Eldridge and Carlyle AlpInvest have launched a new diversified credit platform, closing its inaugural fund with up to $1.5bn in investable capital. The fund was established through a credit secondaries transaction, purchasing a portfolio of loans and leases from Eldridge and its affiliates. BNP Paribas led the debt financing for the deal.

The platform combines corporate credit with asset-based equipment origination, aiming to provide institutional borrowers with flexible capital solutions across market conditions. This multi-strategy approach is designed to generate attractive returns while navigating volatility, a growing focus for private credit investors seeking yield.

Carlyle AlpInvest’s equity commitment, alongside debt financing, reflects strong institutional appetite for diversified credit strategies. The deal, advised by PJT Partners and Jefferies, signals continued expansion in private credit, a sector consolidating rapidly as traditional banks pull back from certain lending.