# EDGAR Filing Document

**Accession Number:** 0002058263
**File Stem:** 0001398344-25-019189
**Filing Date:** 2025-10
**Character Count:** 84019
**Document Hash:** fdbdfa59d0659bac7d1c3e0f42187122
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-019189.hdr.sgml**: 20251016

**ACCESSION NUMBER**: 0001398344-25-019189

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20251016

**DATE AS OF CHANGE**: 20251015

**EFFECTIVENESS DATE**: 20251016

**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:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-285477
- **FILM NUMBER:** 251395858

**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

As filed with the Securities and Exchange Commission on October 15, 2025

1933 Act File No. 333-285477

1940 Act File No. 811-24059

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 **FORM N-2**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]

Pre-Effective Amendment No.

Post-Effective Amendment No. 1

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]

Amendment No. 5

**CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND**

(Exact Name of Registrant as Specified in Charter)

One Vanderbilt Avenue, Suite 3400

New York, NY 10017

(Address of Principal Executive Offices)

(Number, Street, City, State, Zip Code)

646-735-4293

(Registrant's Telephone Number, including Area Code)

Cameron Fairall

AlpInvest Private Equity Investment Management, LLC

One Vanderbilt Avenue, Suite 3400

New York, NY 10017

(Name and Address (Number, Street, City, State, Zip Code) of Agent for Service)

***Copies of Communications to:***

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Michael G. Doherty**<br>**Ropes & Gray LLP**<br> **1211 Avenue of the Americas**<br>**New York, NY 10036**<br>| &nbsp;&nbsp;**Chelsea M. Childs** <br>**Ropes & Gray LLP**<br> **Three Embarcadero Center**<br>**San Francisco, CA 94111**<br>|

---

**Approximate Date of Commencement of Proposed Public Offering:**

This post-effective amendment is being filed pursuant to Rule 462(d) under the Securities Act and will be effective upon filing.

[ ] Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

[X] Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

[ ] Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

[ ] Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

[ ] Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

It is proposed that this filing will become effective (check appropriate box):

[X] immediately upon filing pursuant to Rule 462(d) under the Securities Act.

If appropriate, check the following box:

[ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

[ ] This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:____.

[ ] This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:_______.

[X] This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: 333-285477.

Check each box that appropriately characterizes the Registrant:

[X] Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

[ ] Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

[ ] Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

[ ] A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

[ ] Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

[ ] Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act").

[ ] If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.

[X] New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 1 to the Registration Statement on Form N-2 (File Nos. 333-285477 and 811-24059) of Carlyle AlpInvest Private Markets Secondaries Fund (the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of filing exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment No. 1 consists only of a facing page, this explanatory note and Part C of the Registration Statement on Form N-2 setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 1 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 1 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.

**PART C—OTHER INFORMATION** 

**Item 25.** **Financial Statements and Exhibits** 

---

| | | |
|:---|:---|:---|
| a. Financial Statements | a. Financial Statements | Included in Part A: Not applicable.<br>Included in Part B: Audited financial statements and related report of Independent Registered Public Accounting Firm.  |
| b. Exhibits |  |  |
|  | (a)(1) | [Certificate of Trust of Carlyle AlpInvest Private Markets Secondaries Fund (the "Registrant"), dated as of January 30, 2025 (Incorporated by reference to Exhibit (a)(1) to the Registration Statement of the Registrant, filed on February 28, 2025 (File Nos. 333-285477 and 811-24059)).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425004498/fp0092510-1_ex9925a1.htm) |
|  | (2) | [Agreement and Declaration of Trust of the Registrant, dated as of January 30, 2025 (Incorporated by reference to Exhibit (a)(2) to the Registration Statement of the Registrant, filed on February 28, 2025 (File Nos. 333-285477 and 811-24059)).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425004498/fp0092510-1_ex9925a2.htm) |
|  | (3) | [Amended and Restated Agreement and Declaration of Trust of the Registrant, dated as of April 17, 2025 (Incorporated by reference to Exhibit (a)(3) to the Registration Statement of the Registrant, filed on April 17, 2025 (File Nos. 333-285477 and 811-24059))](http://www.sec.gov/Archives/edgar/data/2058263/000139834425007416/fp0093323-1_ex9925a3.htm) |
|  | (b) | [By-Laws of the Registrant (Incorporated by reference to Exhibit (b) to the Registration Statement of the Registrant, filed on February 28, 2025 (File Nos. 333-285477 and 811-24059)).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425004498/fp0092510-1_ex9925b.htm) |
|  | (c) | Not applicable. |
|  | (d)(1) | See portions of Agreement and Declaration of Trust relating to shareholders' rights. |
|  | (2) | See portions of By-Laws relating to shareholders' rights. |
|  | (e) | Not applicable. |
|  | (f) | Not applicable. |
|  | (g)(1) | [Investment Management Agreement. (Incorporated by reference to Exhibit (g)(1) to Pre-Effective Amendment No. 4 of the Registration Statement on Form N-2 of the Registrant, filed on September 17, 2025 (File Nos. 333-285477 and 811-24059) ("Pre-Effective Amendment No. 4")).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925g1.htm) |
|  | (2) | [Investment Sub-advisory Agreement. (Incorporated by reference to Exhibit (g)(2) of Pre-Effective Amendment No. 4).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925g2.htm) |
|  | (h)(1) | [Principal Underwriter Agreement. (Incorporated by reference to Exhibit (h)(1) of Pre-Effective Amendment No. 4).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925h1.htm) |

---

&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;(2) [Distribution and Service (12b-1) Plan. (Incorporated by reference to Exhibit (h)(2) of Pre-Effective Amendment No. 4).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925h2.htm)

(3) [Shareholder Servicing Plan. (Incorporated by reference to Exhibit (h)(3) of Pre-Effective Amendment No. 4).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925h3.htm)

(4) [Multiple Class Plan. (Incorporated by reference to Exhibit (h)(4) of Pre-Effective Amendment No. 4).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925h4.htm)

