# EDGAR Filing Document

**Accession Number:** 0001899610
**File Stem:** 0001398344-25-020110
**Filing Date:** 2025-10
**Character Count:** 96330
**Document Hash:** 3d4546748e24a33ce085f3b485eec3cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-020110.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001398344-25-020110

**CONFORMED SUBMISSION TYPE**: SC TO-I

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**SUBJECT COMPANY**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** SC TO-I
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94305
- **FILM NUMBER:** 251439866

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

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

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

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

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

**FILING VALUES:**
- **FORM TYPE:** SC TO-I

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

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

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

**AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON OCTOBER 31, 2025**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**SCHEDULE TO**

**Tender Offer Statement Under Section 14(d)(1) or 13(e)(1) of the**

**Securities Exchange Act of 1934**

**Carlyle AlpInvest Private Markets Fund**

(Name of Subject Company (Issuer))

**Carlyle AlpInvest Private Markets Fund**

(Name of Filing Person (Issuer))

**Class A Shares**

**(Title of Class of Securities)**

**14308H102**

**(CUSIP Number of class of securities)**

**Class W Shares**

**(Title of Class of Securities)**

**14308H300**

**(CUSIP Number of class of securities)**

**Class I Shares**

**(Title of Class of Securities)**

**14308H201**

**(CUSIP Number of class of securities)**

**Class X Shares**

**(Title of Class of Securities)**

**14308H409** 

**(CUSIP Number of class of securities)**

**Cameron Fairall**

**AlpInvest Private Equity Investment Management, LLC**

**One Vanderbilt Avenue, Suite 3400**

**New York, NY 10017**

(Name, Address and Telephone Number of Person Authorized to Receive Notices

and Communications on Behalf of the Person(s) Filing Statement)

October 31, 2025

(Date Tender Offer First Published, Sent or Given to Security Holders)

[ ] Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

[ ] third party tender offer subject to Rule 14d-1.

[X] issuer tender offer subject to Rule 13e-4.

[ ] going-private transaction subject to Rule 13e-3.

[ ] amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer. [ ]

**Introductory Statement**

**Item 1. Summary Term Sheet.**

The information set forth under "Summary Term Sheet" in the Offer to Repurchase (as defined below and attached hereto as Exhibit (a)(1)(ii)) is incorporated herein by reference.

**Item 2. Subject Company Information.**

(a) The name of the issuer is Carlyle AlpInvest Private Markets Fund (the "Fund"). The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified management investment company. It is organized as a Delaware statutory trust. The principal office of the Fund is located at One Vanderbilt Avenue, Suite 3400, New York, NY 10017 and its telephone number is (646) 735-4293.

(b) The title of the securities that are the subject of the offer to repurchase and the related Letter of Transmittal ("Offer to Repurchase" and the tender offer made thereby, the "Offer") are shares of beneficial interest ("Shares"). The Fund offers four classes of Shares: Class A Shares, Class W Shares, Class I Shares and Class X Shares. As of the close of business on September 30, 2025, there were approximately 208,404,080.20 Shares outstanding, comprised of 39,132,641.57 Class A Shares, 4,892,669.21 Class W Shares, 164,378,095.16 Class I Shares and 674.268 Class X Shares. Subject to the conditions set out in the Offer, the Fund will repurchase an aggregate amount of Class A Shares, Class W Shares, Class I Shares and Class X Shares in an amount up to 5% of the total net assets of the Fund that are tendered and not withdrawn by the Fund's shareholders (the "Shareholders"), subject to any applicable extension of the Offer.

(c) Shares are not traded in any market, and any transfer thereof is strictly limited by the terms of the Fund's Agreement and Declaration of Trust dated May 12, 2022, as it may be amended from time to time.

**Item 3. Identity and Background of Filing Person.**

(a) The Fund is the filing person. The information set forth in the Offer to Repurchase under "Section 8. Certain Information About the Fund" is incorporated herein by reference.

**Item 4. Terms of the Transaction.**

(a)(1) The following sections of the Offer to Repurchase contain a description of the material terms of the transaction and are incorporated herein by reference:

Summary Term Sheet

Section 1. Background and Purpose of the Offer

Section 2. Offer to Repurchase and Price

Section 3. Amount of Tender

Section 4. Procedure for Tenders

Section 5. Withdrawal Rights

Section 6. Purchases and Payment

Section 7. Certain Conditions of the Offer

Section 8. Certain Information About the Fund

Section 9. Certain Federal Income Tax Consequences

(a)(2) Not applicable.

(b) Any Shares to be purchased from any Officer, Trustee or affiliate of the Fund will be on the same terms and conditions as any other purchase of Shares. An affiliate of the Fund has advised the Fund that it intends to participate in the Offer. To the Fund's knowledge, none of the Officers, Trustees, or other affiliates of the Fund intend to tender Shares in the Offer.

**Item 5. Past Contracts, Transactions, Negotiations and Agreements.**

(e) The Fund's prospectus dated July 29, 2025, and as amended and/or supplemented from time to time, provides that the Board has the discretion to determine whether the Fund will purchase Shares from Shareholders from time to time pursuant to written tenders. AlpInvest Private Equity Investment Management, LLC, the Fund's investment adviser, expects that it will recommend to the Board that the Fund purchase Shares from Shareholders on a quarterly basis. However, the Fund is not required to conduct tender offers. The Fund does not know of any other contract, agreement, arrangement, understanding or relationship, whether contingent or otherwise or whether or not legally enforceable, between the Fund, any of the Fund's executive Officers or Trustees, any person controlling the Fund, or any executive officer or director of any corporation ultimately in control of the Fund and any person with respect to any securities of the Fund (including any contract, agreement, arrangement, understanding or relationship concerning the transfer or the voting of any such securities, joint ventures, loan or option arrangements, puts or calls, guarantees of loans, guarantees against loss, or the giving or withholding of proxies, consents or authorizations).

**Item 6. Purposes of the Transaction and Plans or Proposals.**

(a) The information set forth in the Offer to Repurchase under "Section 1. Background and Purpose of the Offer," is incorporated herein by reference.

(b) The information set forth in the Offer to Repurchase under "Section 1. Background and Purpose of the Offer," is incorporated herein by reference.

(c) The information set forth in the Offer to Repurchase under "Section 8. Certain Information About the Fund," is incorporated herein by reference.

**Item 7. Source and Amount of Funds or Other Considerations.**

(a) The information set forth in the Offer to Repurchase under "Section 6. Purchases and Payments," is incorporated herein by reference.

(b) The information set forth in the Offer to Repurchase under "Section 6. Purchases and Payments," is incorporated herein by reference.

(d) The information set forth in the Offer to Repurchase under "Section 6. Purchases and Payments," is incorporated herein by reference.

**Item 8. Interests in Securities of the Subject Company.**

(a) The information set forth in the Offer to Repurchase under "Section 8. Certain Information About the Fund," is incorporated herein by reference.

(b) The information set forth in the Offer to Repurchase under "Section 8. Certain Information About the Fund," is incorporated herein by reference.

**Item 9. Persons/Assets Retained, Employed, Compensated or Used.**

(a) No persons have been directly or indirectly employed, retained, or are to be compensated by or on behalf of the Fund to make solicitations or recommendations in connection with the Offer to Repurchase.

**Item 10. Financial Statements.**

(a) The audited annual financial statements of the Fund dated March 31, 2025, and the schedule of investments of the Fund dated March 31, 2025, both filed with the SEC on EDGAR on Form N-CSR on June 9, 2025, are incorporated by reference. The Fund will prepare and transmit to Shareholders unaudited semi-annual and audited annual financial statements of the Fund and the schedule of investments of the Fund within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act or the rules thereunder.

(b) Not applicable.

**Item 11. Additional Information.**

(a)(1) The information set forth in the Offer to Repurchase under "Section 8. Certain Information About the Fund," is incorporated herein by reference.

(a)(2) None.

(a)(3) Not applicable.

(a)(4) Not applicable.

(a)(5) None.

(c) Not applicable.

**Item 12. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Document** |
| [(a)(1)(i)](fp0096032-1_ex9912a1i.htm) | [Cover Letter to Offer to Repurchase and Letter of Transmittal.](fp0096032-1_ex9912a1i.htm) |
| [(a)(1)(ii)](fp0096032-1_ex9912a1ii.htm) | [Offer to Repurchase.](fp0096032-1_ex9912a1ii.htm) |
| [(a)(1)(iii)](fp0096032-1_ex9912a1iii.htm) | [Form of Letter of Transmittal.](fp0096032-1_ex9912a1iii.htm) |
| [(a)(1)(iv)](fp0096032-1_ex9912a1iv.htm) | [Form of Letter from the Fund to Shareholders in Connection with the Fund's Acceptance of Shares.](fp0096032-1_ex9912a1iv.htm) |
| [(a)(1)(v)](fp0096032-1_ex9912a1v.htm) | [Form of Notice of Withdrawal.](fp0096032-1_ex9912a1v.htm) |
| (a)(2)-(4) | Not applicable. |
| (a)(5) | None. |
| [(b)(1)](https://www.sec.gov/Archives/edgar/data/1899610/000139834424001149/fp0086917-1_ex9912b.htm) | [Credit Agreement dated as of March 9, 2023, by and among the Fund, as borrower, the holding vehicles party thereto, Barclays Bank plc, as agent, and the financial institutions named therein as lenders.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1899610/000139834424001149/fp0086917-1_ex9912b.htm) |
| [(b)(2)](https://www.sec.gov/Archives/edgar/data/1899610/000139834424013462/fp0089417-1_ex9912b.htm) | [Amendment No. 1 to Credit Agreement, dated as of June 24, 2024, by and among the Fund, as borrower, the holding vehicles party thereto, Barclays Bank plc, as agent, and the financial institutions named therein as lenders.<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/1899610/000139834424013462/fp0089417-1_ex9912b.htm) |
| [(b)(3)](fp0096032-1_ex9912b3.htm) | [Amendment No. 2 to Credit Agreement, dated as of December 20, 2024, by and among the Fund, as borrower, the holding vehicles party thereto, Barclays Bank plc, as agent, and the financial institutions named therein as lenders.](fp0096032-1_ex9912b3.htm) |
| [(b)(4)](https://www.sec.gov/Archives/edgar/data/1899610/000139834425014334/fp0094724-1_ex9912b4.htm) | [Amendment No. 3 to Credit Agreement, dated as of July 15, 2025, by and among the Fund, as borrower, the holding vehicles party thereto, Barclays Bank plc, as agent, and the financial institutions named therein as lenders.<sup>(3)</sup>](https://www.sec.gov/Archives/edgar/data/1899610/000139834425014334/fp0094724-1_ex9912b4.htm) |
| (g) | Not applicable. |
| (h) | Not applicable. |
| [107](fp0096032-1_exfilingfees.htm) | [Filing Fees – Calculation of Filing Fee Table.](fp0096032-1_exfilingfees.htm) |

---

<sup>(1)</sup> Incorporated by reference to the Registrant's Schedule TO-I, as filed with the Securities and Exchange Commission on January 26, 2024.

