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A promising start for our private market evergreen strategy

Published on
12 June 2025
Read time
2 minute(s) read

We launched Carmignac Private Evergreen one year ago, driven by our strong conviction in the potential of private equity to deliver attractive returns and serve as a powerful diversification tool for portfolios. Our goal is to give all types of professional investors a one-stop shop for investing in a diversified selection of high-quality buyout companies from day one.

Performance of the Fund

We’re delighted to report that our fund has delivered robust performance and created significant value for investors in its first year. Our fund management team has successfully built a diversified portfolio of quality assets consistent with our long-term strategy. Their hard work, coupled with our partnership with Clipway, has proven effective.

Performance as of 30/05/2025. Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations.
Getting to this point is a testimony to our well-planned strategy, supported by capital from our balance sheet and our firm private equity convictions. After establishing a partnership with Clipway and forming an in-house private equity team in 2023, and then launching Carmignac Private Evergreen in May 2024, we’ve delivered an encouraging performance so far in 2025. This marks only the beginning of our foray into private markets. We’ll undoubtedly continue to enhance our product range. Our clients will be able to seize private equity opportunities through unique products that encourage widespread access to this asset class.
[Management Team] Carmignac Maxime

Maxime Carmignac

Chief Executive Officer of Carmignac UK Ltd

Beyond performance: the Fund’s first year in figures

9
investments
5
secondary deals
40+
private equity funds*
380+
underlying companies*
3
direct investments
€138m
AuM

As of 30/05/2025. *Including indirect investments made on a look-through basis.

We began a strategic process of deal warehousing from the outset, which enabled us to secure attractive deals early on and offer investors a diversified, ready-made portfolio. This approach demonstrates our sourcing capabilities and gave us a robust foundation for capitalizing on market opportunities from day one.

Since then, our active management style has driven further value across our portfolio, whose nine investments provide exposure to over 380 companies in a number of sectors and geographies, with a focus on developed markets. Backed by a disciplined selection process, we’ve acquired high-quality assets at an average discount of 15% – significantly above the market average of 6%1 – underscoring our commitment to delivering consistent, long-term returns for investors.

What makes Carmignac Private Evergreen an appealing solution?

  • We’ve invested over €2 billion of our own capital alongside our clients’ assets in the funds we manage, and this includes a substantial share in our private equity solutions.
  • Our Evergreen fund draws on our established capabilities in risk management, company valuations, and cash management.
  • We’ve formed a strategic partnership with Clipway, an innovative secondaries firm that provides access to co-investments with attractive terms typically reserved for large institutional investors.
  • The fund is managed by a seasoned team of four dedicated portfolio managers who together have nearly 70 years of experience. They’re supported by Carmignac’s sector-specific knowledge and ESG expertise as well as 18 investment professionals at Clipway.

Our approach at a glance

We’ve adopted an evergreen structure to address the typical challenges of investing in private equity: an illiquid market, limited access to opportunities and top portfolio managers, and the complexities of cash management. This evergreen structure gives all professional investors:

  • access to private equity, with a lower minimum required investment;
  • quarterly windows for redeeming all or part of their investment;
  • simplified administration procedures and compounding of dividends (through reinvestment).

With our investment strategy, you benefit from:

  • a portfolio focused mainly on secondaries – a well-diversified asset class with long-term tailwinds;
  • investments oriented towards European and US buyout transactions involving mature, profitable companies with strong track records;
  • an SFDR Article 8 fund with ESG assessments embedded into the investment process.
1Source: 2024 Global Secondary Market Review, Jefferies, January 2025.

Carmignac Private Evergreen

Granting privileged access to diversified private equity opportunities
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Carmignac Private Evergreen A EUR ACC

ISIN: LU2799473124
Recommended minimum investment horizon
5 years
Risk indicator*
6/7
SFDR - Fund Classification**
Article 8

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.

Main risks of the fund

Liquidity: Should exceptionally large redemptions be made, forcing the Fund to sell, the illiquid nature of assets might require the Fund to liquidate assets at a discount in particular under unfavorable conditions such as abnormally limited volumes or unusually wide bid-ask spreads.
Valuation: The valuation method, which is partly based on accounting data (quarterly or semi-annually computed), and the difference in lag with which NAVs are received from the General Partners, could reflect impacts on NAV with a delay. Moreover, NAV is sensitive to the valuation methodology adopted.
Discretionary Management: Investors rely solely on the discretion of the Portfolio Managers, and the level of transparency of the information available, to select and realize appropriate investments. There is no guarantee in the ultimate success of investments.
Limited control over secondary investments: Where the Fund makes an investment on a secondary basis, the Fund will generally not have the ability to negotiate the amendments to the constitutional documents of an underlying fund, enter into side letters or otherwise negotiate the legal or economic terms of the interest in the underlying fund being acquired. The underlying funds in which the Fund will invest generally invest wholly independently.
The Fund presents a risk of loss of capital. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

Fees

ISIN: LU2799473124
Entry costs
4.00% max. of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge
Exit costs
5.00% Max. of your investment before it is paid out to you. 5% could be the maximum amount that may be charged to you. For A and I share classes, additional 5% could be the maximum amount that may be charged to you as the Early Redemption Fees if you request to redeem
your Shares within eighteen (18) months of the launch of the Sub-Fund.
Management fees and other administrative or operating costs
2.42% of the value of your investment per year. This estimate is based on actual costs over the past year.
Performance fees
15.00% of the Sub-Fund's positive returns subject to a five per cent (5%) Hurdle Rate. The real amount varies according to the
performance of your investment.
Transaction Cost
0.03% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell.

Performance

ISIN: LU2799473124
Carmignac Private Evergreen+0.6+24.8
Carmignac Private Evergreen+16.4%-+24.4%

Source: Carmignac at 30 May 2025.
Date of 1st NAV : 15/05/2024.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.

Reference Indicator: -

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MARKETING COMMUNICATION. Please refer to the KID/KIID/prospectus of the fund before making any final investment decisions.
The decision to invest in the promoted fund should take into account all its characteristics or objectives as described in its prospectus. This document may not be reproduced, in whole or in part, without prior authorisation from the management company. It does not constitute a subscription offer, nor does it constitute investment advice. The information contained in this document may be partial information and may be modified without prior notice. The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights on the following link (paragraph 5): https://www.carmignac.com/en/regulatory-information. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information, please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj. Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice. Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations. Carmignac Private Evergreen refers to the Private Evergreen sub-fund of the SICAV Carmignac S.A. SICAV – PART II UCI, registered with the Luxembourg RCS under number B285278. Access to the Fund may be subject to restrictions with regard to certain persons or countries. The Fund may not be offered or sold, directly or indirectly, for the benefit or on behalf of a U.S. person, according to the definition of the US Regulation S and/or FATCA. The Fund presents a risk of loss of capital. The risk, fees and ongoing charges are described in the KIDs (Key Information Document). The Fund's respective prospectuses, KIDs, NAV and annual reports are available at www.carmignac.com, or upon request to the Management Company. The KIDs must be made available to the subscriber prior to subscription. In Switzerland, the Fund’s respective prospectuses, KIDs and annual reports are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon. The KID must be made available to the subscriber prior to subscription. In the UK, the Funds’ respective prospectuses, KIDs and annual reports are available at www.carmignac.co.uk, or upon request to the Management Company. This material was prepared by Carmignac Gestion, Carmignac Gestion Luxembourg or Carmignac UK Ltd and is being distributed in the UK by Carmignac Gestion Luxembourg.