---

| | |
|:---|:---|
| (i) | Not applicable. |
| (j) | [Custodian Agreement. (Incorporated by reference to Exhibit (j) of Pre-Effective Amendment No. 4).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925j.htm) |
| (k)(1) | [Administrative and Shareholder Services Agreement. (Incorporated by reference to Exhibit (k)(1) of Pre-Effective Amendment No. 4).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925k1.htm) |
| (2) | [Services Agreement. (Incorporated by reference to Exhibit (k)(2) of Pre-Effective Amendment No. 4).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925k2.htm) |
| (3) | [Expense Limitation Agreement. (Incorporated by reference to Exhibit (k)(3) of Pre-Effective Amendment No. 4).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925k3.htm) |
| (4) | [Management Fee Waiver Agreement. (Incorporated by reference to Exhibit (k)(4) of Pre-Effective Amendment No. 4).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925k4.htm) |
| (l) | [Opinion and consent of special counsel for the Registrant. (Incorporated by reference to Exhibit (l) of Pre-Effective Amendment No. 4).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925l.htm) |
| (m) | Not applicable. |
| (n)(1) | [Consent of Independent Registered Public Accounting Firm. (Incorporated by reference to Exhibit (n) of Pre-Effective Amendment No. 4).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925n.htm) |
| (2) | [Consent of Independent Registered Public Accounting Firm – filed herewith.](fp0095825-1_ex9925n2.htm) |
| (o) | [Audited Financial Statements of AlpInvest Seed Fund II, L.P. for the period from April 21, 2025 to August 31, 2025 – filed herewith.](fp0095825-1_ex9925o.htm) |
| (p) | [Subscription Agreement for Seed Capital. (Incorporated by reference to Exhibit (p) of Pre-Effective Amendment No. 4).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925p.htm) |
| (q) | Not applicable. |
| (r)(1) | [Code of Ethics of the Registrant. (Incorporated by reference to Exhibit (r)(1) of Pre-Effective Amendment No. 4).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925r1.htm) |
| (2) | [Code of Ethics of AlpInvest Private Equity Investment Management, LLC, Carlyle Global Credit Investment Management L.L.C. and TCG Capital Markets L.L.C. (Incorporated by reference to Exhibit (r)(2) to Pre-Effective Amendment No. 2 of the Registration Statement on Form N-2 of Carlyle AlpInvest Private Markets Fund, filed on October 5, 2022 (File Nos. 333-264983 and 811-23805).](http://www.sec.gov/Archives/edgar/data/1899610/000119312522258311/d355338dex99r2.htm) |

---

&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;(s) [Calculation of the Filing Fee Table (Incorporated by reference to Exhibit (s) of Pre-Effective Amendment No. 4).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425018198/fp0095352-2_ex9925s.htm)

(t) [Power of Attorney (Incorporated by reference to Exhibit (t) to the Registration Statement of the Registrant, filed on August 18, 2025 (File Nos. 333-285477 and 811-24059)).](http://www.sec.gov/Archives/edgar/data/2058263/000139834425016048/fp0094834-1_ex9925t.htm)

**Item 26.** **Marketing Arrangements** 

See the Principal Underwriter Agreement, to be filed by amendment as an exhibit to this Registration Statement.

**Item 27.** **Other Expenses of Issuance or Distribution** 

---

| | | |
|:---|:---|:---|
| Estimated Expenses: | Securities and Exchange Commission fees | $306200 |
|  | Printing and engraving expenses | $50000 |
|  | Legal fees | $178027 |
|  | Accounting expenses | $57174 |
|  | Total | $591401 |

---

**Item 28.** **Persons Controlled by or Under Common Control with Registrant**

---

| | | |
|:---|:---|:---|
| **Controlling Person** | **Person Controlled** | **Nature of Control** |
| Carlyle AlpInvest Private Markets Secondaries Fund | AlpInvest Seed Fund II, L.P., a Delaware limited partnership<sup>(a)</sup> | 100% ownership |

---

<sup>(a)</sup> To be included (following commencement of operations) in the consolidated financial statements of the Registrant.

**Item 29.** **Number of Holders of Securities** 

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders** |
| Shares of Beneficial Interest, no par value | 1 |

---

**Item 30.** **Indemnification** 

The Registrant's Agreement and Declaration of Trust, incorporated herein by reference, contains provisions limiting the liability, and providing for indemnification, of every person who is or has been a Trustee or officer (including persons who serve at the Registrant's request as directors, officers or trustees of another organization in which the Registrant has any interest as a shareholder, creditor or otherwise) ("Covered Persons") against all liabilities and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees, reasonably incurred or paid by any Covered Person in connection with the defense or disposition of any claim, action, suit or other proceeding, whether civil, criminal, or other, including appeals, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Covered Person except with respect to any matter as to which such Covered Person shall have been finally adjudicated in a decision on the merits in any such action, suit or other proceeding to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office.

Each of the Registrant's Principal Underwriter Agreement and Dealer Agreement, each to be filed by amendment, is expected to contain provisions limiting the liability, and providing for indemnification, of the Trustees and officers under certain circumstances.

Further, the Investment Management Agreement with AlpInvest Private Equity Investment Management, LLC (the "Adviser") and the Form of Investment Sub-advisory Agreement with Carlyle Global Credit Investment Management L.L.C. ("CGCIM"), each to be filed by amendment, is expected to contain provisions limiting the liability, and providing for indemnification, of the Adviser and CGCIM, as applicable, and its personnel under certain circumstances.

The Registrant's Trustees and officers are expected to be insured under a standard investment company errors and omissions insurance policy covering loss incurred by reason of negligent errors and omissions committed in their official capacities as such.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "1933 Act"), may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions described in this Item 30, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission (the "SEC") such indemnification is against public policy as expressed in the 1933 Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

**Item 31.** **Business and Other Connections of Investment Adviser** 

AlpInvest Private Equity Investment Management, LLC ("APEIM"), a Delaware limited liability company, is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), with the SEC, and serves as the investment adviser to the Registrant. The Registrant is fulfilling the requirement of this Item 31 to provide a list of the officers and directors of APEIM, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by APEIM or those officers and directors during the past two years, by incorporating by reference the information contained in the Form ADV of APEIM filed with the SEC pursuant to the Advisers Act (SEC File No. 801-126208).

Carlyle Global Credit Investment Management L.L.C. ("CGCIM") is registered as an investment adviser under the Advisers Act and serves as the investment sub-adviser to the Registrant. The Registrant is fulfilling the requirement of this Item 31 to provide a list of the officers and directors of CGCIM, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by CGCIM or those officers and directors during the past two years, by incorporating by reference the information contained in the Form ADV of CGCIM filed with the SEC pursuant to the Advisers Act (SEC File No. 801-77691).

**Item 32.** **Location of Accounts and Records** 

All accounts, books and other documents required by Rule 31(a) under the Investment Company Act of 1940, as amended, are maintained at the offices, as applicable of: (1) the Registrant; (2) the Adviser, (3) CGCIM, (4) the Custodian and (5) the Administrator.

**Item 33.** **Management Services** 

Not applicable.