<sup>(2)</sup> Incorporated by reference to the Registrant's Schedule TO-I, as filed with the Securities and Exchange Commission on August 1, 2024.

<sup>(3)</sup> Incorporated by reference to the Registrant's Schedule TO-I, as filed with the Securities and Exchange Commission on August 1, 2025.

**Item 13. Information Required by Schedule 13e-3.**

Not applicable.

**Signature**

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| Carlyle AlpInvest Private Markets Fund | Carlyle AlpInvest Private Markets Fund |
| By: | /s/ Joseph O'Connor |
| Name: | Joseph O'Connor |
| Title: | President |
| Dated as of October 31, 2025 | Dated as of October 31, 2025 |

---

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [(a)(1)(i)](fp0096032-1_ex9912a1i.htm) | [Cover Letter to Offer to Repurchase and Letter of Transmittal.](fp0096032-1_ex9912a1i.htm) |
| [(a)(1)(ii)](fp0096032-1_ex9912a1ii.htm) | [Offer to Repurchase.](fp0096032-1_ex9912a1ii.htm) |
| [(a)(1)(iii)](fp0096032-1_ex9912a1iii.htm) | [Form of Letter of Transmittal.](fp0096032-1_ex9912a1iii.htm) |
| [(a)(1)(iv)](fp0096032-1_ex9912a1iv.htm) | [Form of Letter from the Fund to Shareholders in Connection with the Fund's Acceptance of Shares.](fp0096032-1_ex9912a1iv.htm) |
| [(a)(1)(v)](fp0096032-1_ex9912a1v.htm) | [Form of Notice of Withdrawal.](fp0096032-1_ex9912a1v.htm) |
| (b)(3) | Amendment No. 2 to Credit Agreement, dated as of December 20, 2024, by and among the Fund, as borrower, the holding vehicles party thereto, Barclays Bank plc, as agent, and the financial institutions named therein as lenders. |
| [107](fp0096032-1_exfilingfees.htm) | [Filing Fees – Calculation of Filing Fee Tables.](fp0096032-1_exfilingfees.htm) |

---

## Exhibit 99.12

COVER LETTER TO OFFER TO REPURCHASE

**IF YOU DO NOT WANT TO SELL YOUR SHARES OF BENEFICIAL**

**INTEREST AT THIS TIME, PLEASE DISREGARD THIS NOTICE. THIS IS**

**SIMPLY A NOTIFICATION OF THE FUND'S REPURCHASE OFFER.**

CARLYLE ALPINVEST PRIVATE MARKETS FUND

One Vanderbilt Avenue, Suite 3400

New York, NY 10017

October 31, 2025

Dear Shareholder:

This letter serves to inform you of important dates relating to a repurchase offer by the Carlyle AlpInvest Private Markets Fund (the "Fund"). **If you are not interested in tendering your shares of beneficial interest in the Fund for repurchase at this time, please disregard this notice and take no action**. The Fund currently has four classes of Shares: Class A Shares, Class W Shares, Class I Shares and Class X Shares (together, the "Shares").

A shareholder who tenders Shares prior to holding such Shares for 12 consecutive months will be subject to an "early repurchase fee," which will reduce the Shareholder's payment by 2%. In addition, the sale of Shares may also be subject to income and transfer taxes.

The tender offer period will begin on October 31, 2025, and end at 11:59 p.m., Eastern Time, on December 2, 2025 (the "Expiration Date"). The purpose of the tender offer is to provide liquidity to shareholders of the Fund ("Shareholders"). Shares may be presented to the Fund for repurchase only by tendering them during one of the Fund's announced tender offers.

If you do not wish to sell your Shares for any reason, simply disregard this notice. **NO ACTION IS REQUIRED IF YOU DO NOT WISH TO SELL ANY PORTION OF YOUR SHARES AT THIS TIME.**

All requests to tender Shares must be received by SS&C, either by email, mail or by fax, in good order, by December 2, 2025. If you elect to tender, it is your responsibility to confirm receipt of the Letter of Transmittal by SS&C ALPS Retail Alternatives Group by calling the Fund at (844) 417-4186. Please allow 48 hours for your Letter of Transmittal to be processed prior to contacting the Fund to confirm receipt. If you fail to confirm receipt of your Letter of Transmittal by SS&C ALPS Retail Alternatives Group, there can be no assurance that your tender has been received by the Fund.

**All Shareholders tendering Shares should carefully review their Letter of Transmittal and follow the delivery instructions therein.**

If you have any questions, please refer to the attached Offer to Repurchase document, which contains additional important information about the repurchase offer, or call (844) 417-4186.

Sincerely, <br> Carlyle AlpInvest Private Markets Fund

## Exhibit 99.12

**Carlyle AlpInvest Private Markets Fund**

**One Vanderbilt Avenue, Suite 3400**

**New York, NY 10017**

**Offer to Repurchase Shares of Beneficial Interest**

**Dated October 31, 2025**

**The Offer and Withdrawal Rights Will Expire at**

**11:59 p.m., Eastern Time, on December 2, 2025, Unless the Offer is Extended**

To the Shareholders of Carlyle AlpInvest Private Markets Fund:

Subject to the terms and conditions set forth in this offer to repurchase ("Offer to Repurchase") and the related Letter of Transmittal (which, together with the Offer to Repurchase, constitutes the "Offer"), Carlyle AlpInvest Private Markets Fund, a closed-end, non-diversified management investment company organized as a Delaware statutory trust (the "Fund"), is offering to repurchase its shares of beneficial interest, currently comprised of Class A Shares, Class W Shares, Class I Shares and Class X Shares (the "Shares"), in an amount up to 5% of the total net assets of the Fund that are tendered and not withdrawn by shareholders of the Fund ("Shareholders") at a price equal to the net asset value per Class A Share, per Class W Share, per Class I Share and per Class X Share, respectively, as of December 31, 2025 or a later date determined by the Fund if the Offer is extended (the "Valuation Date"). This Offer is currently scheduled to expire at 11:59 p.m., Eastern Time, on December 2, 2025 (the "Expiration Date"), but the Fund may extend this date; if it does, the Valuation Date may be changed. This Offer is being made to all Shareholders of the Fund and is not conditioned on any minimum amount of Shares being tendered but is subject to certain conditions described below. Shares are not traded on any established trading market and are subject to strict restrictions on transferability pursuant to the Fund's Prospectus dated July 29, 2025, and as amended and/or supplemented from time to time ("Prospectus").

Shareholders should realize that the value of the Shares tendered in this Offer will likely change between the most recent time the net asset value for each class was calculated and communicated to them and the Valuation Date (the relevant date for determining the value of the Shares tendered to the Fund for purposes of calculating the purchase price of such Shares) and such change could be material. The Fund determines the net asset value of its Shares as of the close of business on the last business day of each month, typically 20 days following each month-end. The most recently calculated net asset value of the Shares can be found by contacting the Tender Offer Administrator, SS&C and GIDS, Inc. ("SS&C"), at (844) 417-4186, Monday through Friday, except holidays, during normal business hours of 8:00 a.m. to 5:00 p.m. (Central Time). Shareholders should keep in mind that if they tender Shares in a tender offer with a Valuation Date that is within the 12 month period following the initial issue date of the Shares being tendered (on a first-in, first-out basis), such Shares will be subject to an "early repurchase fee" (described further below) of 2% of the aggregate net asset value of the Shares repurchased.

Any sale of Shares to the Fund pursuant to this repurchase offer is a taxable event. Consult your financial advisor or tax advisor for more information.

Shareholders desiring to tender all or any portion of their Shares in accordance with the terms of the Offer should complete and sign the attached Letter of Transmittal and email, mail or fax it to SS&C in the manner provided for in the Letter of Transmittal and set forth in Section 4 below.

**IMPORTANT**

*None of the Fund, AlpInvest Private Equity Investment Management, LLC, the Fund's investment adviser, or the Board of Trustees of the Fund (the "Board") makes any recommendation to any Shareholder as to whether to tender or refrain from tendering Shares. Shareholders must make their own decisions whether to tender Shares and, if so, the portion of their Shares to tender.*

*Because each Shareholder's investment decision is a personal one, based on its financial circumstances, no person has been authorized to make any recommendation on behalf of the Fund as to whether Shareholders should tender Shares pursuant to the Offer. No person has been authorized to give any information or to make any representations in connection with the Offer other than those contained herein or in the letter of transmittal. If given or made, such recommendation and such information and representations must not be relied on as having been authorized by the Fund.*

*This transaction has not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission or any state securities commission passed on the fairness or merits of such transaction or on the accuracy or adequacy of the information contained in this document. Any representation to the contrary is unlawful.*

Questions and requests for assistance and requests for additional copies of the Offer may be directed to SS&C:

*Regular Mail:* *Overnight Delivery:* <br> Carlyle AlpInvest c/o SS&C GIDS, Inc. P.O. Box 219537 Kansas City, Missouri 64121-9537 Carlyle AlpInvest c/o SS&C GIDS, Inc. 430 West 7th Street, Suite 219537 Kansas City, Missouri 64105-1407

Attn: SS&C GIDS, Inc.

