The announcement that one of the world’s largest buyout firms, Carlyle Group, is acquiring one of the world’s largest private equity investors, AlpInvest, is likely to raise eyebrows among rival firms worried that their sensitive fund information may fall into the wrong hands.

These rivals are concerned as they send AlpInvest marketing materials for forthcoming funds, or detailed breakdowns of their current funds' performance if the group already invests in them. As a result, Carlyle could theoretically gain access to other firms' sensitive information.