**Item 34.** **Undertakings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Registrant undertakes:

&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;a. to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

&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;1. To include any prospectus required by Section 10(a)(3) of the 1933 Act;

&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;2. To reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

Provided, however, that paragraphs a(1), a(2), and a(3) of this section do not apply if the registration statement is filed pursuant to General Instruction A.2 of this Form and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, that are incorporated by reference into the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&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;b. That, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof; 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;&nbsp;&nbsp;&nbsp;&nbsp;c. To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&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;d. That, for the purpose of determining liability under the Securities Act to any purchaser:

&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;1. if the Registrant
 is relying on Rule 430B:

A. each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

B. each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information required by Section 10(a) of the 1933 Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

if the Registrant is subject to Rule 430C: each prospectus filed pursuant to Rule 424(b) under the 1933 Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A under the 1933 Act, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&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;e. That for the purpose of determining liability of the Registrant under the 1933 Act to any purchaser in the initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&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;1. any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the Securities Act;

&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;2. free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrants;

&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;3. the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the 1933 Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Insofar
 as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
 persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the
 opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and
 is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
 by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful
 defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with
 the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by
 controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
 public policy as expressed in the Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The
 Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business
 days of receipt of a written or oral request, any prospectus or its Statement of Additional Information.

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and in the State of New York on the 15th day of October, 2025.

---

| | |
|:---|:---|
| CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND | CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND |
| By: | /s/ Christopher Perriello |
| Name: | Christopher Perriello |
| Title: | President and Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Christopher Perriello | Trustee, President and Principal Executive Officer | October 15, 2025 |
| Christopher Perriello |  |  |
| /s/ Parker Hooper | Treasurer and Principal Financial Officer | October 15, 2025 |
| Parker Hooper |  |  |
| \* | Trustee | October 15, 2025 |
| Victoria Ivashina |  |  |
| \* | Trustee | October 15, 2025 |
| Marc B. Moyers |  |  |
| \* | Trustee | October 15, 2025 |
| David Sylvester |  |  |

---

---

| | |
|:---|:---|
| \* By: | /s/ Cameron Fairall |
|  | Cameron Fairall, Attorney-in-Fact |

---

**INDEX OF EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit** | **Exhibit Name** |
| [(n)(2)](fp0095825-1_ex9925n2.htm) | [Consent of Independent Registered Public Accounting Firm](fp0095825-1_ex9925n2.htm) |
| [(o)](fp0095825-1_ex9925o.htm) | [Audited Financial Statements of AlpInvest Seed Fund II, L.P. for the period from April 21, 2025 to August 31, 2025](fp0095825-1_ex9925o.htm) |

---

## Exhibit 99.25

---

| | | |
|:---|:---|:---|
| ![](image_001.jpg) | Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001 | Tel: +1 212 773 3000<br> ey.com |

---

**Consent of Independent Registered Public Accounting Firm**

We consent to the references to our firm under the captions "Independent Registered Public Accounting Firm" in the Prospectus and "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information, each dated September 16, 2025, and incorporated by reference in this Post-Effective Amendment No. 1 to the Registration Statement (Form N-2, File No. 333-285477) of Carlyle AlpInvest Private Markets Secondaries Fund (the "Registration Statement").

We consent to the use of our report dated September 16, 2025, with respect to the financial statements of Carlyle AlpInvest Private Markets Secondaries Fund as of August 31, 2025 and for the period from January 30, 2025 (Inception) to August 31, 2025, included in this Registration Statement, filed with the Securities and Exchange Commission.

We also consent to the use of our report dated October 15, 2025, with respect to the financial statements of AlpInvest Seed Fund II, L.P. as of August 31, 2025 and for the period from April 21, 2025 (Inception) to August 31, 2025, included in this Registration Statement, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

New York, NY

October 15, 2025

A member firm of Ernst & Young Global Limited

## Exhibit 99.25

**AlpInvest Seed Fund II, L.P.**

**Financial Statements with Independent Auditor's Report**

**For the Period from April 21, 2025 (Inception) to August 31, 2025**

**Audited**

This document is confidential and strictly for accounting purposes only. This document is not to be used for performance or analytical purposes.

---

| | |
|:---|:---|
| ![](fp0095825-1_04.jpg) | **AlpInvest Seed Fund II, L.P.** |

---

---

| | |
|:---|:---|
| **Table of Contents** | Page |
| Independent Auditor's Report | 3 |
| Statement of Assets, Liabilities and Partners' Capital | 4 |
| Statement of Operations | 5 |
| Statement of Changes in Partners' Capital | 6 |
| Statement of Cash Flows | 7 |
| Schedule of Investments | 8 |
| Notes to the Financial Statements | 10 |

---

Page 2 of 17

---

| | | |
|:---|:---|:---|
| ![](fp0095825-1_02.jpg) | **Ernst & Young LLP**<br> **One Manhattan West**<br> **New York, NY 10001** | **Tel: +1 212 773 3383**<br> **ey.com** |

---

**Report of Independent Registered Public Accounting Firm**

To the Partners of AlpInvest Seed Fund II, L.P.

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets, liabilities and partners' capital of AlpInvest Seed Fund II, L.P. (the "Fund"), including the schedule of investments, as of August 31, 2025, and the related statements of operations, cash flows, and changes in partners' capital for the period from April 21, 2025 (Inception) to August 31, 2025, and the related notes (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at August 31, 2025, and the results of its operations, its cash flows, and changes in its partners' capital for the period from April 21, 2025 (Inception) to August 31, 2025, 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 August 31, 2025, by correspondence directly with third-party managers; when replies were not received from the third-party managers, 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.

![](fp0095825-1_03.jpg)

We have served as the auditor of one or more AlpInvest investment companies since 2022.

New York, NY

October 15, 2025

A member firm of Ernst & Young Global Limited

---

| | |
|:---|:---|
| ![](fp0095825-1_04.jpg) | **AlpInvest Seed Fund II, L.P.** |

---

---

| | |
|:---|:---|
| **Statement of Assets, Liabilities and Partners' Capital** | **2025** |
| **As of August 31, 2025** | **USD** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in Affiliates, at Fair Value (Cost 95,208,367) | 103724073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 205205553 |
| **Total Assets** | **308929627** |
| **Liabilities and Partners' Capital** |  |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Professional Fees | 489953 |
| **Total Liabilities** | **489953** |
| **Commitment and Contingencies (See Note 10)** |  |
| **Partners' Capital** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Partner | 769176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Partners | 307670497 |
| **Total Partners' Capital** | **308439673** |
| **Total Liabilities and Partners' Capital** | **308929627** |

---

See accompanying Notes to the Financial Statements.

