Picus Capital Announces Close of €150M Preferred Equity Financing from Carlyle AlpInvest

Strategic partnership to fuel long-term growth across Picus Capital’s global investment platform

MUNICH–(BUSINESS WIRE)–Picus Capital (“Picus” or the “Firm”), a global venture capital firm, today announced the closing of a €150 million preferred equity financing transaction provided by Carlyle AlpInvest, a leading global private markets manager. The transaction provides Picus with significant capital for new investments and supports the continued growth of its existing portfolio of almost 200 companies, including notable investments such as Personio and Enpal.

Founded in 2015 as a privately financed investment firm, Picus has since evolved into a leading global venture capital platform. The firm recently closed, Picus Venture Fund II at its €250 million hard cap, more than double the size of its predecessor fund. Picus employs a long-term, multi-stage investment strategy, partnering with founders and entrepreneurs from the earliest stages and continuing to support these companies through their growth journeys to IPO and beyond. Drawing upon insights from its early-stage and growth platform, Picus identifies and accelerates high-potential opportunities in category leaders globally. The new partnership with Carlyle AlpInvest marks a transformational milestone for Picus, strengthening the firm’s ability to scale and institutionalize its differentiated investment approach.

“We are pleased to announce the closing of this transaction with Carlyle AlpInvest, who will serve as a strategic partner to Picus. This solution will provide flexible financing to support the growth of our existing portfolio, while enabling us to further drive the next chapter of growth across these companies and expand investment activity across our platform,” said Raphael Mukomilow, Partner and Head of Growth Investments at Picus Capital. “We view this transaction as the beginning of a meaningful, long-term partnership with Carlyle AlpInvest and look forward to deepening our engagement as we scale with the backing of a top-tier institutional partner.”

“Carlyle AlpInvest’s partnership underscores the strength, resilience and potential of our portfolio and positions us to accelerate growth across our investment platform,” said Robin Godenrath, Managing Partner & Founder at Picus Capital. “Partnering with Carlyle AlpInvest allows us to continue supporting our existing portfolio companies and their visionary founders as they scale, while advancing our mission to invest in new innovation leaders and deliver strong risk-adjusted returns across all stages.”

“Picus has assembled a highly diversified portfolio of category-defining companies, and the firm’s sustained performance and impressive momentum made this an especially attractive partnership for us,” said Michael Hacker, Global Head of Portfolio Finance at Carlyle AlpInvest. “We have had the unique opportunity to build our relationship with Picus over time, giving us deep conviction in both the quality of the portfolio today and the strategy driving its continued success. Carlyle AlpInvest is committed to providing flexible, strategic capital to leading platforms, and we’re excited to support Picus as it advances its next phase of growth.”

PJT Park Hill served as exclusive financial adviser on the transaction. Simpson Thacher & Bartlett and Poellath both acted as legal counsel for Picus Capital. Kirkland & Ellis acted as legal counsel for Carlyle AlpInvest.

About Picus Capital

Picus Capital is an international venture capital firm headquartered in Munich with offices in New York, Berlin, London and Bangalore. Picus Capital partners with entrepreneurs from pre-Seed through to later growth stages via the Picus Venture Fund strategy. The firm focuses on technology companies in energy & climate, fintech, enterprise infrastructure, generative ai, cybersecurity, healthcare and enterprise application. As an entrepreneurial sparring partner, Picus maintains a long-term investment philosophy and supports founders from ideation phase to IPO and beyond.

Picus Capital, a privately financed investment firm, is dedicated to backing global, leading tech companies at the earliest stages and has been the first investor in multiple unicorns such as Personio and Enpal, generating an annual IRR north of 40% since inception in 2015.

About Carlyle AlpInvest

Carlyle AlpInvest is a leading global private equity investor with $102 billion of assets under management and more than 700 investors as of September 30, 2025. It has invested with over 370 private equity managers and committed over $111 billion across primary commitments to private equity funds, secondary transactions, portfolio financings, and co-investments. Carlyle AlpInvest employs more than 290 people in New York, Amsterdam, Hong Kong, London and Singapore. For more information, please visit www.carlylealpinvest.com.

Contacts

Media Contacts
For Picus Capital
communications@picuscap.com

For Carlyle AlpInvest
Nicholas Brown

nicholas.brown@carlyle.com
+44 7471 037 002