Carlyle Makes New Retail Fund Push to Buy and Sell PE Stakes

Carlyle Group Inc. is rolling out new funds for individuals that will buy and sell secondhand private equity fund stakes.

The bet it’s wagering: Mini-millionaires, rather than billionaires, will fuel the next wave of expansion in a growing corner of finance known as the secondaries market.

A Luxembourg version of the firm’s new retail fund, Carlyle AlpInvest Private Markets Secondaries Fund, launched in recent months. Another proposed version in the US, pending regulatory approval, will be open to accredited investors, a category that includes individuals who earn over $200,000 in annual income, according to a draft prospectus.

UBS ...