Page 4 of 17

---

| | |
|:---|:---|
| ![](fp0095825-1_04.jpg) | **AlpInvest Seed Fund II, L.P.** |

---

---

| | |
|:---|:---|
| **Statement of Operations** | **2025** |
| **For the Period from April 21, 2025 (Inception) to August 31, 2025** | **USD** |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional Fees | 489953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses | 76 |
| **Total Expenses** | **490029** |
| **Net Investment Income / (Loss)** | **(490029)** |
| **Net Realized and Unrealized Gain / (Loss) on Investment in Affiliates and Foreign Currency Translation** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain / (Loss) on Investment in Affiliates and Foreign Currency Translation | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Gain / (Loss) on Investment in Affiliates | 8515706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Foreign Currency Gain / (Loss) on Investment in Affiliates | 0 |
| **Net Realized and Unrealized Gain / (Loss) on Investment in Affiliates and Foreign Currency Translation** | **8515706** |
| **Net Increase / (Decrease) in Partners' Capital resulting from Operations** | **8025677** |

---

See accompanying Notes to the Financial Statements.

Page 5 of 17

---

| | |
|:---|:---|
| ![](fp0095825-1_04.jpg) | **AlpInvest Seed Fund II, L.P.** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Changes in Partners' Capital** | | | |
| **For the Period from April 21, 2025 (Inception) to August 31, 2025** | **For the Period from April 21, 2025 (Inception) to August 31, 2025** | |<br>**USD** |
|  | **General<br> Partner** | **Limited<br> Partners** | **Total** |
| **Partners' Capital, Inception** | **0** | **0** | **0** |
| Capital Contributions | 749162 | 299664835 | 300413997 |
| Capital Distributions | 0 | 0 | 0 |
| Net Increase / (Decrease) in Partners' Capital resulting from Operations | 20014 | 8005662 | 8025677 |
| **Partners' Capital, August 31, 2025** | **769176** | **307670497** | **308439673** |

---

See accompanying Notes to the Financial Statements.

Page 6 of 17

---

| | |
|:---|:---|
| ![](fp0095825-1_04.jpg) | **AlpInvest Seed Fund II, L.P.** |

---

---

| | |
|:---|:---|
| **Statement of Cash Flows** | **2025** |
| **For the Period from April 21, 2025 (Inception) to August 31, 2025** | **USD** |
| **Cash Flows from Operating Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) in Partners' Capital resulting from Operations | **8025677** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to Reconcile Net Change in Partners' Capital resulting from Operations to Net Cash used in Operating Activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized (Gain) / Loss on Investment in Affiliates | (8515706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase / (Decrease) in Accrued Professional Fees | 489953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Investment Transactions:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of Investments | (95452877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Investments | 244510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash (used in) / from Operating Activities** | **(95208444)** |
| **Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Contributions | 300413997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Distributions | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Cash (used in) / from Financing Activities** | **300413997** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) in Cash and Cash Equivalents | 205205553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and Cash Equivalents, at Inception | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash and Cash Equivalents, End of Period** | **205205553** |

---

See accompanying Notes to the Financial Statements.

Page 7 of 17

---

| | |
|:---|:---|
| ![](fp0095825-1_04.jpg) | **AlpInvest Seed Fund II, L.P.** |

---

---

| |
|:---|
| **Schedule of Investments** |
| **As of August 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investment in Affiliates<sup>1,2,3</sup>** | **Acquisition Date** | **Cost<br> USD** | **Fair Value<br> USD** |
| &nbsp;&nbsp;&nbsp;**North America** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP 2025 Titan I, L.P. | August 25, 2025 | 2343640 | 3582747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Bluebird, L.P. | August 15, 2025 | 13675410 | 13499998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Dolphin, L.P. | August 15, 2025 | 13548658 | 13872372 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASP Gillette, L.P. <sup>6</sup> | August 22, 2025 | 26913660 | 31341368 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASP Horizon, L.P.<sup>6</sup> | August 15, 2025 | 33452301 | 34607724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASP Kita, L.P. | August 22, 2025 | 5274699 | 6819863 |
| &nbsp;&nbsp;&nbsp;**Total North America (33.6%)** |  | **95208367** | **103724073** |
| **Total Investment in Affiliates (33.6%)** |  | **95208367** | **103724073** |
| **Total Cash Equivalents (66.5%)** |  | **205205553** | **205205553** |
| **Total Investment in Affiliates and Cash Equivalents (100.2%)** |  | **300413921** | **308929627** |
| **Other Assets and Liabilities, Net ((0.2%))** |  | **0** | **(489953)** |
| **Net Assets (100.0%)** |  | **300413921** | **308439673** |

---

<sup>1</sup> The Partnership's investment in affiliates are recorded at fair value, using the net asset value ("NAV") as a "practical expedient", in accordance with ASC 820-10, as the asset and liability accounts of its Affiliates are measured at fair value. Refer to Note 2.2 Investment in Affiliates and Note 3. Fair Value Measurement for further details.

 

<sup>2</sup> Investment does not issue shares.

 

<sup>3</sup> The following table presents the Partnership's Secondary Investments held via its Affiliates, as of August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Secondary Investments<sup>4,7</sup>** | **Acquisition Date** | **Cost<br> USD** | **Fair Value<sup>5</sup> USD** |
| &nbsp;&nbsp;&nbsp;**North America** |  | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASP 2025 Titan I, L.P.** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GA Continuity Fund II, L.P. <sup>8</sup> | August 25, 2025 | 2350276 | 3589387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASP Bluebird, L.P.** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audax Private Equity Beacon CF | August 15, 2025 | 13675408 | 13500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASP Dolphin, L.P.** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hidden Harbor Capital Partners Continuation Fund L.P. | August 15, 2025 | 13548647 | 13872374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASP Gillette, L.P.** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bain Capital Beacon Holdings, L.P.<sup>6,8</sup> | August 22, 2025 | 26913616 | 31341368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASP Horizon, L.P.** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Resolute III Continuation Fund, L.P.<sup>6,8,9</sup> | August 15, 2025 | 34281634 | 35439145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ASP Kita, L.P.** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Secondary Partners II, L.P. <sup>8</sup> | August 22, 2025 | 4712462 | 6092949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Secondary Partners II (Blocker), LLC <sup>8</sup> | August 22, 2025 | 562216 | 726914 |
| &nbsp;&nbsp;&nbsp;**Total North America (33.9%)** |  | **96044260** | **104562137** |
| **Total Secondary Investments (33.9%)** |  | **96044260** | **104562137** |

---

Page 8 of 17

---

| | |
|:---|:---|
| ![](fp0095825-1_04.jpg) | **AlpInvest Seed Fund II, L.P.** |

---

---

| |
|:---|
| **Schedule of Investments (Continued)** |
| **As of August 31, 2025** |

---

<sup>4</sup> Secondary Investments are portfolios of assets acquired on the secondary market.

