Picus Capital: €150 million preferred equity financing by Carlyle AlpInvest

Munich — Picus Capi­tal, a global venture capi­tal firm, has successfully closed a EUR 150 million prefer­red equity finan­cing with Carlyle AlpIn­vest, a leading global private markets mana­ger. The tran­sac­tion provi­des Picus Capi­tal with addi­tio­nal capi­tal for new invest­ments and supports the contin­ued growth of its exis­ting port­fo­lio of nearly 200 invest­ments. The new part­ner­ship with Carlyle AlpIn­vest repres­ents a trans­for­ma­tive mile­stone for Picus Capi­tal and streng­thens the company’s ability to further scale and insti­tu­tio­na­lize its diffe­ren­tia­ted invest­ment approach. 

The tran­sac­tion is one of the first prefer­red equity struc­tures on the German market. Dome­stic and foreign market parti­ci­pants regard it as an inno­va­tive and trend-setting development. 

POELLATH advi­sed Picus Capi­tal on all legal and tax aspects of the tran­sac­tion in Germany. Simpson Thacher & Bart­lett coor­di­na­ted and advi­sed Picus Capi­tal on English law. Kirk­land & Ellis advi­sed Carlyle AlpIn­vest. PJT Park Hill acted as exclu­sive finan­cial advi­sor on the transaction.

About Picus Capital 

Picus Capi­tal is a priva­tely funded invest­ment firm dedi­ca­ted to support­ing leading global tech­no­logy compa­nies in the earliest stages of deve­lo­p­ment and is an initial inves­tor in seve­ral unicorns such as Perso­nio and Enpal. Head­quar­te­red in Munich, the company has offices in New York, Berlin, London and Banga­lore. Picus Capi­tal also supports entre­pre­neurs from the pre-seed phase through to later growth phases as part of its Picus Venture Fund stra­tegy. As an entre­pre­neu­rial spar­ring part­ner, Picus pursues a long-term invest­ment approach and supports foun­ders from the concep­tion phase to the IPO and beyond. 

Carlyle AlpIn­vest is a leading global private equity inves­tor with USD 102 billion in total assets under manage­ment and more than 700 inves­tors (as of Septem­ber 30, 2025). The company co-invests with over 370 private equity mana­gers and holds capi­tal commit­ments tota­ling more than USD 111 billion in prima­ries, secon­da­ries, port­fo­lio finan­cings and co-investments. 

POELLATH advi­sed Picus Capi­tal on all legal and tax aspects of this tran­sac­tion with the follo­wing cross-loca­­tion team:

Dr. Michael Best (Part­ner, Co-Lead / Tax)
Tarek Mardini, LL.M. (UConn) (Part­ner, Co-Lead / Regu­la­tory & Fund Finance)
Dr. Georg Grei­temann (Part­ner, M&A/Private Equity)
Dr. Tobias Deschen­halm (Coun­sel, Tax)
Dr. Enzo Biagi (Asso­ciate, Regu­la­tory & Fund Finance) 

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