status or performing a similar function) of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;Any officers, general partner or employee (or persons occupying a similar status or performing a similar function) of the Adviser to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Any officer, director, general partner or employee of the Fund or the Adviser (or of any company controlling or controlled by or under common control with the Fund or the Adviser) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Any other natural person controlling, controlled by or under common control with the Fund, the Adviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

**"Adviser"** means AlpInvest Private Equity Investment Management, LLC

**"Affiliated Person"** of an adviser includes (i) any person directly or indirectly owning, controlling, or holding with power to vote, 5 percent or more of the outstanding voting securities of the adviser (this could be a person or a company, including any parent company; (ii) any person 5 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the adviser (i.e., a company where the adviser owns 5 percent or more of the company); (iii) any person directly or indirectly controlling, controlled by, or under common control with, the adviser (e.g. if the adviser is owned by a parent company, any other companies owned by the parent); or (iv) any officer, trustee, partner, managing member, or co-partner of the adviser. Section 2(a) of the 1940 Act. A non-officer employee of an adviser to an interval fund is not a Reporting Person. Rule 30h-1 under the 1940 Act.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Fund with respect to Trustees and officers of the Fund covered by this Code.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Adviser personnel.

**"Fund"** means the Carlyle AlpInvest Private Markets Fund or Carlyle AlpInvest Private Markets Secondaries Fund, either individually or collectively, as the context requires.

**"Immediate Family"** means an individual's spouse, partner, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Fund that would not be deemed an "interested person" of the Fund, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in portfolio securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a trust; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, trustee, or person or entity performing a similar function, with certain exceptions.

------

**"Initial Public Offering"** means an offering of securities registered under Securities Act of 1933, as amended (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 of Section 15(d) of the Securities Exchange Act.

**"Investment Personnel"** means (i) any employee of the Fund or the Adviser (or any company in a Control Relationship with the Fund or the Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund and (ii) any natural person who controls the Fund or its investment adviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

**"Limited Offering"** means an offering that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant or Rule 504, Rule 505 or Rule 506 under the Securities Act.

**"Officer"** of an entity includes the entity's president, principal financial officer, principal accounting officer (or, if there is no such accounting officer, the controller), any vice-president of the issuer in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Fund, including the Chief Compliance Officer.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Fund when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly known as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**3. &nbsp;&nbsp;&nbsp;&nbsp;PROHIBITED ACTIONS AND ACTIVITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Is being considered for purchase or sale by the Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Is being purchased or sold by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;Decision-Making Access Persons, with the exception of the independent trustees, may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons, with the exception of the independent trustees, must obtain prior written authorization from the Chief Compliance Officer prior to such participation;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp;No Access Person, with the exception of the independent trustees, may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An Access Person of the Fund who is also an access person of the Fund's principal underwriter or its affiliates or an access person of the Fund's Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, or investment adviser <u>provided</u> that such forms contain substantially the same information as called for in the forms required by this Section and comply with the requirements of Rule 17j-1(d) (1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;Access Persons may not accept any fee, commission, gift, or services, other than de minimis gifts, from any single person or entity that does business with or on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. &nbsp;&nbsp;&nbsp;&nbsp;Decision-Making Access Persons, with the exception of the independent trustees, may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer based upon a determination that such service would be consistent with the interests of the Fund. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Fund.

Advanced notice should be given so that the Fund and Adviser may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. &nbsp;&nbsp;&nbsp;&nbsp;Decision-Making Access Person, with the exception of the Independent Trustees, may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. &nbsp;&nbsp;&nbsp;&nbsp;It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.to employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.to make to the Fund any untrue statement of a material fact or to omit to state to the Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.to engage in any manipulative practice with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;**EXEMPTED TRANSACTIONS.** The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Purchases or sales of Securities effected in any account in which an Access Person has no beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Purchases or sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Purchase of Securities made as part of automatic dividend reinvestment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Purchases of Securities made as part of an employee benefit plan involving the periodic purchase of company stock or mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

------

**4.&nbsp;&nbsp;&nbsp;&nbsp;PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Access Persons that are not covered by a Service Providers' Code of Ethics wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. The Fund shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorizations for "good until canceled" orders are effective unless the order conflicts with a Fund order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

Affiliated Persons and/or Officers are required to obtain pre-clearance for all personal securities transactions involving shares of the Fund from the CCO, and meet the Fund's requirements for Section 16 reporting.

Investment Personnel of the Fund or Adviser must obtain approval from the Fund or Adviser before directly or indirectly acquiring beneficial ownership in any securities in an Initial Public Offering or a Limited Offering.