 

<sup>5</sup> The Private Equity Investments are recorded at fair value, using the underlying funds' net asset value as a "practical expedient", in accordance with ASC 820-10. Furthermore, the Fair Value has not been calculated, reviewed, verified or in any way approved by such Secondary Investment or its general partner, manager or sponsor (including any of its affiliates). Please see Notes to Financial Statements for further details regarding the valuation policy of the Partnership.

 

<sup>6</sup> Investments that exceeded five percent of Net Assets.

<sup>7</sup> Non-income producing security.

 

<sup>8</sup> The underlying fund's net asset value is reported net of any deferred purchase liability recorded by the underlying fund.

 

<sup>9</sup> Investment held by the investee fund exceeded five percent of Net Assets.

---

| | | | |
|:---|:---|:---|:---|
|  | **Acquisition Date** | **Cost<br> USD** | **Fair Value<br> USD** |
| **North America** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFS Brands (5.5%) | August 15, 2025 | 13983724 | 16982709 |

---

Investment cost in the Schedule of Investments is based on historical foreign exchange rates. Fair Value is based on the foreign exchange rates at reporting end date.

See accompanying Notes to the Financial Statements.

Page 9 of 17

---

| | |
|:---|:---|
| ![](fp0095825-1_04.jpg) | **AlpInvest Seed Fund II, L.P.** |

---

**Notes to the Financial Statements**

**For the Period from April 21, 2025 (Inception) to August 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>The Partnership</u> 

AlpInvest Seed Fund II, L.P. (the "Fund" or the "Partnership") is a Delaware limited partnership formed on April 21, 2025 ("Initial Agreement"). The Initial Agreement has been amended and restated. Collectively, the Initial Agreement and the Amended and Restated Agreement of Limited Partnership are referred to as the "Agreement".

Capitalized terms used but not defined herein shall have the meaning assigned to them in the Agreement, if applicable.

The Partnership was formed for the purposes of identifying, acquiring, holding, managing and disposing of investments, including Portfolio Investments, in accordance with the terms of the Agreement.

The General Partner of the Partnership is AlpInvest Seed II GP, L.P. (the "General Partner"), a Delaware limited partnership. The General Partner and the Limited Partners are together referred to as the "Partners".

At any time, the General Partner shall have the right, without the consent of any other Partner, to reorganize, including by restructuring or merger, the Partnership with and/or into a newly-formed U.S. registered closed-end investment company (such reorganization, the "Reorganization").

Unless the Partnership is sooner dissolved in accordance with Section 4.5 of the Agreement, the Partnership will dissolve reasonably promptly after the final distribution is made to the Partners. The Partnership and the Agreement shall terminate when (i) all of the assets of the Partnership, after the payment or making reasonable provision for payment of all debts, liabilities and obligations of the Partnership, shall have been distributed to the Partners in the manner provided for in the Agreement and (ii) the certificate of limited partnership of the Partnership shall have been canceled in the manner required by the Revised Limited Partnership Act.

Except as provided for in the Agreement or as required by the Partnership Law, the Limited Partners, solely in their capacity as the Limited Partners, shall not be liable for any debt, liability or other obligation of the Partnership.

The General Partner believes it has complied in all material respects with the provisions of the Agreement for the period from Inception to August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Capital Commitment and Contributions</u> 

The Limited Partner has made a Capital Subscription payable in installments (each a "Capital Contribution" and, collectively, "Capital Contributions"). The aggregate Limited Partners' Capital Contributions amount to USD 300,413,997.

The General Partner has agreed to make to the Partnership a Capital Contribution of 0.25 % of the aggregate Capital Contributions of the Limited Partners, or such a larger amount as the General Partner may determine.

Each Limited Partner's liability is generally limited to its Capital Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Currency</u> 

Unless otherwise specified, all figures within the financial Statements notes are in U.S. Dollars ("USD").

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Summary of Significant Accounting Policies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Basis of Preparation</u> 

The Partnership's Financial Statements have been prepared on the accrual basis of accounting in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). The Partnership is an investment company and follows the accounting and reporting guidance in Accounting Standards Codification 946, Financial Services - Investment Companies ("ASC 946").

There may be rounding discrepancies in the grand totals due to the presentation method used.

Page 10 of 17

---

| | |
|:---|:---|
| ![](fp0095825-1_04.jpg) | **AlpInvest Seed Fund II, L.P.** |

---

**Notes to the Financial Statements**

**For the Period from April 21, 2025 (Inception) to August 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Summary of Significant Accounting Policies (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Investment in Affiliates</u> 

The below listed affiliates were formed for the purpose of acquiring a portfolio of interests in investment partnerships and direct investments. Affiliates are managed by AlpInvest US Holdings, LLC, except for those incorporated in The Netherlands which are managed by AlpInvest Partners B.V.. The affiliates are accounted for as investment companies, in accordance with U.S. GAAP Accounting Standards Codification 946, Financial Services - Investment Companies ("ASC 946"), therefore the Partnership's investment in the affiliates are valued at fair value, which is equal to the Partnership's proportionate interest in the net asset value of the affiliates. The significant accounting policies of the affiliated entities are the same as the Partnership. The investment objectives of all affiliates are governed by their respective limited partnership agreements and therefore redemptions from the affiliates are generally not permitted.

---

| | | |
|:---|:---|:---|
|  | **Country of Incorporation** | **Ownership %** |
| ASP 2025 Titan I, L.P. | United States of America | 0.87% |
| ASP Bluebird, L.P. | United States of America | 9.23% |
| ASP Dolphin, L.P. | United States of America | 14.11% |
| ASP Gillette, L.P. | United States of America | 34.88% |
| ASP Horizon, L.P. | United States of America | 28.28% |
| ASP Kita, L.P. | United States of America | 10.68% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Cash and Cash Equivalents</u> 

Cash and Cash Equivalents include cash in demand deposit accounts and highly liquid marketable securities with an original maturity, at the time of purchase, of three months or less. The Partnership maintains cash held on deposit at ABN AMRO Bank N.V.. The Partnership is subject to credit risk should the financial institution be unable to fulfill its obligations.

