The Associate will join the Secondaries & Portfolio Finance Investments team within AlpInvest Partners, a leading private equity investor wholly owned by The Carlyle Group. This role offers the opportunity to contribute meaningfully to a high-performing team that specializes in innovative secondary transactions and capital solutions across the private equity landscape. You will operate in a collaborative, flat team environment alongside experienced professionals, engaging directly with complex investment opportunities. The Associate role is well-suited for individuals with strong analytical abilities, a proactive mindset, and an interest in shaping outcomes across a range of private equity transactions. With global exposure and full access to Carlyle’s resources, this role offers professional development and growth within a platform designed to support long-term career ambitions. The role will leverage AI technologies to streamline operations, enhance decision-making, and drive execution of key responsibilities with greater efficiency and impact. While AI is a powerful enabler, it does not replace strategic thinking; human insight and judgment will remain essential. AlpInvest Partners Overview AlpInvest Partners is one of the largest and well-established private equity investors globally, with over and over $102 billion in AUM as of September 30, 2025. AlpInvest is wholly owned by The Carlyle Group and AlpInvest professionals have full access to Carlyle’s resources and network providing a key differentiator in the private equity market, associate experience and post-associate opportunities, including business school. AlpInvest's activities cover a broad range of private equity and credit, including Primary Fund commitments, Secondary Investments and Co-Investments. AlpInvest offers customized private capital solutions to clients through separately managed accounts and commingled funds and has a large and diverse base of investors globally, including sovereign wealth funds, public and private pension funds, insurance companies, family offices and other financial institutions. AlpInvest has offices in New York, Amsterdam, London, and Hong Kong with a team of more than 110 investment professionals across the globe. www.AlpInvest.com Secondary & Portfolio Finance Investments Team Overview The Secondary & Portfolio Finance Investments team focuses on acquiring pools of existing private equity assets and providing capital solutions across the private equity and credit ecosystem. AlpInvest is a market leader in complex opportunities requiring innovative solutions (secondary spin-outs, fund restructurings, secondary directs, etc.) and credit solutions (NAV loans, GP financing solutions, LP interest financings, and credit secondaries). The team has committed over $41Bn across 258 transactions since inception. Associates are key members of the investment team working in a flat team environment directly with senior investment professionals. Associates work across both the Secondaries Program and the Portfolio Finance Program (ASPF) with a primary focus on ASPF transactions, and are responsible for due diligence, analysis and developing an initial and independent view of each investment. * Conduct detailed company-level financial analysis across a broad range of industries. * Build and maintain fund-level and credit-like cash flow models. * Prepare comprehensive due diligence materials and investment committee proposals. * Lead due diligence meetings and manage follow-up communication with internal and external stakeholders. * Research and evaluate complex private equity investment structures such as fund restructurings, secondary directs, and spin-outs. * Analyze and recommend solutions for NAV loans, GP financing structures, and LP interest financings. * Monitor existing investments through regular engagement with General Partners, including participation in advisory board meetings. * Develop investment theses and express an independent point of view on proposed transactions. * Support innovation across transaction structuring and risk mitigation strategies in collaboration with senior deal team members. Some of the responsibilities may be supported through the use of AI technologies, allowing greater focus on the following strategic areas: * Developing comprehensive financial models and investment specific analysis * Enhancing judgment around risk-adjusted returns across different market environments * Identifying complex, high-conviction investment themes across different secondaries investment portfolios and structures Education & Certifications * Bachelor’s degree from an accredited institution is required. * Concentrations in Finance, Economics, Business, or a quantitative discipline are preferred. Professional Experience * Minimum of 2 years of relevant experience in investment banking, private equity, private credit, or a similar transaction-focused environment. * Demonstrated expertise in financial modeling, valuation, and transaction structuring. * Exposure to complex investment scenarios such as leveraged buyouts, restructurings, or structured financings. * Familiarity with conducting comprehensive due diligence and presenting investment recommendations. * Excellent verbal and written communication skills; ability to distill and articulate complex ideas clearly and succinctly. * Experience managing projects across multiple workstreams under tight timelines. * Interest in understanding the business fundamentals of diverse industries. Benefits/Compensation The compensation range for this role is specific to New York and takes into account a wide range of factors including but not limited to the skill sets required/preferred; prior experience and training; licenses and/or certifications. The anticipated base salary for this role is $150,000. In addition to the base salary, the hired professional will enjoy a comprehensive benefits package spanning retirement benefits, health insurance, life insurance and disability, paid time off, paid holidays, family planning benefits and various wellness programs. Additionally, the hired professional may also be eligible to participate in an annual discretionary incentive program, the award of which will be dependent on various factors, including, without limitation, individual and organizational performance. Who We Are When people, ideas, and capital come together, opportunity expands across private markets. At Carlyle, this belief has shaped how we invest for decades, fueling growth for companies and delivering performance for investors. Visit our website to learn more about our firm and the ways our platform is shaping private markets. About Us: The Carlyle Group (NASDAQ: CG) is a global investment firm with $485 billion of assets under management, across 678 investment vehicles as of June 30, 2026. Founded in 1987 in Washington, DC, Carlyle has grown into one of the world's largest and most successful investment firms, with more than 2,500 professionals operating in 28 offices in North America, Europe, the Middle East, Asia and Australia. Carlyle’s purpose is to connect people, ideas, and capital to fuel growth for companies and performance for investors, which range from public and private pension funds to wealthy individuals and families to sovereign wealth funds, unions and corporations. Carlyle invests across three segments – Global Private Equity, Global Credit and Carlyle AlpInvest – and has deep expertise across industries, markets, and geographies. At Carlyle, we believe that a wide spectrum of experiences and viewpoints drives performance and success. Our CEO, Harvey Schwartz, has stated that, "To build better businesses and create value for all of our stakeholders, we are focused on assembling leadership teams with the strongest insights from a range of perspectives." Reflecting this view, emphasis is placed on development, retention and inclusion through our internal processes and seven Employee Resource Groups (ERGs). We cultivate a culture where ideas are openly shared and challenged, connecting diverse expertise and perspectives to drive enduring value.

2-Year Associate, AlpInvest Secondaries & Portfolio Finance.

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