Key Takeaways
- • Picus Capital, a Munich-headquartered global venture capital firm, has closed a €150 million preferred equity financing transaction provided by Carlyle AlpInvest, according to a Business Wire release dated December 18, 2025.
- • The financing is intended to support growth of Picus's existing portfolio of almost 200 companies, including Personio and Enpal, and to fund new investments across its platform.
- • The transaction follows the recent close of Picus Venture Fund II at its €250 million hard cap, more than double the size of its predecessor fund.
- • Carlyle AlpInvest, which reports $102 billion in assets under management as of September 30, 2025, describes the deal as a strategic partnership built on a long-standing relationship with the firm.
- • PJT Park Hill acted as exclusive financial adviser on the transaction.
Summary
Picus Capital, a global venture capital firm headquartered in Munich with offices in New York, Berlin, London and Bangalore, announced the closing of a €150 million preferred equity financing transaction provided by Carlyle AlpInvest, according to a Business Wire release. The capital is earmarked for new investments and for supporting the continued growth of Picus's existing portfolio of almost 200 companies, which includes Personio and Enpal, both of which Picus is described as having backed as a first investor.
Picus was founded in 2015 as a privately financed investment firm and has since developed into a multi-stage venture platform spanning pre-seed through later growth stages. The firm recently closed Picus Venture Fund II at its €250 million hard cap, more than double the size of its predecessor fund. The company states it has generated an annual IRR north of 40% since inception. Its focus sectors include energy and climate, fintech, enterprise infrastructure, generative AI, cybersecurity, healthcare and enterprise applications.
Raphael Mukomilow, Partner and Head of Growth Investments at Picus Capital, said the financing offers flexible capital to support the existing portfolio and expand investment activity, describing the deal as the beginning of a long-term partnership. Robin Godenrath, Managing Partner and Founder of Picus, said the partnership reflects the strength and resilience of the portfolio and supports the firm's mission to back new innovation leaders and deliver risk-adjusted returns across all stages.
Michael Hacker, Global Head of Portfolio Finance at Carlyle AlpInvest, cited the firm's sustained performance and the quality of its portfolio as reasons for the investment, noting a relationship built over time. Carlyle AlpInvest reports $102 billion in assets under management and more than 700 investors as of September 30, 2025, and has committed over $111 billion across primary, secondary, portfolio financing and co-investment transactions.
PJT Park Hill served as exclusive financial adviser on the transaction. Simpson Thacher & Bartlett and Poellath acted as legal counsel to Picus Capital, while Kirkland & Ellis advised Carlyle AlpInvest.
Picus was founded in 2015 as a privately financed investment firm and has since developed into a multi-stage venture platform spanning pre-seed through later growth stages. The firm recently closed Picus Venture Fund II at its €250 million hard cap, more than double the size of its predecessor fund. The company states it has generated an annual IRR north of 40% since inception. Its focus sectors include energy and climate, fintech, enterprise infrastructure, generative AI, cybersecurity, healthcare and enterprise applications.
Raphael Mukomilow, Partner and Head of Growth Investments at Picus Capital, said the financing offers flexible capital to support the existing portfolio and expand investment activity, describing the deal as the beginning of a long-term partnership. Robin Godenrath, Managing Partner and Founder of Picus, said the partnership reflects the strength and resilience of the portfolio and supports the firm's mission to back new innovation leaders and deliver risk-adjusted returns across all stages.
Michael Hacker, Global Head of Portfolio Finance at Carlyle AlpInvest, cited the firm's sustained performance and the quality of its portfolio as reasons for the investment, noting a relationship built over time. Carlyle AlpInvest reports $102 billion in assets under management and more than 700 investors as of September 30, 2025, and has committed over $111 billion across primary, secondary, portfolio financing and co-investment transactions.
PJT Park Hill served as exclusive financial adviser on the transaction. Simpson Thacher & Bartlett and Poellath acted as legal counsel to Picus Capital, while Kirkland & Ellis advised Carlyle AlpInvest.
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