The head of AlpInvest Partners‘ fund of firms business has left the firm after almost two years in the position, Private Equity International has learned.
Sean Gallary, a New York-based managing director, left the Carlyle unit two weeks ago, according to a source familiar with the matter. He no longer appears on AlpInvest’s website.
Gallary’s next move is unclear.
In February last year Gallary joined the the firm’s New York-based partnership team which takes stakes in the management companies of private equity general partners. It is understood the firm was seeking around $1.5 billion for this strategy.
Prior to joining AlpInvest Gallary was co-founder and portfolio manager of Tunbridge Partners which acquires equity stakes in GPs in the real assets space, according to his LinkedIn profile. He also spent seven years at Credit Suisse, acquiring stakes in traditional and alternative asset management firms.
Vice-president Joseph Lombardo is now the sole member of the partnership team, according to AlpInvest’s website.
The fund of firms market has been growing in recent years. In February Petershill Private Equity, a fund managed by Goldman Sachs Asset Management, held its final close on $2.5 billion. In April PEI reported that Dyal Capital Partners had held a second close on $4.9 billion and would aim to close its fourth GP stake fund by the end of June.
Amsterdam-headquartered AlpInvest Partners has $39 billion in assets across its primary, secondaries and co-investment businesses. It is investing its sixth secondaries programme, which raised $6.5 billion by final close in April last year. The fund is around 30 percent invested, according to parent company Carlyle’s third quarter results published on Wednesday.
AlpInvest declined to comment.