Fax: (833) 967-4130

For additional information:

Phone: (844) 417-4186

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| SUMMARY TERM SHEET | SUMMARY TERM SHEET | 4 |
| 1. | Background and Purpose of the Offer | 6 |
| 2. | Offer to Repurchase and Price | 7 |
| 3. | Amount of Tender | 7 |
| 4. | Procedure for Tenders | 8 |
| 5. | Withdrawal Rights | 8 |
| 6. | Purchases and Payment | 9 |
| 7. | Certain Conditions of the Offer | 10 |
| 8. | Certain Information About the Fund | 10 |
| 9. | Certain Federal Income Tax Consequences | 12 |
| 10. | Miscellaneous | 15 |
| 11. | Financial Statements | 16 |

---

**SUMMARY TERM SHEET**

This is a summary of the features of the Offer. To understand the Offer fully and for a more complete discussion of the terms and conditions of the Offer, you should read carefully this entire Offer to Repurchase and the related Letter of Transmittal.

● The table below sets forth a number of important dates related to the Offer. Please refer to this table as you read the Offer to Repurchase. Capitalized terms used, but not defined, in this table shall have the meanings ascribed to them in the Offer to Repurchase.

---

| | | |
|:---|:---|:---|
| **Date** | **Event** | **Description** |
| October 31, 2025 | Commencement Date | The date as of which the Offer commenced |
| December 2, 2025 | Expiration Date\* | The date as of which the Offer expires. This is also the date by which a Shareholder who has previously provided proper notice to the Fund of such Shareholder's desire to tender Shares may properly notify the Fund of such Shareholder's desire to withdraw its previous tender request. |
| December 31, 2025 | Valuation Date\* | The date as of which the net asset value of the Shares is calculated, which will be the date specified in this table or, if the Fund properly authorizes any extension of the Offer, such later date as may be determined by the Fund |
| March 5, 2026 | Payment Date\* | The date as of which the Fund will effect payment for purchased Shares. |

---

*\** *Subject to change in the event that the Fund properly authorizes an extension of time during which the Offer is pending. In the event of any such extension, Shareholders will be notified in writing by the Fund. Because the Fund does not presently anticipate authorizing any such extension, the Fund strongly recommends that Shareholders make any decisions with respect to this Offer based on the dates specified in the table above.*

● As disclosed in the Prospectus, the Fund may from time to time offer to repurchase a portion of its outstanding Shares pursuant to written tenders by Shareholders. Accordingly, the Fund is offering to repurchase an aggregate amount of Shares, comprised of Class A, Class W, Class I and Class X Shares, in an amount up to 5% of the net assets of the Fund at a price per Share equal to the net asset value per Share of the applicable class of Shares (that is, with respect to each class of Shares, the value of the total assets of such class minus its total liabilities, divided by the total number of outstanding Shares of such class) effective as of December 31, 2025 or such later date as may be determined by the Fund if the Offer is extended (the "Valuation Date"). The Fund anticipates that the Shares subject to the Offer will represent approximately 5% of the outstanding Shares as of September 30, 2025. The Offer, which begins on October 31, 2025, will remain open until 11:59 p.m., Eastern Time, on December 2, 2025 (the "Expiration Date"). The Fund reserves the right to adjust the Valuation Date to correspond to any extension of the Offer.

● **A Shareholder who tenders Shares prior to holding such Shares for 12 consecutive months (on a first-in, first-out basis) will be subject to a 2% "early repurchase fee."** See Section 6.

● Shareholders may tender all or a portion of their Shares.

● If you tender Shares and the Fund purchases those Shares, the Fund will effect payment for those Shares by issuing cash or a non-interest-bearing debt obligation, which may or may not be certificated, entitling you to an initial payment equal to at least 95% of the unaudited net asset value of the Shares tendered and accepted for purchase by the Fund, determined as of the Valuation Date, which, unless the existence of changes in tax or other laws or regulations or unusual market conditions result in a delay, will be paid to you within 65 days after the Valuation Date (such date, the "Payment Date"). The balance of the purchase amount will be paid to you promptly after the completion of the Fund's next annual audit.

● If you tender only a portion of your Shares, you must maintain a minimum account balance of at least $25,000 as of the Valuation Date. If a Shareholder tenders an amount that would cause the Shareholder's investment balance to fall below the required minimum, the Fund reserves the right to repurchase all of the Shareholder's Shares in the Fund. The Offer is being made to all Shareholders and is not conditioned on any minimum amount of Shares being tendered.

● If the Fund accepts the tender of any of your Shares, your proceeds will be funded from one or more of the following sources: cash on hand (including cash received from contemporaneous investments in the Fund), proceeds from the sale of securities held by the Fund, withdrawal proceeds from investment funds in which the Fund invests, and/or borrowings. Depending on the dollar amount of Shares tendered and prevailing general economic and market conditions, the Fund, in its sole discretion, may decide to seek to borrow money to finance all or a portion of the purchase of tendered Shares under a revolving credit agreement (the "Credit Agreement") that it currently has in place with Barclays Bank plc, as agent (the "Agent") for the financial institutions named as lenders therein (the "Lenders"), and the Lenders.

● Additional repurchases will be made at such times and on such terms as may be determined by the Board. The Adviser expects that it will recommend to the Board that the Fund offer to repurchase a portion of its outstanding Shares of each class four times each year, effective March 31, June 30, September 30 and December 31, but the Fund is not required to make any such offer.

● Following this summary is a formal notice of the Offer, which remains open until the Expiration Date, unless extended by the Fund. You have the right to change your mind and withdraw your tendered Shares any time until the Expiration Date (subject to the proper and timely completion of the "Notice of Withdrawal of Tender" form) or, if such tendered Shares have not been accepted by the Fund, until December 31, 2025 (which is 40 business days after commencement of the Offer). If you would like to tender your Shares, you must complete the Letter of Transmittal enclosed with the Offer to Repurchase, and return it as instructed in the Letter of Transmittal to the Fund. If you choose to fax the Letter of Transmittal, please mail the original promptly after you fax it. Your properly completed Letter of Transmittal must be received prior to the Expiration Date. If you decide to tender, it is your responsibility to, and the Fund strongly recommends that you do, confirm receipt of your Letter of Transmittal with SS&C by calling (844) 417-4186, Monday through Friday, except holidays, during normal business hours of 8:00 a.m. to 5:00 p.m. (Central Time). All Shareholders tendering Shares should carefully review their Letter of Transmittal and follow the delivery instructions therein.

● The value of your Shares will likely change between the most recent time the net asset value for each class was calculated and communicated to you and the Valuation Date (the date when the value of your investment will be determined for purposes of calculating your purchase price). If you would like to obtain the estimated net asset value of your Shares, you may contact SS&C by calling (844) 417-4186 Monday through Friday, except holidays, during normal business hours of 8:00 a.m. to 5:00 p.m. (Central Time).

● Please note that just as you have the right to withdraw your tender of Shares, the Fund has the right to cancel, amend or postpone this offer at any time on or before the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Background and Purpose of the Offer**. The purpose of the Offer is to provide liquidity to Shareholders. Because there is no secondary trading market for Shares and transfers of Shares are prohibited without prior approval of the Fund, the Board has determined, after consideration of various matters, that the Offer is in the best interests of Shareholders to provide liquidity for Shares as contemplated in the Prospectus. The Board intends to consider the continued desirability of the Fund making an offer to purchase Shares four times each year, but the Fund is not required to make any such offer.

The purchase of Shares pursuant to the Offer will have the effect of increasing the proportionate interest in the Fund of Shareholders who do not tender Shares. Shareholders who retain their Shares may be subject to increased risks that may possibly result from the reduction in the Fund's aggregate assets resulting from payment for the Shares tendered. These risks include the potential for greater volatility due to decreased diversification. A reduction in the aggregate assets of the Fund may result in Shareholders who do not tender Shares bearing higher costs to the extent that certain expenses borne by the Fund are relatively fixed and may not decrease if assets decline. These effects may be reduced or eliminated to the extent that additional purchases of Shares are made by new and existing investors from time to time, although there can be no assurances that such new or additional purchases will occur.

Shares that are tendered to the Fund in connection with the Offer, if accepted for repurchase, will be repurchased, resulting in a change in the income ratio and an increase in the expense ratios of Shares owned by Shareholders remaining in the Fund (assuming no further issuances of Shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Offer to Repurchase and Price**. The Fund will purchase, upon the terms and subject to the conditions of the Offer, an aggregate amount of Shares up to 5% of the net assets of the Fund that are properly tendered by, and not withdrawn (in accordance with Section 5 below) before, the Expiration Date.

The Fund reserves the right to extend, amend or cancel the Offer as described in Sections 3 and 7 below. The purchase price of a Share tendered will be the applicable class's net asset value per Share on the Valuation Date, payable as set forth in Section 6. The Fund reserves the right to adjust the Valuation Date to correspond with any extension of the Offer.

As of the close of business on September 30, 2025 there were approximately 208,404,080.20 Shares, comprised of 39,132,641.57 Class A Shares issued and outstanding, with an estimated net asset value per Class A Share of $15.31, 4,892,669.21 Class W Shares issued and outstanding, with an estimated net asset value per Class W Share of $15.29, 164,378,095.16 Class I Shares issued and outstanding, with an estimated net asset value per Class I share of $15.5 and 674.268 Class X Shares issued and outstanding, with an estimated net asset value per Class X Share of $15.31. Shareholders may obtain monthly estimated net asset value information until the Expiration Date of the Offer by contacting SS&C at (844) 417-4186, Monday through Friday, except holidays, during normal business hours of 8:00 a.m. to 5:00 p.m. (Central Time). Of course, the value of the Shares tendered by Shareholders likely will change between the most recent time net asset value of each class was calculated and communicated to you and the Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Amount of Tender**. Subject to the limitations set forth below, Shareholders may tender all or a portion of their Shares. If you tender only a portion of your Shares, you must maintain a minimum account balance of at least $25,000 as of the Valuation Date. If you tender an amount that would cause your investment balance to fall below the required minimum, the Fund reserves the right to repurchase all of your Shares in the Fund. The Offer is being made to all Shareholders and is not conditioned on any minimum amount of Shares being tendered.