For the purpose of the Statement of Cash Flows, Cash and Cash Equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts when applicable. Bank overdrafts are shown in Liabilities in the Statement of Assets, Liabilities and Partners' Capital.

The Partnership does not have any restricted cash balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Foreign Currency Translation</u> 

Assets and liabilities denominated in foreign currencies are translated using the exchange rates as of the reporting end date. Gains and losses resulting from transactions in foreign currencies are calculated using daily exchange rates and are included in the accompanying Statement of Operations.

All realized foreign exchange differences are reflected in "Net Realized Gain / (Loss) on Investments and Foreign Currency Translation" in the Statement of Operations while unrealized foreign exchange differences resulting from investments are reflected in "Net Unrealized Foreign Currency Gain / (Loss) on Investments" in the Statement of Operations.

All realized foreign exchange differences in the affiliated entities are reflected in "Net Realized Gain / (Loss) on Investment in Affiliates and Foreign Currency Translation" in the Statement of Operations while unrealized foreign exchange differences resulting from investment in affiliates are reflected in "Net Unrealized Foreign Currency Gain / (Loss) on Investment in Affiliates" in the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Taxes</u> 

The Partnership should be treated as a partnership for income tax purposes. Each partner in the Partnership is subject to taxation on its share of the Partnership's ordinary income and capital gains. The Partnership will consider its secondary withholding obligations when appropriate, but the investment process and/or investment structures makes any withholding obligation very unlikely to occur. Accordingly, no provision for income tax is made in the Partnership's Financial Statements pursuant to the provisions of U.S. GAAP Accounting Standards Codification 740, Income Taxes ("ASC 740").

In accordance with ASC 740, the General Partner evaluates tax positions taken or expected to be taken in the course of preparing the Partnership's Financial Statements to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the "more-likely-than-not" threshold would be recorded as an expense in the current period. The General Partner has concluded that no provision for income tax is required in the Partnership's Financial Statements for the period ended August 31, 2025.

The Partnership recognizes interest and penalties, if any, related to tax positions as interest expense in the Statement of Operations. For the period from Inception to August 31, 2025 the Partnership did not incur any interest or penalties.

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| | |
|:---|:---|
| ![](fp0095825-1_04.jpg) | **AlpInvest Seed Fund II, L.P.** |

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**Notes to the Financial Statements**

**For the Period from April 21, 2025 (Inception) to August 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Summary of Significant Accounting Policies (Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Revenue Recognition</u> 

When the difference between the cost and the fair value of investments increases or decreases the appreciation or depreciation is included in "Net Unrealized Gain / (Loss) on Investments" in the Statement of Operations. When investments are sold, distributed or written off, the unrealized gain / (loss) is reversed upon the recognition of the realized gain or loss.

When the difference between the cost and the fair value of investment in affiliates increases or decreases the appreciation or depreciation is included in "Net Unrealized Gain / (Loss) on Investment in Affiliates" in the Statement of Operations. When investments are sold, distributed or written off, the unrealized gain / (loss) is reversed upon the recognition of the realized gain or loss.

Investment transactions are accounted for on a trade date basis, if applicable. Interest income is recognized on an accrual basis. Dividend income is recognized on the ex-dividend date. Interest income and dividend income are reflected separately in the Statement of Operations, if applicable.

If the interest or dividend bearing asset is held through Affiliates (see Note 2.2 Investment in Affiliates), the interest income and dividend income are recognized within "Net Realized Gain / (Loss) on Investment in Affiliates and Foreign Currency Translation" in the Statement of Operations.

Other income in the Statement of Operations consists of interest on late closing and other investment related income, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Investments at Fair Value</u> 

The Partnership's investments are stated at fair value in accordance with U.S. GAAP Accounting Standards Codification 820, Fair Value Measurements and Disclosures ("ASC 820").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Use of Estimates</u> 

The preparation of financial statements in conformity with U.S. GAAP requires the General Partner 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 financial statements and the reported amounts of the revenues and expenses during the reported period. The General Partner of the Partnership believes the estimates utilized in preparing the financial statements are reasonable. However, existing circumstances and assumptions about future developments may change due to market changes or circumstances arising beyond the control of the Partnership, including as a result of geopolitical events and the related impact on the macroeconomic environment. As such, actual results could differ materially from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>New Accounting Pronouncements</u> 

There have been no new accounting pronouncements released as of August 31, 2025 that are considered to have a potential impact on the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Value Measurement** 

In accordance with ASC 820-10, the Partnership reports its investments at fair value. ASC 820 defines fair value, establishes a framework for the measurement of fair value, and enhances disclosures about fair value measurements.

As required by this standard, the Partnership's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (Level I) and the lowest priority to unobservable inputs (Level III). The three levels of the fair value hierarchy are defined as follows:

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| | |
|:---|:---|
| ![](fp0095825-1_04.jpg) | **AlpInvest Seed Fund II, L.P.** |

---

**Notes to the Financial Statements**

**For the Period from April 21, 2025 (Inception) to August 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Value Measurement (Continued)** 

Level I - inputs to the valuation are unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted investments including derivatives, listed in active markets. The Partnership does not adjust the quoted price for these investments, even in situations where the Partnership holds a large position.

Level II - inputs to the valuation are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. Investments that are generally included in this category include restricted securities listed in active markets or securities traded in other than active markets and certain over-the-counter derivatives where the fair value is based on observable inputs. No significant assumptions or judgements are applied for Level II investments.

Level III - inputs to the valuation are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Investments that are included in this category generally include investments in privately held entities that are supported by little or no market activity and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Partnership's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

All investments of the Partnership are measured at Net Asset Value.

The following table summarizes the Partnership's investments measured at Net Asset Value, as of August 31, 2025:

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| | |
|:---|:---|
| **August 31, 2025** | **USD** |
| Investment in Affiliates, at Fair Value<sup>1</sup> | 103724073 |
| **Total Investments at Fair Value** | **103724073** |

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<sup>1</sup> In accordance with Subtopic 820-10, investments that are measured at net asset value as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets, Liabilities and Partners' Capital.

 

The valuation of investments including limited partnerships and direct investments held directly or indirectly through affiliated entities, requires significant judgment by the General Partner due to the absence of quoted market values, inherent lack of liquidity and the long-term nature of such assets. The valuation techniques for the investments are described below.

In reviewing the investee fund financial statements and capital account balances, the General Partner considers compliance with relevant accounting principles, the currency in which the investment is denominated and other information that is deemed relevant by the General Partner. Investments in limited partnerships are recorded at fair value, using the limited partnerships' net asset value as a "practical expedient", in accordance with ASC 820-10.

