diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 1eec10e9..7800540a 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,3 +1,3 @@
 {
-  ".": "4.7.0"
+  ".": "4.8.0-alpha01"
 }
\ No newline at end of file
diff --git a/CHANGELOG.md b/CHANGELOG.md
index f136280d..4b5d855f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,12 @@
 # Changelog
 
+## [4.8.0-alpha01](https://github.com/googleapis/gax-dotnet/compare/Google.Api.Gax-4.7.0...Google.Api.Gax-4.8.0-alpha01) (2024-03-20)
+
+
+### Features
+
+* Target netstandard2.0 in GAX ([cffd733](https://github.com/googleapis/gax-dotnet/commit/cffd733091641a91ae4c0f71339be43c378052f1))
+
 ## [4.7.0](https://github.com/googleapis/gax-dotnet/compare/Google.Api.Gax-4.6.0...Google.Api.Gax-4.7.0) (2024-03-14)
 
 
diff --git a/ReleaseVersion.xml b/ReleaseVersion.xml
index 7648f5ce..d4f106b1 100644
--- a/ReleaseVersion.xml
+++ b/ReleaseVersion.xml
@@ -5,6 +5,6 @@
     - divergent versions, but for the moment this keeps things simpler.
     -->
   <PropertyGroup>
-    <Version>4.7.0</Version>
+    <Version>4.8.0-alpha01</Version>
   </PropertyGroup>
 </Project>