If an aggregate amount of Shares representing less than 5% of the total net assets of the Fund are properly tendered pursuant to the Offer and not withdrawn, the Fund will, on the terms and subject to the conditions of the Offer, purchase all of the Shares so tendered unless the Fund elects to cancel or amend the Offer or postpone acceptance of tenders made pursuant to the Offer, as provided in Section 7 below. If an aggregate amount of shares representing more than 5% of each of the total net assets of the Fund are duly tendered to the Fund before the expiration of the Offer and not withdrawn, pursuant to Section 5 below, the Fund will, in its sole discretion, either (a) accept the additional Shares permitted to be accepted pursuant to Rules 13e-4(f)(l) and 13e-4(f)(3) under the Securities Exchange Act of 1934, as amended; (b) extend the Offer, if necessary, and increase the number of Shares that the Fund is offering to purchase to a number it believes sufficient to accommodate the excess Shares tendered, as well as any Shares tendered during the extended Offer; or (c) accept Shares tendered on or before the Expiration Date for payment on a pro rata basis based on the number of tendered Shares. The unaccepted portion of any tender of Shares made by a Shareholder pursuant to this Offer shall not be automatically carried forward or given priority in connection with any future tender offer made by the Fund, but any Shareholder that wishes to have the Fund repurchase Shares that were not accepted for repurchase in connection with this Offer may again tender those Shares in connection with, and subject to the terms and conditions of, any future tender offer made by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Procedure for Tenders**. Shareholders wishing to tender Shares pursuant to the Offer must complete and execute the Letter of Transmittal in accordance with the instructions on the first page of such Shareholder's Letter of Transmittal. The completed and executed Letter of Transmittal must be received by the specified agent by 11:59 p.m., Eastern Time, on the Expiration Date. The Fund recommends that all documents be submitted by email, certified mail, return receipt requested, or by fax. A shareholder choosing to fax a Letter of Transmittal must also mail the original completed and executed Letter of Transmittal promptly thereafter.

Shareholders wishing to confirm receipt of a Letter of Transmittal may contact the agent specified in the instructions therein. ***The method of delivery of any documents is at the election and complete risk of the Shareholder tendering Shares, including, but not limited to, the failure to receive any Letter of Transmittal, email or other document submitted by facsimile transmission.*** All questions as to the validity, form, eligibility (including time of receipt) and acceptance of tenders will be determined by the Fund, in its sole discretion, and its determination shall be final and binding. The Fund reserves the absolute right to reject any or all tenders determined by it not to be in appropriate form or the acceptance of, or payment for, which would, in the opinion of counsel for the Fund, be unlawful. The Fund also reserves the absolute right to waive any of the conditions of the Offer or any defect in any tender with respect to any particular Shares or any particular Shareholder, and the Fund's interpretation of the terms and conditions of the Offer will be final and binding. Unless waived, any defects or irregularities in connection with tenders must be cured within such time as the Fund shall determine. Tenders will not be deemed to have been made until the defects or irregularities have been cured or waived. None of the Fund, the Board, the Adviser, or any of their agents is obligated to give notice of any defects or irregularities in tenders, nor shall any of them incur any liability for failure to give such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Withdrawal Rights**. Any Shareholder tendering Shares pursuant to this Offer may withdraw tendered Shares at any time before the Expiration Date or, if such tendered Shares have not been accepted by the Fund, until December 31, 2025 (which is 40 business days after commencement of the Offer). A form to use to give notice of withdrawal is enclosed with the Offer to Repurchase. To be effective, any notice of withdrawal must be timely received by the agent specified in the instructions to the Notice of Withdrawal. All questions as to the form and validity (including time of receipt) of notices of withdrawal will be determined by the Fund, in its sole discretion, and such determination shall be final and binding. Shares properly withdrawn shall not thereafter be deemed to be tendered for purposes of the Offer. However, withdrawn Shares may be re-tendered prior to the Expiration Date by following the procedures for tenders described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Purchases and Payment**. For purposes of the Offer, the Fund will be deemed to have accepted Shares that are tendered as, if and when it gives written notice to the tendering Shareholder of its election to purchase such Shares.

If you tender Shares and the Fund purchases those Shares, the Fund will effect payment for those Shares by issuing cash or a non-interest-bearing debt obligation, which may or may not be certificated, entitling you to an initial payment equal to at least 95% of the unaudited net asset value of the Shares tendered and accepted for purchase by the Fund, determined as of the Valuation Date, which, unless the existence of changes in tax or other laws or regulations or unusual market conditions result in a delay, will be paid to you on or before March 5, 2026. The balance of the purchase amount will be paid to you promptly after the completion of the Fund's next annual audit.

Each Shareholder whose Shares (or portion thereof) have been accepted for repurchase will continue to be a Shareholder of the Fund until the Valuation Date (and thereafter if not all of its Shares are repurchased) and may exercise his, her or its voting rights with respect to the repurchased Shares (or portion thereof) until the Valuation Date.

As described in the Prospectus, the amount to which any Shareholder that sells Shares to the Fund in a repurchase offer that has a tender valuation date within the 12 month period following the original issue date of the Shares (on a first-in, first-out basis) is entitled to be paid for the tendered Shares will be reduced by 2% of the aggregate net asset value of the Shares repurchased by the Fund; this reduction is referred to herein as an "early repurchase fee." Payment of the early repurchase fee will be made by reducing the repurchase proceeds. The early repurchase fee will be retained by the Fund for the benefit of remaining Shareholders.

Other than the early repurchase fee, the Fund does not presently intend to impose any charges (other than direct costs and expenses, such as wiring fees) on the repurchase of Shares.

A Shareholder who tenders some but not all of such Shareholder's Shares for repurchase will be required to maintain a minimum account balance of $25,000 in the Fund. Such minimum account balance requirement may be waived by the Fund, in its sole discretion. If a Shareholder tenders an amount that would cause the Shareholder's investment balance to fall below the required minimum, the Fund reserves the right to repurchase all of the Shareholder's Shares in the Fund.

The Fund expects that the purchase price for Shares acquired pursuant to the Offer to Repurchase will be derived from cash on hand (including cash received from contemporaneous investments in the Fund), proceeds from the sale of securities held by the Fund, withdrawal proceeds from investment funds in which the Fund invests, and/or borrowings.

Depending on the dollar amount of Shares tendered and prevailing general economic and market conditions, the Fund, in its sole discretion, may decide to seek to borrow money to fund all or a portion of the repurchase price for Shares, subject to compliance with applicable law. In this regard, the Fund has a Credit Agreement with Barclays Bank PLC (the "Credit Facility") that can be increased with the consent of the Lenders with at least 12 business days' prior notice. The Credit Facility currently permits borrowings up to $350.0 million. The Credit Facility has an interest rate equal to the SOFR plus a 2.90% applicable margin, plus a 0.10% term SOFR credit spread adjustment, per annum and a commitment fee of 1.10% per annum on the average daily unused balance. The Lender must provide notice to the Fund prior to terminating the Credit Facility. The Fund expects that any borrowings under the Credit Facility would be repaid from funds received from time to time in the ordinary course upon sales of Shares or sale of the Fund's investments.

Payment by the Fund of amounts owed to Shareholders who tender their Shares in the Offer is not contingent upon the availability of any financing option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Certain Conditions of the Offer**. The Fund reserves the right, at any time and from time to time, to extend the period of time during which the Offer is pending by notifying Shareholders of such extension. If the Fund elects to extend the tender period, the Valuation Date may occur after December 31, 2025, and in that case, for purposes of determining the purchase price for tendered Shares, the net asset value of such Shares will be determined approximately one month after the actual Valuation Date. During any such extension, all Shares previously tendered and not withdrawn will remain subject to the Offer. The Fund also reserves the right, at any time and from time to time, up to and including acceptance of tenders pursuant to the Offer, to: (a) cancel the Offer and in the event of such cancellation, not to purchase or pay for any Shares tendered pursuant to the Offer; (b) amend the Offer; or (c) postpone the acceptance of Shares tendered. If the Fund determines to amend the Offer or to postpone the acceptance of Shares tendered, it will, to the extent necessary, extend the period of time during which the Offer is open as provided above and will promptly notify Shareholders.

Please note that just as you have the opportunity to withdraw Shares that you have tendered under certain circumstances, the Fund has the right to cancel, amend or postpone the Offer at any time before accepting tendered Shares. The Fund may suspend, postpone or terminate the Offer in certain circumstances upon the determination of a majority of the Board, including a majority of the Independent Trustees, that such suspension, postponement or termination is advisable for the Fund and its Shareholders, including, without limitation, circumstances as a result of which it is not reasonably practicable for the Fund to dispose of its investments or to determine its net asset value, and other unusual circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Certain Information About the Fund**. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified management investment company and is organized as a Delaware statutory trust. The principal executive office of the Fund is located at One Vanderbilt Avenue, Suite 3400, New York, NY 10017 and the telephone number is 646-735-4293. Shares are not traded on any established trading market and are subject to strict restrictions on transferability pursuant to the Prospectus.

