AlpInvest Partners B.V.

Key Holdings

• N-able Inc (NABL): $18.61M — 2.39M shares — 55.70% of the portfolio. This single position is the dominant holding and represents the core concentration risk: over half of the portfolio is in one equity.
• CrowdStrike Holdings Inc (CRWD): $7.38M — 15K shares — 22.08% of the portfolio. The second-largest holding is also large relative to the portfolio, meaning the top two positions together equal $25.99M or 77.78% of assets.
• Forward Air Corp: $3.03M — 103K shares — 9.07% of the portfolio.
• Krispy Kreme Inc: $2.45M — 632K shares — 7.32% of the portfolio.
• Taboola.com Ltd: $1.03M — 302K shares — 3.08% of the portfolio (new position this quarter).
• Kanzhun Limited (BZ): $918.98K — 39K shares — 2.75% of the portfolio.

Interpretation: the portfolio is top‑heavy — the top two names account for nearly 78% of capital — leaving limited diversification benefits across the remaining four positions. Position sizes vary from $919K to $18.61M, indicating a clear high-conviction approach on a small number of names.