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Not all AI exposures are created equal

Published on
11 November 2026
Read time
3 minute(s) read

At Carmignac, we offer pure-play Private Equity exposure through open-ended funds focused on LP-led secondaries, complemented by direct investments1 in high-conviction companies. Within this direct allocation, we may include, on a highly selective basis, exposure to AI in specific parts of the value chain.

Artificial intelligence is undoubtedly reshaping technology investment, and while we at Carmignac are firmly convinced of its integral role and excited about its potential, we are also acutely aware of the potential risks associated with the hype and “FOMO”2 it tends to create.

As enthusiasm has matured, concerns around excessive capital expenditure and elevated valuations have begun to temper the earlier exuberance. Against this backdrop, our Private Equity range neither treats AI as a single, all-encompassing investment theme nor shies away from AI-related exposure altogether.

Instead, we pride ourselves on being highly selective, focusing on businesses that stand to benefit from the broader adoption of AI without requiring us to predict which individual companies or technologies will ultimately emerge as winners. This is particularly important in private equity, where capital is committed for the long term. When we do invest in an AI platform, we require a unique and defensible value proposition, such as critical data security and technological sovereignty.

This discipline in our investment selection is illustrated by three current portfolio companies, each offering a distinct route to participate in technology- and AI-driven growth.

AHEAD: monetising the conviction in long-term AI adoption rather than predicting the winning model

AHEAD illustrates our preference for broad-based AI exposure. The company helps large US enterprises modernise IT environments through cloud migration, infrastructure optimisation, data management, automation and managed services. As organisations move from AI experimentation to implementation, they require specialist engineering, integration and ongoing support across increasingly complex hybrid environments. AHEAD can therefore monetise the overall growth of enterprise AI adoption without needing to predict which individual solutions or providers will emerge as winners.

The risk/reward profile is reinforced by its scale, diversified blue-chip customer base, engineering-led workforce and multiple growth levers across organic expansion and M&A. While AHEAD remains exposed to IT spending cycles, integration requirements and skilled-labour constraints, its contract-based, services-focused model, together with its broad vendor relationships, makes it a resilient way to participate in enterprise technology adoption.

Mistral AI: scarce, direct exposure with a defensible proposition

We are particularly proud that our proprietary sourcing secured access to a highly sought-after, oversubscribed financing round in one of Europe’s pre-eminent AI champions. While the team was well aware of the highly competitive dynamics, we were convinced of Mistral’s unique, defensible and sustainable value proposition, backed by already-secured partnerships and contracts that provide evidence of its competitive edge.

Mistral’s open-weight AI models address increasing demand from governments, regulated industries, and large enterprises for data security, control over sensitive information and reduced dependence on non-European technology providers. Its capabilities span frontier models, enterprise software, customisation and compute, while blue-chip deployments in industrial design, engineering and mission-critical operations point to use cases that extend beyond generic chatbots and may support deeper integration and higher switching costs.

At the same time, our team explicitly recognises the risks: a rich entry valuation before considering forward revenue potential, substantial future capital needs, fast-moving competition, and uncertain exit liquidity. Mistral is therefore positioned as a source of asymmetric upside and strategic optionality, supported by a defensible proposition around data security and technological sovereignty rather than a generic wager on AI valuations.

Project Soar: servicing the infrastructure behind AI

Project Soar is a direct co-investment in a US mechanical, electrical and plumbing (“MEP”) services company benefiting from strong growth in data-centre demand. This provides another form of secular exposure to the broader adoption of AI: its services are required as AI workloads expand, irrespective of which individual companies gain market share. The team is therefore confident that Project Soar can benefit from the industry’s broader advancement without relying on a single technology bet.

The investment case is not dependent on AI alone. It also rests on consolidation in a fragmented market, a proven acquisition engine, and the expansion of recurring service and maintenance revenues. Customer concentration and any slowdown in data-centre investment remain risks, but diversified end markets and multiple value-creation levers reduce reliance on a single technology, customer or spending cycle.

Selective participation, not generic, thematic exposure

At Carmignac, we seek highly selective exposure to AI’s advancement without relying on any single technology or perceived winner. We are proud to offer our clients access to, what we consider, quality companies, including hard-to-access companies such as Mistral AI, through our Private Equity fund range: Carmignac Private Evergreen and Carmignac ELTIF Evergreen.

1Target exposure of c.15% for direct investments.
2“FOMO” refers to “fear of missing out”: the impulse to follow the latest trend or hype, sometimes without fully understanding its underlying fundamentals or drivers.

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Carmignac Private Evergreen A EUR ACC

ISIN: LU2799473124
Recommended minimum investment horizon
5 years
SFDR - Fund Classification**
Article 8

*Risk Scale from the KIID (Key Investor 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.

Carmignac ELTIF Evergreen A EUR Acc

ISIN: LU3267163833
Recommended minimum investment horizon
5 years
SFDR - Fund Classification**
Article 8

*Risk Scale from the KIID (Key Investor 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.

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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. 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. There is no guarantee that the securities mentioned will remain in the portfolio at any time in the future. All investments must be made on the basis of the Fund's legal documentation only. The portfolios of Carmignac funds may change without previous notice. Carmignac ELTIF Evergreen refers to the ELTIF 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.