Carlyle Private Equity Fund Raises $299.9 Million in a Month, Topping Its Entire NAV

Carlyle also extended its 0.60% expense cap on the vehicle by a year, keeping fee support in place through October 2027.

October 2, 2026

Carlyle Private Equity Partners Fund, L.P. sold approximately $299.9 million of limited partnership units on September 1, 2026. That single month of subscriptions is larger than the fund's entire transactional net asset value, which stood at $163.5 million as of August 31. It is also a sharp step up from the roughly $13.4 million the evergreen private equity vehicle took in for August, when it added a Class I unit to its lineup.

New Classes Drive the Month

Two classes accounted for nearly all of the September flow. Investors bought 5,075,602 Class I units for $159,018,596, a large jump for a class that had only 23,478 units outstanding at the end of August. They also took 4,176,028 Class S units for $130,333,830. Class S units had not been issued before the September sale, so the fund priced them at the August 31 transactional NAV of its Class E-S units, $31.21.

The rest of the raise was spread across three classes:

• Class E-I: 229,706 units for $7,199,000
• Class E-A: 74,834 units for $2,342,300
• Class C: 30,722 units for $1,000,000, purchased by an affiliate of the general partner, CPEP GP, LLC

The sponsor affiliate's Class C purchase is up from the $500,000 it took in the fund's June unit sale and again in August.

Final unit counts were set on September 28 after the fund calculated its August 31 transactional NAV, and each unit was sold at that month-end value for its class. The units were issued through the fund's continuous private offering under Section 4(a)(2) and Regulation D, with some investors subscribing through CPEP Feeder, L.P., a vehicle for certain U.S. tax-exempt and non-U.S. investors.

Valuation Across Seven Classes

Transactional NAV reached $163.5 million as of August 31, compared with $146.8 million at the end of July. Per-unit values across the seven classes then outstanding ranged from $31.21 for Class E-S to $32.55 for Class C. Class E-I remained the largest, with 3,459,306 units valued at $31.34 each, followed by Class A-I at 873,785 units and $31.51. Class E-A held 581,489 units at $31.30, Class A-S held 24,000 units at the same $31.30, and Class I held 23,478 units at $31.33.

The fund notes that transactional NAV, which sets the price for all unit transactions, may differ from net asset value calculated under U.S. GAAP. The per-unit figures also exclude class-specific fees, expenses, and other net assets and liabilities attributable to classes at the Feeder.

Expense Support Extended to October 2027

Separately, on September 28 the fund signed a letter agreement with its investment advisor, Carlyle Investment Management L.L.C., extending its expense support period by one year, through October 1, 2027. The arrangement now covers the first 24 months after the fund's October 1, 2025 initial closing.

During that period, the advisor will forgo part of its monthly management fee and/or pay, absorb, or reimburse certain fund expenses as needed to keep annual Specified Expenses at or below 0.60% of net assets, annualized, as of each month-end. The fund will repay those amounts when the advisor requests, but only to the extent that Specified Expenses plus the recoupment stay within the 0.60% limit for the month. The advisor may recapture an expense at any time, including in the year it was incurred, and the arrangement cannot be ended early without the consent of the fund's board.

Unless the period is extended again, the fund will reimburse the advisor for expense support as and when incurred once it ends, without regard to the 0.60% cap. For NAV purposes, expense support is recorded as a reduction to transactional NAV in the month the fund reimburses the advisor, and servicing fees are deducted monthly as they are paid.