The fair value relating to certain underlying investments of these limited partnerships, for which there is no public market, has been estimated by the respective limited partnerships' management and is based upon available information in the absence of readily ascertainable fair value. 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 Investment Managers for subsequent cash flows received from or distributed to the investee funds and for any changes in the market prices of public securities held by the investee funds (if any) and may also apply a market adjustment to reflect the estimated change in the fair value of the investee funds' non-public investments from the date of the most recent net asset value provided by the Investment Managers. Further, event-driven adjustments may be made to specific investments held by the investee funds by the General Partner.

Investments include limited partnership interests in private equity partnerships, all of which carry restrictions on redemption. The Partnership will receive distributions from the investments in limited partnerships held directly or indirectly through affiliated entities as the assets in the underlying investee funds are liquidated. The Partnership expects the assets to be liquidated in the latter part of the Partnership's term (refer Note 1.1 The Partnership).

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| | |
|:---|:---|
| ![](fp0095825-1_04.jpg) | **AlpInvest Seed Fund II, L.P.** |

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**Notes to the Financial Statements**

**For the Period from April 21, 2025 (Inception) to August 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Value Measurement (Continued)** 

The Partnership enters into purchase agreements in the secondary market and purchases interests in underlying investee funds directly or indirectly through affiliated entities, usually at a discount (but can also be at a premium) to the reported fair value of the investee fund, at the purchase date. The differences between the purchase prices and reported fair values of the investee funds are recorded as part of the unrealized appreciation or depreciation on investments. For the underlying investee funds held through affiliated entities, the differences between the purchase prices and reported fair values of the investee funds are recorded as part of the unrealized appreciation or depreciation on investment in affiliates, if applicable.

The valuation of investment in affiliates is based on the net asset value ("NAV") of the entity, as the asset and liability accounts are measured at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Expenses** 

The Partnership shall bear the costs of all expenditures directly relating to the Partnership's investments and business activities ("Partnership Expenses"). Each Partner shall be solely responsible for its own expenses and out-of-pocket costs incurred in connection with the organization of, its admission to, and the maintenance of its Interest in the Partnership.

To the extent that aggregate Organizational Expenses exceed USD 333,000, 100% of the portion of such excess Organizational Expense amount shall reduce the Incentive Fee payable by the Partnership in accordance with the Agreement.

For the period from Inception to August 31, 2025, Organizational Expenses of USD 365,930 were incurred. Excess Organizational Expenses amounting to USD 32,597 will reduce the realized Incentive Fees as it occurs. The Organizational Expenses consist of legal expenses have been reflected in "Legal Expenses" within "Professional Fees" and travel expenses which are reflected in "Other Expenses" in the Statement of Operations.

Professional Fees include the following:

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| | |
|:---|:---|
|  | **2025** |
|  | **USD** |
| Auditing Expenses | 80000 |
| Legal Expenses | 409953 |
| **Total Professional Fees** | **489953** |

---

"Other Expenses" in the Statement of Operations is made up of, where applicable, travel expenses (which form part of Organizational Expenses), bank fees, unrealized foreign exchange differences on working capital, and software used in the administration of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Distributions and Allocations** 

**General** 

No interest or other compensation shall be allowed to any Partner by reason of the amount of its Capital Contributions except its share of distributions as set forth below or as otherwise provided herein. Distributions from the Partnership may be made at any time, and from time to time, as determined by the General Partner. The General Partner shall be entitled to withhold from any distributions appropriate reserves for expenses and liabilities of the Partnership, including contingent and estimated future liabilities and tax withholdings, as the General Partner shall reasonably determine. Any amounts so reserved will not reduce a Partner's Capital Subscription. The General Partner shall also be entitled to withhold distributions as set forth elsewhere in the Agreement. All distributions will be made to Partners of record as of the distribution date.

**Sharing of Distributions** 

<u>Distributions Generally</u>

Subject to the ability to utilize proceeds to satisfy Capital Contribution obligations, distributions of income earned from Portfolio Investments of the Partnership shall be made to the Partners pro rata (based on the relative Capital Subscriptions of the Partners, including any increase therein in the case of an Additional Capital Subscription). For the avoidance of doubt, any proceeds received by the Partnership as a result of borrowing pursuant to Section 2.1(b) of the Agreement to provide funds for distribution by the Partnership, which are intended to accelerate the receipt of proceeds that the Partnership is entitled to receive in connection with the Partnership's interest in any Portfolio Investments, shall also be distributed in accordance with Section 3.2.1 or 3.2.2 of the Agreement as determined by the General Partner.

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| | |
|:---|:---|
| ![](fp0095825-1_04.jpg) | **AlpInvest Seed Fund II, L.P.** |

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**Notes to the Financial Statements**

**For the Period from April 21, 2025 (Inception) to August 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Distributions and Allocations (Continued)** 

<u>Distributions of Securities</u>

Distributions pursuant to Sections 3 and 4 of the Agreement may be made in cash or in securities. The General Partner will not cause the Partnership to make in-kind distributions to the Partners except (i) in connection with a Reorganization, (ii) if such securities are Marketable Securities or (iii) subject to Section 4 of the Agreement, upon dissolution of the Partnership. In making distributions of securities pursuant to Section 3 or Section 4 of the Agreement, the General Partner shall allocate such securities proportionately among the Partners except to the extent that the General Partner determines that a disproportionate distribution is necessary to avoid a Partner receiving a security that it is prohibited from holding or that would result in a violation of law by such Partner or, in the case of a Limited Partner that is an employee benefit plan, by such employee benefit plan or any fiduciary or sponsor with respect to such plan, or a proportionate distribution is impracticable or otherwise contrary to the best interests of the Partnership.

**Recalled, Recycled and Retained Distributions** 

Pursuant to the Agreement, the Partnership may require the Limited Partners to (i) recontribute distributions for reinvestment and/or to pay Partnership Expenses in the future; any recontribution shall be treated as a distribution for the purposes of the distribution waterfall described, and/or (ii) return distributions to satisfy the Partnership's obligations and/or to fund other expenses related to the Partnership. Furthermore, the General Partner may retain appropriate reserves from any distributions for expenses and liabilities of the Partnership. Distributions will only be retained once both the recallable and recyclable proceeds are fully expended, and unfunded commitments are insufficient.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Capital Contributions and Commitments** 

A summary of the Capital Contributions and Commitments of the Partnership at August 31, 2025 is shown below:

---

| | |
|:---|:---|
|  | **2025 <br> USD** |
| Contributions | 300413997 |
| Unfunded Commitment | 100137999 |
| **Aggregate Capital Commitments** | **400551996** |
| Ratio of Total Contributed Capital to Capital Commitments | 75.00% |
| Ratio of Total Contributed Capital to Capital Commitments after reducing Contributed Capital by Contributions Paid Outside of Commitment and Temporary Capital Distribution | 75.00% |

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&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Financial Highlights** 

The following financial highlights have been calculated for the period from Inception to August 31, 2025 (except as disclosed below). The financial highlights are calculated for the Limited Partners and have not been annualized. The financial highlights are calculated for the Limited Partners taken as a whole. As a result, an individual investor's financial highlights may vary from the amounts presented below.

