NEW YORK, June 3 (Reuters) - AlpInvest Partners has

raised $4.1 billion for its ninth co-investment fund, an

executive at the unit of private equity group Carlyle

said, showing continued appetite among investors for access to

buyout firms' dealmaking.

The size of AlpInvest Co-Investment Fund IX (ACF IX), and

related strategies, exceeds the $3.5 billion eighth iteration of

the fund raised in 2021.

Richard Dunne, who leads AlpInvest's co-investment team

alongside Roberto Torrini, said the firm's success in raising an

enlarged fund came from securing strong support from previous

investors but also inflows from new investors wanting exposure

to private equity buyouts.

"Part of our value proposition is giving investors access to

a part of the market that we believe is incredibly difficult for

them to replicate," Dunne said in an interview.

Co-investors join with buyout firms to provide the capital

needed to fund an acquisition. As co-invest opportunities are

restricted to a few parties on each deal, co-investment funds

allow numerous financiers to gain access at the same time -

opening the door for smaller, or newer, money managers to

participate, as well as the largest institutional investors.

AlpInvest began raising ACF IX in 2023, and ultimately drew

contributions from 185 global investors, including pension

funds, asset managers and family offices. The extended timeframe

for the raise helped draw in additional new backers, Dunne said.

"For newer investors to the asset class, we believe we are a

compelling option for them, so staying open for longer is always

a good idea and that helped drive us to the finish."

ACF IX will invest in whole-company buyout transactions as

well as stake purchases, across industry sectors globally.

Dunne said among the best investments for ACF IX are backing

middle-market transactions, as private equity firms are making

good acquisitions in this part of the market, at prices roughly

a 15% to 20% discount to what similar assets would have cost

during the peak buyout years at the start of the decade.

AlpInvest has committed upwards of $19 billion across more

than 400 equity co-investments over the past 25 years. The money

manager's broader platform includes strategies which buy stakes

in other private equity funds, and provide financing to the

buyout industry.