A consortium led by Amsterdam-based AlpInvest Partners has bought out investors in a 2008 fund run by the private equity firm Lee Equity Partners as part of a $1.2 billion deal, according to people familiar with the matter.

The consortium, made up of Canada Pension Plan Investment Board, HarbourVest Partners, Pantheon and others, purchased investor stakes in the firm's debut fund, the $1.1 billion Lee Equity Partners Fund, in a roughly $900 million secondaries deal, four of the people said.