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| | |
|:---|:---|
| **Ratios to Average Limited Partners' Capital:** | **2025** |
| Ratio of Expenses | 0.16% |
| Ratio of Net Investment Income / (Loss) | (0.16%) |
| **Internal Rate of Return:** |  |
| Cumulative Internal Rate of Return from Inception | 76.13% |

---

The ratio of Expenses and Net Investment Income / (Loss) to average Limited Partners' Capital are calculated for the Limited Partners and excludes data for the General Partner.

The ratios of Expenses and Net Investment Income / (Loss) to average Limited Partners' Capital are only representative of the expenses and investment income earned at the Partnership level and do not include the proportionate share of income and expenses from the underlying investee funds.

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| | |
|:---|:---|
| ![](fp0095825-1_04.jpg) | **AlpInvest Seed Fund II, L.P.** |

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**Notes to the Financial Statements**

**For the Period from April 21, 2025 (Inception) to August 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Financial Highlights (Continued)** 

The Internal Rate of Return ("IRR") since inception of the Limited Partners is net of all fees and profit allocations to the General Partner, and was computed based on the actual dates of capital contributions and distributions, and the aggregate net assets at the end of the period of the Limited Partners' capital as of the reporting end date. The IRR shown above excludes the limited partner interest of AlpInvest affiliated entities (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Related Party Transactions** 

The General Partner, AlpInvest Partners B.V. and its affiliates, Chronograph, LLC, and Canoe Software, Inc. are related parties of the Partnership. All fees paid to Chronograph, LLC for software subscriptions and/or licenses utilized in performance and other investor related reporting, and fees paid to Canoe Software, Inc. (if applicable) for software utilized in the administration and operation of the Partnership are incurred by the Partnership and reflected as "Other Expenses" in the Statement of Operations.

From time to time, AlpInvest Partners B.V. incurs certain costs on behalf of the Partnership, after which it is reimbursed by the Partnership. These balances are generally non-interest bearing and payable on demand. All related party transactions have been executed at arm's length conditions. Outstanding amounts due to all related parties from the Partnership as of August 31, 2025, will be paid in the fourth quarter of 2025, if applicable.

The Partnership (through its Affiliates) has acquired a portion of (a) portfolio investment(s) with a net asset value of USD 91,757,278 from another/other Partnership(s) managed by the Investment Manager through a syndication arrangement in accordance with the provisions of the Agreement ("the transfer"). The portfolio investment(s) are reflected within "Investment in Affiliates, at Fair Value" in the Statement of Assets, Liabilities and Partners' Capital. The transfer is treated as if the transferee had committed to the portfolio investment(s) from the initial recognition date. The transferor is a related party of the Investment Manager and therefore a related party of the Partnership. The interest in connection with the syndication(s) amounting to USD 3,451,089 was capitalized and subsequently recognized in "Net Unrealized Gain / (Loss) on Investment in Affiliates" in the Statement of Operations. The transaction(s) are executed at arm's length conditions.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Risks** 

The underlying partnership investments are subject to various risk factors including market and credit risk, interest rate risk, and foreign exchange risk. The investments are made in private companies whose shares do not trade on established exchanges, therefore the Partnership's ability to liquidate its investments and realize value is subject to significant limitation and uncertainties and there can be no assurances that the Partnership will be able to realize the value of such investments in a timely manner. Non-USD denominated investments may result in foreign exchange losses caused by devaluations and foreign exchange fluctuations. In addition, impacts of political, social, economic (including geopolitical events and the impact thereof on general economic activity and financial markets) or diplomatic changes may have disruptive effects on market prices or fair valuations of investments. Such events are beyond the Partnership's control, and the likelihood that they may occur and the effect on the Partnership cannot be predicted. Recent geopolitical events have increased the level of Credit Risk on the Partnership's underlying portfolio companies. The General Partner remains confident that its investment policy, which has been designed to diversify the portfolio across strategies, industries geographies and vintage years, will continue to be critical in limiting credit risk and concentration risk and maximize risk-adjusted returns across varying market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Commitments and Contingencies** 

In the ordinary course of business, the Partnership may enter into contracts or agreements that contain indemnifications or warranties. The Partnership's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. Based on history and experience, the General Partner is of the view that the likelihood of such an event is remote.

As of August 31, 2025, the total Remaining Commitment to Third Parties of the Partnership, directly or indirectly via its affiliates is shown below:

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| | |
|:---|:---|
|  | **2025** <br> **USD** |
| Remaining Commitment to Third Parties<sup>1</sup> | 52001712 |

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<sup>1</sup> These amounts have been calculated using the spot rate prevailing at the reporting end date. This method has been used to ensure that foreign currency fluctuations do not impact the resulting remaining commitment figures.

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| | |
|:---|:---|
| ![](fp0095825-1_04.jpg) | **AlpInvest Seed Fund II, L.P.** |

---

**Notes to the Financial Statements**

**For the Period from April 21, 2025 (Inception) to August 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Commitments and Contingencies (Continued)** 

At the time of a Reorganization, AlpInvest US Holdings, LLC (the "Adviser") shall be entitled to receive an incentive fee in an aggregate amount equal to 12.5% of realized and unrealized net profits, if any, attributable to each Capital Account as of the date of the Reorganization (collectively, the "Incentive Fee"), provided that any such Incentive fee payable as of the date of the Reorganization shall be payable to the Adviser or one of its Affiliates as a reduction of payments in respect of the Adviser Share as contemplated by Section 8 of the Agreement. The equivalent value of such an incentive fee if the Reorganization occurred on August 31, 2025 would be USD 970,613. If the Partnership has not completed a Reorganization on or before the second anniversary of the final closing of the Partnership, new terms will be agreed between the Partners regarding any fees payable by the Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Subsequent Events** 

Subsequent events have been evaluated through October 13, 2025, which is the date the Financial Statements were available to be issued. There were no subsequent events that required recognition or disclosure.

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