Dutch pension funds, APG and PGGM, will sell the €32 billion Dutch private equity fund of funds, AlpInvest Partners, to the Carlyle Group, Financial Times reports. As per the deal, APG and PGGM will invest about €10 billion in AlpInvest over the next five years.

AlpInvest’s managers are investing their own money to obtain a 40% stake. The managers will divide voting rights 50:50 with Carlyle. Credit Suisse and Catalyst Advisors advised APG and PGGM on the deal.

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