The Fund does not have any plans or proposals that relate to or would result in: (a) the acquisition by any person of additional Shares (other than the Fund's intention to accept purchases for Shares from time to time or otherwise in the discretion of the Fund) or the disposition of Shares (except for periodic discretionary solicitations of tender offers); (b) an extraordinary transaction, such as a merger, reorganization or liquidation, involving the Fund or any of its subsidiaries; (c) any material change in the present distribution policy or indebtedness or capitalization of the Fund; (d) any change in the identity of the investment adviser or Trustees of the Fund, or in the management of the Fund including, but not limited to, any plans or proposals to change the number or the term of the Trustees, or to change any material term of the investment advisory arrangements with the Adviser; (e) a sale or transfer of a material amount of assets of the Fund (other than as the Trustees determine may be necessary or appropriate to fund any portion of the purchase price for Shares acquired pursuant to this Offer to Repurchase or in connection with the ordinary portfolio transactions of the Fund); (f) any other material change in the Fund's structure or business, including any plans or proposals to make any changes in its fundamental investment policy for which a vote would be required by Section 13 of the 1940 Act; (g) any changes in the Prospectus or other actions that may impede the acquisition of control of the Fund by any person; or (h) any changes in the Fund's charter, bylaws or other governing instruments or other actions that could impede the acquisition of control of the Fund.

Based on the number of Shares outstanding as of September 30, 2025, the following person owns the number of Shares indicated in the below table. The Trustees do not have any beneficial ownership of the Fund as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| Person | Shares | Percentage of the Class's Outstanding Shares |
| Joseph O'Connor - Chair of the Board; President; Principal Executive Officer |  | -% |
| Cameron Fairall - Secretary; Chief Legal Officer |  | -% |
| Jennifer Juste - Chief Compliance Officer |  | -% |
| Parker Hooper- Treasurer; Principal Financial Officer |  | -% |
| Elizabeth Pelgrift - Assistant Secretary; Anti-Money Laundering Compliance Officer |  | -% |
| Marc Moyers – Independent Trustee |  | -% |
| Victoria Ivashina – Independent Trustee |  | -% |
| David Sylvester – Independent Trustee |  | -% |
| AlpInvest Private Equity Investment Manager – Adviser |  | -% |
| CG Subsidiary Holdings LLC | 6281901.25 | 3% |

---

The affiliate of the Fund has advised the Fund that it currently intends to particulate in the Offer. To the Fund's knowledge, none of the other persons listed above intend to tender any of its Shares in the Offer.

Other than the issuance of Shares by the Fund in the ordinary course of business, there have been no transactions in the Fund's Shares effected during the past 60 days by the Fund, the Adviser, Carlyle Global Credit Investment Management L.L.C., the Fund's subadviser (the "Subadviser"), or any Trustee or officer of the Fund, or any person controlling the Fund or the Adviser, the Subadviser, or any Trustee or officer of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Certain Federal Income Tax Consequences**. The following discussion is a general summary of the U.S. federal income tax consequences of the purchase of Shares by the Fund from Shareholders pursuant to the Offer. This summary is based on U.S. federal income tax law as of the date the Offer begins, including the Internal Revenue Code of 1986, as amended (the "Code"), applicable Treasury regulations, Internal Revenue Service ("IRS") rulings, judicial authority and current administrative rulings and practice, all of which are subject to change, possibly with retroactive effect. There can be no assurance that the IRS would not assert, or that a court would not sustain, a position contrary to any of those set forth below, and the Fund has not obtained, nor does the Fund intend to obtain, a ruling from the IRS or an opinion of counsel with respect to any of the consequences described below. For more detailed information regarding tax considerations applicable to a purchase of Shares by the Fund pursuant to the Offer, and ownership of Shares of the Fund in general, see the Fund's Prospectus and Statement of Additional Information ("SAI"). Shareholders should also consult their own tax advisers regarding their particular situation and the potential tax consequences to them of a purchase of their Shares by the Fund pursuant to the Offer, including potential state, local and foreign taxation, as well as any applicable transfer taxes.

As used herein, the term "U.S. Shareholder" refers to a Shareholder who is (i) a citizen or resident of the United States, (ii) a corporation, partnership or other entity created or organized in or under the laws of the United States or any state thereof or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income tax regardless of the source of such income, and (iv) a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons (as defined in the Code) have the authority to control all substantial decisions of the trust. The term "Non-U.S. Shareholder" refers to a Shareholder who is not a U.S. Shareholder.

**Sale or Exchange of Shares**. A Shareholder (other than a tax-exempt Shareholder) whose Shares are repurchased pursuant to the Offer generally will be treated as having sold the Shares and will recognize gain or loss for U.S. federal income tax purposes, so long as either (a) such Shareholder tenders, and the Fund repurchases, all of such Shareholder's Fund interests (as previously defined, "Shares") (i.e., reduces its percentage ownership of the Fund to 0%) or meets numerical safe harbors with respect to percentage voting interest and reduction in ownership of the Fund following the completion of the Offer, or (b) the tender otherwise results in a "meaningful reduction" of a Shareholder's ownership percentage interest in the Fund, which determination depends on a Shareholder's particular facts and circumstances. For these purposes, a Shareholder's ownership of the Fund is determined after applying the ownership attribution rules under Section 318 of the Code. Such gain or loss will equal the difference between the price paid by the Fund for the Shares pursuant to the Offer and the Shareholder's adjusted tax basis in the Shares sold. A Shareholder's holding period in Shares repurchased pursuant to the Offer will terminate as of the Valuation Date. A tendering Shareholder's gain or loss will generally be capital gain or loss if the Shares sold are held by the Shareholder at the time of sale as capital assets and will be treated as long-term if the Shares have been held for more than one year or as short-term if the Shares have been held for one year or less. It is expected that, if a Shareholder is treated as having sold Shares pursuant to the Offer and realizes a gain upon such sale, and if one or more payments are received after the close of the taxable year of the Shareholder in which the Valuation Date occurs, unless the Shareholder elects otherwise, the gain will be accounted for under the installment sale rules for U.S. federal income tax purposes and the Shareholder will generally recognize any such gain as and when proceeds are received, likely allocating tax basis according to the presumed percentage of the total payment received in each installment.

The Fund intends to take the position that Shareholders tendering Shares will qualify for sale or exchange treatment for U.S. federal income tax purposes.

The maximum U.S. federal income tax rate applicable to short-term capital gains recognized by a non-corporate Shareholder is currently the same as the applicable ordinary income rate, whereas long-term capital gains are taxed to such Shareholders at reduced rates. In addition, the Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, estates and trusts to the lesser of (A) their (undistributed, in the case of estates and trusts) net investment income or (B) if any, the excess of their income over certain threshold amounts. For these purposes, "net investment income" (as defined in the Code) generally includes, among other things, (i) distributions paid by the Fund of net investment income and capital gains, and (ii) any net gain from the sale, exchange or other taxable disposition of Fund Shares.

In the event that a tendering Shareholder's ownership of the Fund were not reduced to the extent required under the tests described above, such Shareholder would be deemed to receive a distribution from the Fund under Section 301 of the Code with respect to the Shares held (or deemed held under Section 318 of the Code) by the Shareholder after the tender (a "Section 301 distribution"). Such distribution would equal the price paid by the Fund to such Shareholder for the Shares sold and would be taxable as a dividend to the extent of the Fund's current and accumulated earnings and profits allocable to such distribution. Any such dividend will constitute an ordinary income dividend or a capital gain dividend. An ordinary income dividend is generally taxable at ordinary income tax rates (except to the extent properly reported by the Fund as derived from "qualified dividend income," in which case the dividend is taxed in the hands of individuals at the rates applicable to long-term capital gains) and a dividend properly reported as a capital gain dividend is generally taxable at long-term capital gain rates. The excess treated as a return of capital reducing the Shareholder's tax basis in the Shares held after the Offer, and thereafter as capital gain. In the case of a tendering Shareholder that is a corporation treated as receiving a Section 301 distribution from the Fund in connection with the transaction, special basis adjustments may also apply with respect to any Shares of such Shareholder not repurchased in connection with the Offer.

Provided that no tendering Shareholder is treated as receiving a Section 301 distribution as a result of the Offer, Shareholders whose percentage ownership of the Fund increases as a result of the Offer will not be treated as realizing constructive distributions by virtue of that increase. In the event that any tendering Shareholder is deemed to receive a Section 301 distribution as a result of the Offer, it is possible that Shareholders whose percentage ownership of the Fund increases as a result of the Offer, including Shareholders who do not tender any Shares pursuant to the Offer, will be deemed to receive a constructive distribution under Section 305(c) of the Code in an amount determined by the increase in their percentage ownership of the Fund as a result of the Offer. Such constructive distribution will be treated as a dividend to the extent of current or accumulated earnings and profits allocable to it. If the tender is treated as an "isolated redemption" within the meaning of the Treasury regulations, such dividend treatment will not apply.

Under the "wash sale" rules under the Code, provided the tender of Shares pursuant to the Offer is treated as a sale or exchange (and not a distribution as described above), loss recognized on Shares sold pursuant to the Offer will ordinarily be disallowed to the extent the Shareholder acquires other Shares of the Fund (whether through automatic reinvestment of dividends or otherwise) or substantially identical stock or securities within 30 days before or after the date the tendered Shares are purchased pursuant to the Offer and, in that event, the basis and holding period of the Shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a Shareholder on the sale of a Fund Share held by the Shareholder for six months or less will be treated for U.S. federal income tax purposes as a long-term capital loss to the extent of any distributions or deemed distributions of long-term capital gains received by the Shareholder with respect to such Share. A Shareholder's ability to utilize capital losses may be limited under the Code.

