Near-infrared images obtained with the Canada-France-Hawaii Telescope (CFHT
) Adaptive Optics Bonnette (AOB) are used to investigate the stellar conten
t of the Local Group compact elliptical galaxy M32. Observations of a field
2'.3 from the galaxy center reveal a large population of asymptotic giant
branch (AGB) stars, and comparisons with models indicate that these objects
have an age log (t(Gyr)) less than or equal to 9.3. The AGE population is
very homogeneous, with Delta log (t(Gyr)) less than or equal to +/- 0.1 dex
and Delta[M/H] less than or equal to +/- 0.3 dex. The reddest AGE stars ha
ve J-K less than or equal to 1.5, and it is suggested that the very red sta
rs seen in earlier, less deep, surveys are the result of large photometric
errors. The bolometric AGE luminosity function (LF) of this field is in exc
ellent agreement with that of the Galactic bulge. Based on the integrated b
rightness of AGE stars brighter than the red giant branch tip, which occurs
at K = 17.8, it is concluded that intermediate-age stars account for rough
ly 25% of the total K light and 10% +/- 5% of the total mass in this field.
A field close to the center of M32 was also observed. The brightest stars w
ithin a few arcseconds of the nucleus have K = 15.5, and the density of the
se objects is consistent with that predicted from the outer regions of the
galaxy after scaling according to surface brightness. Moreover, the K lumin
osity function (LF) of bright sources between 20 " and 30 " of the nucleus
is well matched by the LF of the outer regions of the galaxy after accounti
ng for differences in surface brightness and correcting for the effects of
crowding. It is concluded that the relative size of the intermediate-age co
mponent with respect to other populations does not change with radius over
much of the galaxy. However, the integrated J-K color and 2.3 mu m CO index
change with radius within a few tenths of an arcsecond of the galaxy cente
r, indicating that, contrary to what might be inferred from observations at
visible wavelengths, the integrated photometric properties of the central
regions of M32 differ from those of the surrounding galaxy.