Carlyle Group increasingly views Alp Invest as more of a corporate finance business than a standalone secondaries unit, chief executive Harvey Schwartz said on the firm’s Q2 2026 earnings call.

The tailwinds buoying the secondaries market are not yet at a “cyclical peak” as private markets continue to grapple with a slower realisation environment. The lack of exits has created an enormous opportunity, which we see really persisting for the next several years, Schwartz said.

This perspective signals a shift in Carlyle’s strategy, positioning Alp Invest to capture value in corporate finance while maintaining a robust secondaries presence. Investors watching the market should note that the opportunity remains sizable, with Carlyle reinforcing its confidence in sustained upside.

Overall, the company’s outlook underscores that the current cycle of low exits will likely keep secondaries attractive for the foreseeable future, encouraging both Carlyle and its partners to remain active in this space.