**5.&nbsp;&nbsp;&nbsp;&nbsp;REPORTING AND MONITORING**

The Chief Compliance Officer or his designees shall monitor all personal trading activity of all Access Persons covered by this Code of Ethics pursuant to the procedures established under this Code. An Access Person of the Fund who is also an access person of the Fund's principal underwriter or its affiliates or an Access Person of the Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter, or Adviser, <u>provided</u> that such forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**&nbsp;&nbsp;&nbsp;&nbsp;Disclosure of Personal Brokerage Accounts.** Within ten days of the commencement of employment or at the commencement of a relationship with the Fund, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer. These statements and confirms for the Fund may be sent to its Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;Initial Holdings Report.** Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the person becomes an Access Person), each Access Person, except Independent Trustees, must submit (i) a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership and (ii) the name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the Access Person's direct or indirect benefit as of the date they became an Access Person. This report must state the date on which it is submitted.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;Annual Holdings Reports.** All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;Quarterly Transaction Reports.** All Access Persons, except Independent Trustees, shall report to the Chief Compliance Officer or his designees the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The price of the Covered Security at which the transaction was effected

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the broker, dealer, or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to the appropriate address noted above is an acceptable form of a quarterly transaction report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.&nbsp;&nbsp;&nbsp;&nbsp;Quarterly New Account Reports.** All Access Persons, except Independent Trustees, must submit a quarterly new account report with respect to any account established by such a person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person, no later than 30 days after the end of a calendar quarter. The Quarterly New Account Report shall cover, at a minimum, all accounts at a broker-dealer, bank or other institution opened during the quarter and provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the name of the broker, dealer or bank with whom the Access Person has established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the date the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the date that the report is submitted by the Access Person.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund. An Independent Trustee must also submit a quarterly transaction report with respect to transactions occurring in such quarter in Fund shares if such Trustee knew, or in the ordinary course of fulfilling his or her official duties as a Trustee of the Fund, should have known details of specific securities transactions made or being considered for the Fund's portfolio on the date of and during the 15-day period immediately before or after the Trustee's transaction in Fund shares.

An Access Person of the Fund who is also an Access Person of the Fund's principal underwriter or an Access Person of a Fund's Adviser may submit reports required by this Section on forms prescribed by the Code of Ethics of such principal underwriter or investment adviser, provided that such forms contain substantially the same information as called for in the forms required by this Section and comply with the requirements of Rule 17j-1(d)(1).

**6. &nbsp;&nbsp;&nbsp;&nbsp;ENFORCEMENTS AND PENALTIES**

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Board of Trustees.

------

Upon being informed of a violation of this Code, the Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Fund shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

At least annually and at a regular meeting of the Board, the Chief Compliance Officer shall issue a report on Personal Securities Transactions by Access Persons. The report submitted to the board shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Identify any violations of this Code and any significant remedial action taken during the prior year; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

**7.&nbsp;&nbsp;&nbsp;&nbsp;RECORDKEEPING** 

The Fund shall cause the records enumerated in this Section VII (a) through (e) below to be maintained in an easily accessible place and shall cause such records to be made available to the SEC or any representative of the SEC at any time and from time to time for reasonable periodic, special or other examinations.

Specifically, the Fund shall maintain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;a copy of the Code of Ethics adopted by the Fund that is in effect, or at any time within the previous five (5) years was in effect in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. a record of any violation of the Code of Ethics, and of any action taken as a result of such violation, in an easily accessible place, for at least five (5) years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. a copy of each report made by an Access Person as required by this Code of Ethics for at least five (5) years after the end of the fiscal year in which the report is made or the information is provided, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. a record of all persons, currently or within the past five years, who are or were required to make reports under Section V of this Code of Ethics, or who are or were responsible for reviewing these reports, in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. a copy of each report required by Section V of this Code of Ethics, for at least five (5) years after the end of the fiscal year in which the report is made, the first two (2) years in an easily accessible place.

The Fund must maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment Personnel of securities under Section IV, for at least five years after the end of the fiscal year in which the approval is granted.

**8.&nbsp;&nbsp;&nbsp;&nbsp;ACKNOWLEDGEMENT**

The Fund must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer (including a written acknowledgement of their receipt of the Code in a form substantially similar to the example below), and schedule a meeting with the Chief Compliance Officer to discuss the provisions herein within two calendar weeks of employment.

I certify that I have read and understand the Code of Ethics of and recognize that I am subject to it. [if an employee of the Adviser] I further certify I will fulfill my personal securities holdings and transactions reporting obligates through the procedures of the Adviser with respect to covered securities.

------

Printed Name: Signature:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

## Ex-99.Cert

**Exhibit 19(a)(3)**

CERTIFICATIONS

I, Christopher Perriello, President, (Principal Executive Officer) of the Carlyle AlpInvest Private Markets Secondaries Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;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 3, 2026 | <u>/s/ Christopher Perriello</u> |
| | Christopher Perriello, President |
| | (Principal Executive Officer) |

---

------

**Exhibit 19(a)(3)**

CERTIFICATIONS

I, Parker Hooper, Treasurer, (Principal Financial Officer) of the Carlyle AlpInvest Private Markets Secondaries Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this report on Form N-CSR of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;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 3, 2026 | <u>/s/ Parker Hooper</u> |
| | Parker Hooper, Treasurer  |
| | (Principal Financial Officer) |

---

## Ex-99.Cert906

**Exhibit 19(b)**

**Certifications Under Section 906**

**of the Sarbanes-Oxley Act of 2002**

I, Christopher Perriello, President and Principal Executive Officer of the Carlyle AlpInvest Private Markets Secondaries Fund (the "Registrant"), and

I, Parker Hooper, Treasurer and Principal Financial Officer of the Registrant,

each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 (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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Secondaries Fund | Carlyle AlpInvest Private Markets Secondaries Fund |
| <u>/s/</u> <u>Christopher Perriello, President</u> | <u>/s/ Parker Hooper, Treasurer</u> |
| Christopher Perriello | Parker Hooper |
| Date: June 3, 2026 | Date: June 3, 2026 |

---

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.

<br>