**Non-U.S. Shareholders**. Generally, provided the tender of Shares pursuant to the Offer is respected as a sale or exchange for U.S. federal income tax purposes, any gain realized by a Non-U.S. Shareholder upon the tender of Shares pursuant to the Offer generally will not be subject to U.S. federal income tax or to any U.S. tax withholding so long as such gain is not (i) effectively connected with a trade or business carried on in the United States by such Non-U.S. Shareholder or (ii) realized by a Non-U.S. Shareholder who is an individual that was present in the United States for 183 days or more in the taxable year of the sale or exchange and certain other conditions are met. If, however, all or a portion of the proceeds received by a tendering Non-U.S. Shareholder is treated for U.S. federal income tax purposes as a distribution by the Fund that is a dividend, or if a Non-U.S. Shareholder is otherwise treated as receiving a deemed distribution that is a dividend by reason of the Shareholder's increase in its percentage ownership of the Fund resulting from other Shareholders' sale of Shares pursuant to the Offer, and, as discussed in greater detail in the Fund's SAI, absent a statutory exemption, the dividend received or deemed received by the Non-U.S. Shareholder will be subject to a U.S. withholding tax at the rate of 30% (or such lower rate as may be applicable under a tax treaty). If any gain or dividend income realized in connection with the tender of Shares by a Non-U.S. Shareholder is effectively connected with a trade or business carried on in the U.S. by the Non-U.S. Shareholder, such gain or dividend will be at the graduated rates applicable to U.S. Shareholders. In addition, if the Non-U.S. Shareholder is a non-U.S. corporation, it may be subject to 30% (or such lower rate as may be applicable under a tax treaty) branch profits tax on effectively connected income. If any gain or dividend is realized by a Non-U.S. Shareholder described in (ii) above, the Non-U.S. Shareholder will be subject to U.S. federal income tax at a rate of 30% (or at a reduced rate under an applicable income tax treaty) on such gain, which gain may be offset by certain U.S.- source capital losses (even though a Non-U.S. Holder is not considered a resident of the United States), provided that the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses. In order to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a non-U.S. Shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W-8BEN-E or a substitute form). See the section of the Fund's SAI entitled "Taxation of Non-U.S. Shareholders" for further information concerning the taxation of Non-U.S. Shareholders. Non-U.S. Shareholders are urged to consult their tax advisers regarding the application of U.S. federal income tax rules, including withholding, to their tender of Shares.

**FATCA**. Sections 1471-1474 of the Code and the U.S. Treasury regulations and IRS guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If a Shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that Shareholder on ordinary dividends it pays. The IRS and the Department of Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or capital gain dividends the Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to Non-U.S. Shareholders described above (e.g., short-term capital gain dividends and interest-related dividends). Shareholders should consult the Fund's SAI for further details.

**Backup Withholding**. The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual Shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

Shareholders should provide the Fund with a completed IRS Form W-9, W-8BEN, W- 8BEN-E, as applicable, or other appropriate form in order to avoid backup withholding on the distributions they receive from the Fund regardless of how they are taxed with respect to their tendered Shares.

Backup withholding is not an additional tax. Any amounts withheld may be credited against a Shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

**Other Tax Consequences**. The Fund's purchase of Shares in the Offer may directly result in, or contribute to a subsequent, limitation on the Fund's ability to use capital loss carryforwards to offset future gains. Therefore, in certain circumstances, Shareholders who remain Shareholders following completion of the Offer may pay taxes sooner, or pay more taxes, than they would have had the Offer not occurred.

\* \* \*

The tax discussion set forth above is included for general information only. Each Shareholder is urged to consult such Shareholder's own tax advisor to determine the particular tax consequences to him or her resulting from the Offer, including the applicability and effect of state, local and foreign tax laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Miscellaneous**. The Offer is not being made to, nor will tenders be accepted from, Shareholders in any jurisdiction in which the Offer or its acceptance would not comply with the securities or Blue Sky laws of such jurisdiction. The Fund is not aware of any jurisdiction in which the Offer or tenders pursuant thereto would not be in compliance with the laws of such jurisdiction. However, the Fund reserves the right to exclude Shareholders from the Offer in any jurisdiction in which it is asserted that the Offer cannot lawfully be made. The Fund believes such exclusion is permissible under applicable laws and regulations, provided the Fund makes a good faith effort to comply with any state law deemed applicable to the Offer.

The Fund has filed an Issuer Tender Offer Statement on Schedule TO with the SEC, which includes certain information relating to the Offer summarized herein. A free copy of such statement may be obtained from the Fund by contacting SS&C at (844) 417-4186 or from the SEC's internet web site, <u>http://www.sec.gov.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Financial Statements**

The audited annual financial statements of the Fund dated March 31, 2025, including the schedule of investments of the Fund dated March 31, 2025, filed with the SEC on EDGAR on Form N-CSR on June 9, 2025, are incorporated by reference. The Fund will prepare and transmit to Shareholders unaudited semi-annual and audited annual financial statements of the Fund and the schedule of investments of the Fund within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act.

## Exhibit 99.12

**LETTER OF TRANSMITTAL**

**Regarding Shares of Carlyle AlpInvest Private Markets Fund**

**Tendered Pursuant to the Offer to Repurchase**

**Dated October 31, 2025**

**THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE ON DECEMBER 2, 2025, AND THIS LETTER OF TRANSMITTAL MUST BE RECEIVED BY SS&C GIDS, INC., BY ELECTRONIC DELIVERY, MAIL OR FAX, BY 11:59 P.M., EASTERN TIME, ON DECEMBER 2, 2025, UNLESS THE OFFER IS EXTENDED.**

*Complete this Letter of Transmittal and follow the Transmittal Instructions included herein.*

 

Dear Shareholder:

The undersigned hereby tenders to Carlyle AlpInvest Private Markets Fund, a closed-end, non-diversified, management investment company organized under the laws of the State of Delaware (the "Fund"), the Class A, Class W, Class I and Class X shares of beneficial interest in the Fund ("Shares") held by the undersigned, described and specified below, on the terms and conditions set forth in the Offer to Repurchase dated October 31, 2025 (the "Offer to Repurchase"), receipt of which is hereby acknowledged, and in this Letter of Transmittal (which together with the Offer to Repurchase constitute the "Offer"). *The Tender and this Letter of Transmittal are subject to all the terms and conditions set forth in the Offer to Repurchase, including, but not limited to, the absolute right of the Fund to reject any and all tenders determined by it, in its sole discretion, not to be in the appropriate form.*

The undersigned hereby sells to the Fund the Shares tendered hereby pursuant to the Offer.

The undersigned hereby warrants that the undersigned has full authority to sell the Shares tendered hereby and that the Fund will acquire good title thereto, free and clear of all liens, charges, encumbrances, conditional sales agreements or other obligations relating to the sale thereof, and not subject to any adverse claim, when and to the extent the same are purchased by it. Upon request, the undersigned will execute and deliver any additional documents necessary to complete the sale in accordance with the terms of the Offer. The undersigned recognizes that under certain circumstances set forth in the Offer, the Fund may not be required to purchase any of the Shares tendered hereby.

If the undersigned tenders Shares and the Fund purchases those Shares, the undersigned will receive a payment in cash or a non-interest bearing, debt obligation, which may or may not be certificated. The cash payment of the purchase price for the Shares of the undersigned, as described in Section 6 of the Offer to Repurchase, shall be wired to the account of the financial intermediary of the undersigned from which the subscription funds were debited or, for direct investments without a financial intermediary, to the account designated by the undersigned in this Letter of Transmittal.

All authority herein conferred or agreed to be conferred shall survive the death or incapacity of the undersigned and the obligation of the undersigned hereunder shall be binding on the heirs, personal representatives, successors and assigns of the undersigned. Except as stated in Section 5 of the Offer to Repurchase and subject to the proper and timely completion of the "Notice of Withdrawal of Tender" form, this tender is irrevocable.

**<u>VALUATION DATE</u>: December 31, 2025**

**<u>TENDER OFFER EXPIRATION DATE</u>: 11:59 p.m. (Eastern Time), December 2, 2025**

**PARTS 1, 2, 3, AND 4 MUST BE COMPLETED AND IN GOOD ORDER IN ORDER TO PROCESS YOUR REQUEST**

**If You Invest In The Fund Through A Financial Intermediary Through Whom You Expect To Have Your Tender Offer Request Submitted, Please Allow For Additional Processing Time As The <u>Letter of Transmittal Must Ultimately Be Received By SS&C GIDS, Inc. No Later Than 11:59 p.m. (Eastern Time) On The Expiration Date</u>.**

**You are responsible for confirming that SS&C GIDS Inc., the Fund's administrator, has received your Letter of Transmittal by the Tender Offer Expiration Date. The Fund strongly recommends that you confirm receipt of your Letter of Transmittal with SS&C GIDS, Inc. by calling (844) 417-4186, Monday through Friday, except holidays, during normal business hours of 8:00 a.m. to 5:00 p.m. (Central Time). If you fail to confirm receipt of this Letter of Transmittal Letter by SS&C GIDS, Inc., there can be no assurance that your tender has been received by the Fund.**

**PART 1 [ ] NAME (AS IT APPEARS ON YOUR CARLYLE ALPINVEST PRIVATE MARKETS FUND STATEMENT) AND CONTACT INFORMATION**

---

| | |
|:---|:---|
| Fund Name: | <u>Carlyle AlpInvest Private Markets Fund</u> |
| Fund Account #: | |
| Account Name/Registration: | |
| SSN or Tax ID: | |

---

**PART 2 [ ] REQUESTED TENDER AMOUNT**

**Please select repurchase type by checking one of the boxes below. If you are requesting a partial repurchase, please provide a number of Shares.**

[ ] Full Repurchase

[ ] Partial Repurchase of Shares (please only provide a number of Shares, **<u>not</u>** a dollar amount)

Class A Shares:   Class W Shares:   <br>Class I Shares:   Class X Shares:  

**PART 3 [ ] PAYMENT**

For investors with a financial intermediary: Payments will be directed back to the account at your financial intermediary from which your subscription funds were debited. Contact your financial intermediary if you have any questions.

For direct investors: Payments will be directed to the account designated by the undersigned. Complete the ACH instructions attached hereto and provide directly to SS&C GIDS Inc., the Fund's administrator.

