Picus Capital has secured a capital boost, closing a €150 million preferred equity financing provided by Carlyle AlpInvest.
The financing is designed to support Picus’s long-term investment strategy rather than short-term fund expansion. The capital will be used to deepen commitments to existing portfolio companies and enable new investments across stages, reinforcing Picus’s model of backing founders early and staying with them through scale-up, IPO, and beyond.
The transaction follows the recent close of Picus Venture Fund II at its €250 million hard cap, more than doubling the size of its predecessor. Together, the preferred equity financing and the larger fund underscore growing institutional confidence in Picus’s approach and performance. PJT Park Hill advised on the transaction, with Simpson Thacher & Bartlett and Poellath acting as legal counsel for Picus, and Kirkland & Ellis advising Carlyle AlpInvest.
From founder-backed firm to global venture platform
Founded in 2015 as a privately financed investment firm, Picus has steadily evolved into a global venture capital platform with offices in Munich, New York, Berlin, London, and Bangalore. From the outset, the firm positioned itself as an early partner to entrepreneurs, often becoming the first institutional investor and remaining closely involved as companies scale.
Since its inception, the firm has generated an annual internal rate of return of more than 40%, helping cement its reputation as a high-conviction, founder-aligned investor. The partnership with Carlyle AlpInvest represents a step toward further institutionalising this model while preserving its entrepreneurial roots.
Portfolio of investments
Picus Capital’s portfolio spans a broad array of high-growth technology companies across more than 20 countries:
- Personio – HR and payroll software for small and mid-sized businesses across Europe.
- Enpal – Residential solar and clean energy solutions with a subscription-based model.
- Kin Insurance – Digital-first home insurance platform using data-driven underwriting.
- Deel – Global payroll and compliance platform for distributed workforces.
- FINN – Subscription-based car ownership platform for flexible mobility.
- Enode – Energy connectivity platform linking EVs, batteries, and renewables.
A long-term focus on category-defining technology
Picus invests from pre-seed through later growth stages via its Picus Venture Fund strategy, with a focus on technology-driven sectors shaping the next decade. Its core areas include energy and climate, fintech, enterprise infrastructure, cybersecurity, healthcare, enterprise applications, and emerging digital platforms.
A defining feature of Picus’s approach is the feedback loop between its early-stage and growth investments. Insights gained from scaling companies inform earlier bets, allowing the firm to spot patterns and back potential category leaders sooner.
With additional capital from Carlyle AlpInvest, Picus is better positioned to accelerate this strategy globally, supporting founders over longer time horizons while navigating increasingly capital-intensive growth paths.
“We are pleased to announce the closing of this transaction with Carlyle AlpInvest, who will serve as a strategic partner to Picus. This solution will provide flexible financing to support the growth of our existing portfolio, while enabling us to further drive the next chapter of growth across these companies and expand investment activity across our platform,” said Raphael Mukomilow, Partner and Head of Growth Investments at Picus Capital. “We view this transaction as the beginning of a meaningful, long-term partnership with Carlyle AlpInvest and look forward to deepening our engagement as we scale with the backing of a top-tier institutional partner.”
“Carlyle AlpInvest’s partnership underscores the strength, resilience and potential of our portfolio and positions us to accelerate growth across our investment platform,” said Robin Godenrath, Managing Partner & Founder at Picus Capital. “Partnering with Carlyle AlpInvest allows us to continue supporting our existing portfolio companies and their visionary founders as they scale, while advancing our mission to invest in new innovation leaders and deliver strong risk-adjusted returns across all stages.”
“Picus has assembled a highly diversified portfolio of category-defining companies, and the firm’s sustained performance and impressive momentum made this an especially attractive partnership for us,” said Michael Hacker, Global Head of Portfolio Finance at Carlyle AlpInvest. “We have had the unique opportunity to build our relationship with Picus over time, giving us deep conviction in both the quality of the portfolio today and the strategy driving its continued success. Carlyle AlpInvest is committed to providing flexible, strategic capital to leading platforms, and we’re excited to support Picus as it advances its next phase of growth.”
