Private Asset strategies
Carmignac Private Evergreen
Share Class
LU2799473124
Risk Indicator
6 / 7
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
From 15/05/2024
To 29/08/2025
+ 25.4 %
-
-
-
+ 5.3 %
Calendar Year Performance 2015Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024
-
-
-
-
-
-
-
-
-
+ 24.8 %
Net Asset Value
125.36 €
Asset Under Management
139 M €
SFDR - Fund Classification
Article 8
ASSET ALLOCATION
This section details the allocation of investments between the different asset classes within private markets, such as secondary investments, primary investments and direct investments, as well as the proportion of liquid assets (held in the liquid sleeve). It provides an overview of the portfolio's composition and can be adjusted at any time.
Strategy/sub asset-class exposure (% net asset)
Data as of: Aug 29, 2025.- Secondaries Co-Investments
- 50.0 %
- Liquid Sleeve
- 40.2 %
- of which engaged for identified payables and receivables
- 21.3 %
- of which net cash available (post identified payables and receivables)
- 18.9 %
- Direct Co-Investments
- 7.2 %
- Primaries & Secondaries Fund Investments
- 2.7 %
Top investment exposures
This section provides an overview of the largest holdings of the fund, including detail on the specific types of investments and their respective weightings as a percentage of the fund's overall assets.
Top investment exposures (% Net Asset)
Data as of: Aug 29, 2025.| Project Michigan | 13.7% |
| Project Bernabeu | 12.7% |
| Project Roland | 12.1% |
| Project Archimed | 6.3% |
| Project Luigi | 5.2% |
| Project Skyline | 3.6% |
| Clipway Secondary Fund 1 | 2.7% |
| Project Minerva | 2.0% |
| Project Nick | 1.6% |
Total
59.8 %
Geographical Breakdown
The Fund’s exposure to specific country and region provides you with an insight on its diversification as well as the opportunities and risks involved. The geographic breakdown also provides an overview of the Fund's investment strategy and current positioning.
Geographical Breakdown
Data as of: Dec 31, 2024.| Europe | 63.0 % |
| North America | 32.4 % |
| Asia | 4.2 % |
| RoW | 0.3 % |
| Total | 99.9 % |
Europe63.0 %
 Europe |
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Sector Breakdown
The Fund’s exposure to specific sector provides you with an insight on its diversification as well as the opportunities and risks involved. The sector breakdown also provides an overview of the Fund's investment strategy and current positioning.
Vintage Breakdown
Vintage refers to the year in which the underlying companies were invested in by Carmignac Private Evergreen, either directly through direct co-investments, or indirectly through secondary transactions.
Vintage Breakdown
Data as of: Dec 31, 2024.Comments from the Investment Team
Read the Investment team's analysis below.
Carmignac Private Evergreen Monthly comments
Data as of: Aug 29, 2025.The Investment team
Edouard Boscher
Head of Private Equity
Megan Noelle Chew
Portfolio Manager
Alexis de Chezelles
Portfolio Manager
Performance Commentary
- In August 2025, the Net Asset Value (“NAV”) of Carmignac Private Evergreen (EUR A) increased by +0.2%. This was driven primarily by a positive value appreciation of Projects Roland, Luigi and direct investment in US tech consulting company AHEAD, as well as positive performance from our liquid sleeve. The majority of our assets are as of now valued at Q2 2025 marks. Our portfolio continues to remain resilient against FX movements (USD depreciated -12% against the EUR since the beginning of the year) thanks to our hedging approach which covers 80% of known foreign exposure. As a reminder, we are also pleased to have successfully closed and transferred Project Minerva falling within our "Direct Investments" pocket. This is a secondary transaction led by Five Arrows entailing the acquisition of 6 assets.
- We are currently working on the closings of two new deals: Project Lupo (direct investment) and Project Riva (LP-led secondary) which should take place in September and October respectively. We see many attractive secondary and direct co-investments, particularly in the mid-market space. We remain confident that times like now characterized by high market uncertainty, represents an attractive entry point for investments given the following factors: demand for liquidity, need for portfolio rebalancing, or desire to crystalize gains. We are actively reviewing a strong deal pipeline and ensuring that we have sufficient dry powder to capitalise on opportunities and remain highly selective.
Outlook and Investment Strategy
- Investment Strategy: Focused on Secondaries, Carmignac Private Evergreen allows us to offer a one-stop-shop Private Equity solution for investors looking to build a diversified exposure to high quality buyout companies from Day 1. Our target allocation includes a focus on Secondaries through co-investments featuring attractive terms, while investing opportunistically in high-conviction direct co-investments to generate alpha. Primary investments will be considered later on in the Fund’s life. Secondaries offer an attractive risk-return profile, thanks to the possibility to negotiate favourable terms and structuring such as discounts and deferred payments and offers numerous benefits such as a reduced J-curve effect and blind-pool risk. It is a unique asset class with low correlation with both public and other private market strategies, which reiterates the complementarity of public and private strategies within an investment portfolio.
- Outlook: Today our portfolio offers exposure to >410 companies across 10 investments and is highly diversified across sectors, geographies and vintages, while still maintaining a focus on developed markets and private equity buyouts. Note that while the liquid sleeve of the portfolio seems larger than its target allocation of c.15%, the net liquidity (i.e. taking into account payables for investments approved but not yet transferred as well as deferred payments) is indeed in line with this target. Also note that the liquid sleeve is actively managed and invested in a curated range of Carmignac’s fixed income and credit funds on a no fee basis and has generated more than 5.5% in annualised net returns since the launch of the fund.
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Market Environment
The LP-led segment, representing 56%, maintained momentum throughout 2024 having grown 41% YoY. Liquidity pressure, coupled with a favourable pricing environment, have prompted a diverse range of investors to turn to the secondary market as a strategic tool for managing their private investment portfolios. The rise of evergreen vehicles has also boosted demand, adding new dimensions to the market and fostering heightened competitive dynamics while enabling buyers to deploy larger capital commitments. The GP-led market, representing 44%, also made new high in 2024, driven by continued adoption and robust dynamics on both demand and supply sides.