**PART 4 [ ] SIGNATURE(S)**

The undersigned Shareholder acknowledges that this request is subject to all the terms and conditions set forth in the Fund's Prospectus, dated July 29, 2025, as amended and/or supplemented from time to time, and the Offer to Repurchase dated October 31, 2025 (the "Offer to Repurchase") and all capitalized terms used herein have the meaning as defined in the Fund's Prospectus. This request is irrevocable except as described in the Offer to Repurchase. The undersigned represents that the undersigned is the beneficial owner of the Shares in the Fund to which this repurchase request relates, or that the person signing this request is an authorized representative of the tendering Shareholder.

In the case of joint accounts, each joint holder must sign this repurchase request. Requests on behalf of a foundation, partnership or any other entity should be accompanied by evidence of the authority of the person(s) signing.

<br> Signature Print Name of Authorized Signatory<br> (and Title if applicable) Date

<br> Signature Print Name of Authorized Signatory<br> (and Title if applicable) Date

**ACH Instructions (To be Completed Only by Direct Investors)**

Repurchase Offer proceeds should be delivered to the following account (must be in the name of the investor, include copy of voided check):

---

| |
|:---|
| To: |
| Bank Name: |
| Bank Routing #: |
| Account #: |

---

**PLEASE RETURN THIS COMPLETED LETTER OF TRANSMITTAL USING ANY OF THE BELOW OPTIONS:**

**E-MAIL: AlpInvest.ai@dstsystems.com**

**PLEASE MAIL OR FAX TO SS&C ALPS RETAIL ALTERNATIVES GROUP AT:**

*Regular Mail:* *Overnight Delivery:* <br> Carlyle AlpInvest c/o SS&C GIDS, Inc. P.O. Box 2193537 Kansas City, Missouri 64121-9537 Carlyle AlpInvest c/o SS&C GIDS, Inc. 430 West 7th Street, Suite 219537 Kansas City, Missouri 64105-1407

Attn: SS&C GIDS, Inc.

Fax: (833) 967-4130

For additional information:

Phone: (844) 417-4186

## Exhibit 99.12

**Form of Letter from the Fund to Shareholders**

**in Connection with the Fund's Acceptance of Shares**

Carlyle AlpInvest Private Markets Fund

c/o AlpInvest Private Equity Investment Management, LLC

One Vanderbilt Avenue, Suite 3400

New York, NY 10017

[DATE]

[SHAREHOLDER NAME/ADDRESS]

Dear Shareholder:

This letter serves to inform you that Carlyle AlpInvest Private Markets Fund (the "Fund") has received and accepted for purchase your tender of Class A Shares/ Class W Shares/ Class I Shares/ Class X Shares in the Fund.

In accordance with the terms of the tender offer, you will be issued payment in cash or a non- interest bearing debt obligation, which may or may not be certificated, entitling you to receive payment(s) in an amount equal to the net asset value of the tendered shares ("Shares") as of September 30, 2025 (or such later date as may be determined by the Fund if the tender offer is extended, the "Valuation Date") less the 2% "early repurchase fee" (if applicable).

Subject to the terms and conditions of the tender offer, payment in settlement of the debt obligation is generally expected to be made by an initial payment in an amount equal to at least 95% of the unaudited net asset value of the Shares tendered and purchased, determined as of the Valuation Date, which, unless the existence of changes in tax or other laws or regulations or unusual market conditions result in a delay, will be paid to you within 65 days after the Valuation Date. The balance of the purchase amount will be paid to you promptly after the completion of the Fund's next annual audit according to the terms of the tender offer. It is expected that the next annual audit of the Fund's financial statements will be completed by the end of May 2026.

If you have any questions, please contact the Fund at (844) 417-4186.

Sincerely, <br>Carlyle AlpInvest Private Markets Fund

## Exhibit 99.12

**Notice of Withdrawal of Tender**

**Regarding Shares in Carlyle AlpInvest Private Markets Fund**

**Tendered Pursuant to the Offer to Repurchase**

**Dated October 31, 2025**

*The Offer and withdrawal rights will expire on December 2, 2025, and this Notice of Withdrawal*

*must be received by the Fund's administrator, either by mail or fax, by 11:59 p.m.,*

*Eastern Time, on December 2, 2025, unless the Offer is extended*

*Complete this Notice of Withdrawal and follow the transmittal*

*instructions included herein*

---

| |
|:---|
| ***Fax***: (833) 967-4130 |
| ***E-MAIL*** **:** AlpInvest.ai@dstsystems.com |

---

***Regular Mail***

Carlyle AlpInvest

c/o SS&C GIDS, Inc.

P.O. Box 2193537

Kansas City, Missouri 64121-9537

 ****

***Overnight Mail***

Carlyle AlpInvest

c/o SS&C GIDS, Inc.

430 West 7th Street, Suite 219537

Kansas City, Missouri 64105-1407

---

| |
|:---|
| **FOR ADDITIONAL INFORMATION CALL**: |
| (844) 417-4186 |

---

You are responsible for confirming that this Notice is received timely by SS&C GIDS, Inc., the Fund's administrator and has received timely received your Notice of Withdrawal. To assure good delivery, please send this page to SS&C GIDS, Inc., and not to your financial advisor. The Fund strongly recommends that you confirm receipt of your Notice of Withdrawal with SS&C GIDS, Inc. by calling (844) 417-4186 Monday through Friday, except holidays, during normal business hours of 9:00 a.m. to 5:00 p.m. (Eastern Time). If you fail to confirm receipt of this Notice, there can be no assurance that your withdrawal will be honored by the Fund.

Dear Shareholder:

Please withdraw the tender previously submitted by the undersigned in a Letter of Transmittal.

Fund Name: <u>Carlyle AlpInvest Private Markets Fund</u>

---

| |
|:---|
| Fund Account #: |
| Account Name/Registration: |
| Telephone Number: |
| SSN or Tax ID: |

---

The undersigned represents that the undersigned is the beneficial owner of the shares in the Fund to which this withdrawal request relates, or that the person signing this request is an authorized representative of the withdrawing shareholder.

In the case of joint accounts, each joint holder must sign this withdrawal request. Requests on behalf of a foundation, partnership or any other entity should be accompanied by evidence of the authority of the person(s) signing.

---

| | | |
|:---|:---|:---|
| Signature | Print Name of Authorized Signatory<br> (and Title if applicable) | Date |
| Signature | Print Name of Authorized Signatory<br> (and Title if applicable) | Date |

---

## Exhibit 99.12

Execution Version

**AMENDMENT NO. 2 TO CREDIT AGREEMENT**

This **AMENDMENT NO. 2 TO CREDIT AGREEMENT**, , dated as of December 20, 2024 (this "**Amendment**") by and among CARLYLE ALPINVEST PRIVATE MARKETS FUND (the "**Borrower**"), ALPINVEST CAPM HOLDINGS, LLC ("**Holding I**"), ALPINVEST SEED FUND LIMITED PARTNER, LLC ("**Holding II**"), ALPINVEST SEED FUND, L.P (**"Holding III**"), ACP 2022 MARVEL BLOCKER LLC ("**Holding IV**"), ALPINVEST SEED FUND GP, LLC (the "**Additional Pledgor**"; and, together with the Borrower, Holding I, Holding II, Holding III and Holding IV, each, a "**Credit Party**" and collectively, the "**Credit Parties**"), BARCLAYS BANK PLC (the "**Initial Lender**" and the "**Agent**") and MIZUHO BANK, LTD. (the "**Joining Lender**"; and together with the Initial Lender, the "**Second Amendment Lenders**"), amends certain provisions of the Credit Agreement, dated as of March 9, 2023, by and among each Credit Party, the Initial Lender, the Agent and the other Lenders from time to time party thereto (as amended, supplemented or otherwise modified from time to time, the "**Credit Agreement**").

<u>WITNESSETH</u>:

**WHEREAS**, the parties hereto agreed to make certain amendments to the Credit Agreement subject to the execution and delivery by the parties hereto of this Amendment.

**WHEREAS**, the Borrower has requested that the Second Amendment Lenders increase the amount of the Tranche A Committed Loan Limit and the Tranche B Committed Loan Limit effective as of the date hereof to the amounts set forth on <u>Exhibit A</u> to this Amendment (the "**Commitment Increase**");

**WHEREAS**, Mizuho Bank, Ltd. wishes to become a party to the Credit Agreement as a Lender on the terms and subject to the conditions set forth in this Amendment;

**WHEREAS**, after giving effect to this Amendment, the Second Amendment Lenders shall entirely constitute all Lenders under the Credit Agreement;

**WHEREAS**, the Agent and the Second Amendment Lenders are willing to consent to the Commitment Increase and such other amendments to the Credit Agreement on the terms and subject to the conditions set forth in this Amendment;

**NOW, THEREFORE**, in consideration of the premises and of the mutual covenants and agreements contained herein, the parties hereto hereby agree as follows:

SECTION 1. <u>Definitions</u>. Capitalized terms which are used herein without definition and which are defined in the Credit Agreement shall have the same meanings herein as in the Credit Agreement.

SECTION 2. <u>Amendments</u>. In accordance with Section 10.1 (*Amendments and Waivers*) of the Credit Agreement, the Credit Agreement is hereby amended to delete all the stricken red text (indicated textually in the same manner as the following example: red text) and to add all underlined blue text (indicated textually in the same manner as the following example: **<u>blue text</u>**) as reflected in the blackline attached as <u>Exhibit A</u>, hereto.

SECTION 3. <u>Conditions to Effectiveness of this Amendment</u>. The effectiveness of this Amendment is conditioned upon satisfaction of the following requirements:

&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) <u>Executed Documents</u>. The Agent shall have received (i) from each party hereto an executed copy of this Amendment and (ii) from the Borrower an executed copy of that certain Amended and Restated Fee Letter (the "<u>A&R Fee Letter</u>") between the Borrower and the Agent dated the date hereof and in form and substance satisfactory to the Agent.

&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) <u>Fees; Costs and Expenses</u>. Payment of all fees and other amounts due and payable by any Credit Party on or prior to the date hereof, including, to the extent invoiced, reimbursement or payment of all expenses required to be reimbursed or paid by any Credit Party hereunder, including, to the extent invoiced at least one (1) Business Day in advance, the fees and disbursements invoiced through the date hereof of the Agent's special counsel, Cadwalader, Wickersham & Taft LLP.

&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) <u>Upsize Fee</u>. The Borrower shall have paid to the Agent, for the benefit of the Joining Lender, the Upsize Fee (as defined in the A&R Fee Letter) on the terms set forth therein, which Upsize Fee shall be in an amount equal to $54,861.11 (being 0.20% x $125,000,000 x 79/360 = $54,861.11).

&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) <u>Reliance Letter</u>. The Joining Lender shall have received a legal opinion reliance letter dated the date hereof from Ropes & Gray LLP, as counsel to the Credit Parties, providing that the Joining Lender may rely on the legal opinion of Ropes & Gray LLP delivered to the Agent and Initial Lender on the Closing Date, in the same capacity as if the Joining Lender were a Lender on the Closing Date.

&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) <u>Additional Information</u>. The Agent and the Lenders shall have received all information it may reasonably deem necessary or appropriate to comply with applicable know-your-customer requirements (including the Beneficial Ownership Regulation) and Anti-Money Laundering Laws.

SECTION 4. <u>Joinder</u>. The Joining Lender (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be a Lender under <u>Section 10.6(a)</u> (*Successors and Assigns*) of the Credit Agreement (subject to such consents, if any, as may be required thereunder), (iii) from and after the date hereof, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of its Committed Loan Limit, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to financing agreements similar to the Credit Agreement as lender, and either it, or the Person exercising discretion in making its decision with respect to such financing agreement, is experienced with respect to such financing arrangements, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to <u>Section 6.1</u> (*Financial Statements and Reports*) thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Amendment and advance its Committed Loan Limit contemplated herein and (vi) it has, independently and without reliance upon the Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Amendment and advance its Committed Loan Limit contemplated herein; and (b) agrees that (i) it will, independently and without reliance on the Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Transaction Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Transaction Documents are required to be performed by it as a Lender.

SECTION 5. <u>Credit Agreement Otherwise Unchanged</u>. Except as herein provided, the Credit Agreement shall remain unchanged and in full force and effect, and each reference to the Credit Agreement (and words of similar import) in the Transaction Documents shall be a reference to the Credit Agreement as amended hereby, and as the same may be further amended, supplemented or otherwise modified and in effect from time to time. For the avoidance of doubt, this Amendment shall be considered to be a "Transaction Document" for all purposes under the Credit Agreement.

SECTION 6. <u>Counterparts</u>. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy or electronic transmission (including "pdf" format) shall be effective as delivery of a manually executed counterpart of this Amendment.

SECTION 7. <u>Representations and Warranties</u>. The Credit Parties each represent and warrant that at the time of and immediately after giving effect to this Amendment, each of the representations and warranties of the Credit Parties set forth in the Transaction Documents are true and correct in all material respects (except to the extent such representation or warranty is already qualified by materiality, in which case to that extent it shall be true and correct in all respects); *provided* that to the extent such representations and warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such earlier date.

SECTION 8. <u>Execution, Delivery and Performance</u>. The Credit Parties each represent and warrant that the execution, delivery and performance of this Amendment has been duly authorized and approved by all necessary corporate action on the part of each Credit Party.

SECTION 9. <u>No Default or Event of Default</u>. The Credit Parties each represent and warrant that at the time of and immediately after giving effect to this Amendment, no Default or an Event of Default has occurred and is continuing or would result from the execution of this Amendment.

SECTION 10. <u>Effective Date</u>. This Amendment shall become effective as of the date hereof, subject to the satisfaction of the conditions set forth in Section 3 (*Conditions to Effectiveness of this Amendment*) of this Amendment.

SECTION 11. <u>Governing Law; Jurisdiction and Waivers</u>. The provisions contained in the Credit Agreement, insofar as they relate to governing law, the submission to the courts specified therein, the consent to service of process and waivers shall apply to this Amendment *mutatis mutandis* as if they were incorporated herein.

SECTION 12. <u>Reaffirmation of Obligations</u>. Each Credit Party (a) acknowledges and consents to all of the terms and conditions of this Amendment, (b) affirms all of its obligations under the Transaction Documents to which it is a party, and (c) agrees that except as expressly set forth herein, the execution and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or any Lender, constitute a waiver of any provision of any of the Transaction Documents or serve to effect a novation of its obligations under the Transaction Documents.

SECTION 13. <u>Reaffirmation of Security Interests</u>. Each Credit Party (as applicable) (a) affirms the validity and enforceability of each of the Liens and security interests heretofore granted in or pursuant to the Transaction Documents as collateral security for the obligations under the Transaction Documents in accordance with their respective terms, and (b) acknowledges that all of such Liens and security interests, and all Collateral heretofore pledged as security for such obligations, continues to be and remain Collateral for such obligations from and after the date hereof.

[Signature Pages Follow]

In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers or directors, as the case may be, as of the day and year first written above.

---

| | |
|:---|:---|
| <u>Borrower</u>: | <u>Borrower</u>: |
| **CARLYLE ALPINVEST PRIVATE MARKETS FUND** | **CARLYLE ALPINVEST PRIVATE MARKETS FUND** |
| By: | /s/ Cameron Fairall |
| Name: | Cameron Fairall |
| Title: | Chief Legal Officer |
| By: | /s/ Parker Hooper |
| Name: | Parker Hooper |
| Title: | Principal Financial Officer |

---

 

*Signature Page to Amendment No. 2 to Credit Agreement*

---

| | |
|:---|:---|
| <u>Holding Vehicles</u>: | <u>Holding Vehicles</u>: |
| **ALPINVEST CAPM HOLDINGS, LLC** | **ALPINVEST CAPM HOLDINGS, LLC** |
| By: | /s/ Cameron Fairall |
| Name: | Cameron Fairall |
| Title: | Chief Legal Officer |
| By: | /s/ Parker Hooper |
| Name: | Parker Hooper |
| Title: | Principal Financial Officer |
| **ALPINVEST SEED FUND LIMITED PARTNER, LLC** | **ALPINVEST SEED FUND LIMITED PARTNER, LLC** |
| By: | /s/ Cameron Fairall |
| Name: | Cameron Fairall |
| Title: | Chief Legal Officer |
| By: | /s/ Parker Hooper |
| Name: | Parker Hooper |
| Title: | Principal Financial Officer |
| **ALPINVEST SEED FUND, L.P.** | **ALPINVEST SEED FUND, L.P.** |
| By: | /s/ Cameron Fairall |
| Name: | Cameron Fairall |
| Title: | Chief Legal Officer |
| By: | /s/ Parker Hooper |
| Name: | Parker Hooper |
| Title: | Principal Financial Officer |

---

 

*Signature Page to Amendment No. 2 to Credit Agreement*

---

| | |
|:---|:---|
| <u>Holding Vehicles:</u> | <u>Holding Vehicles:</u> |
| **ACP 2022 MARVEL BLOCKER LLC** | **ACP 2022 MARVEL BLOCKER LLC** |
| By: | /s/ Cameron Fairall |
| Name: | Cameron Fairall |
| Title: | Chief Legal Officer |
| By: | /s/ Parker Hooper |
| Name: | Parker Hooper |
| Title: | Principal Financial Officer |

---

 

*Signature Page to Amendment No. 2 to Credit Agreement*

---

| | |
|:---|:---|
| <u>Additional Pledgor</u>: | <u>Additional Pledgor</u>: |
| **ALPINVEST SEED FUND GP, LLC** | **ALPINVEST SEED FUND GP, LLC** |
| By: | /s/ Cameron Fairall |
| Name: | Cameron Fairall |
| Title: | Chief Legal Officer |
| By: | /s/ Parker Hooper |
| Name: | Parker Hooper |
| Title: | Principal Financial Officer |

---

 

*Signature Page to Amendment No. 2 to Credit Agreement*

---

| | |
|:---|:---|
| <u>Agent</u>: | <u>Agent</u>: |
| **BARCLAYS BANK PLC** | **BARCLAYS BANK PLC** |
| By: | /s/ Steve Hopchick |
| Name: | Steve Hopchick |
| Title: | Authorized Signatory |
| <u>Lender:</u> | <u>Lender:</u> |
| **BARCLAYS BANK PLC** | **BARCLAYS BANK PLC** |
| By: | /s/ Steve Hopchick |
| Name: | Steve Hopchick |
| Title: | Authorized Signatory |
| <u>Lender:</u> |  |
| **MIZUHO BANK, LTD.** | **MIZUHO BANK, LTD.** |
| By: | /s/ Jeffrey Jaenicke |
| Name: | Jeffrey Jaenicke |
| Title: | Managing Director |

---

 

*Signature Page to Amendment No. 2 to Credit Agreement*

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**SC TO**

**Carlyle AlpInvest Private Markets Fund**

**Table 1 to Paragraph (a)(7)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Line Item Type** | **Notes** | **Transaction <br> Valuation** | **Fee Rate** | **Amount <br> of <br> Filing Fee** |
| Fees to be Paid | (1) | $161056921.99 | 0.0001381 | $22241.96 |
| Total Transaction Valuation: | Total Transaction Valuation: | $161056921.99 |  |  |
| Total Fees Due for Filing: | Total Fees Due for Filing: |  |  | $22241.96 |
| Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: |  |  | $22241.96 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for purposes of calculating the filing fee for this transaction in accordance with Rule 0-11 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), based on the maximum percentage of Shares offered to be repurchased calculated at the most recent net asset value per Share as of the filing date (5% of net asset value offered to be repurchased valued at the most recent net asset value as of the filing date, or September 30, 2025). The amount of the filing fee is calculated in accordance with the Exchange Act equals $138.10 for each $1,000,000 of value. The filing fee was calculated in accordance with Rule 0-11 under the Exchange Act.