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Rethinking private equity for today's investors

Author(s)
Edouard BOSCHER,Maxime Carmignac
Published on
2 March 2026

Maxime Carmignac, CEO of Carmignac UK Ltd, and Edouard Boscher, Head of Private Equity, had the pleasure of speaking with Club Patrimoine during the IPEM Wealth Cannes 2026 to present our Private Equity expertise and share our perspective on this rapidly evolving asset class. In this interview, they discuss the convictions that have guided our expansion into private markets, our differentiated approach, and how we have structured a solution designed to meet the needs of today’s investors.

Below are five key messages to keep in mind:

Adding private equity to our offering is part of a strategic journey fully aligned with long-standing commitment to making institutional-grade strategies accessible to a wider audience. Private equity naturally emerged as a compelling asset class, offering the opportunity to support the growth of unlisted companies while capturing an attractive illiquidity premium. It also represents a powerful diversification tool and a source of long-term performance enhancement for our clients’ portfolios. Our approach remains consistent with our core principles:

  • Strong selectivity and active management
  • Disciplined capital allocation
  • A long-term investment horizon

Illiquidity is often perceived as the main constraint of private equity. We believe it can be effectively managed through thoughtful structuring.

For our range, we have opted for an evergreen structure, designed to provide investors with greater flexibility compared to traditional closed-ended funds. Our objective is clear: to make this asset class more accessible while preserving the return potential of the asset class. In addition, our strategic allocation to the secondary market helps mitigate the traditional J-curve effect, allowing for earlier visibility on portfolio performance and a smoother capital deployment profile.

Surrounding ourselves with the right partner was essential. Our strategic partnership with Clipway, a specialist in the secondary market, plays a central role in the development of our range. Being closely aligned with an experienced team provides us with access to targeted and diversified opportunities. This collaboration enables us to:

  • Invest in more mature portfolios
  • Access co-investment opportunities with lower fee layers
  • Leveraging new generation tech-enabled investment system to help us analysing underlying companies

In an evergreen structure, cash management is a critical component of performance. Carmignac’s long-standing expertise in fixed income is a particular strength in this context. We work closely with our fixed income teams on a continuous basis to optimise the management of the liquid portion of the portfolio, aiming to maximise performance while maintaining discipline and flexibility.

This integration of public and private market expertise is one of the defining features of our approach.

On March 31, we will launch Carmignac ELTIF Evergreen, the second fund in our private equity range. Our first private equity fund, reserved for professional investors, was launched in May 2024. The ELTIF structure offers two major advantages:

  • Access to a broader range of non-professional clients
  • Harmonised distribution across Europe

This launch marks an important milestone in our ambition to grant a privileged access to private equity while maintaining the disciplined investment framework that defines Carmignac.

Carmignac ELTIF Evergreen

Carmignac ELTIF Evergreen

Capturing long-term value in private companies worldwide
Learn more

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.

Fees

ISIN: LU3267163833
Maximum subscription fees paid to distributors
4.00%
Redemption Fees
5.00%
Conversion Fee
-
Ongoing Charges
2.56%
Management Fees
1.95%
Performance Fees
15.00% of the outperformance to the reference indicator over the year. Performance fee is not charged until previous underperformance is offset

Footnote

Performance

ISIN: LU3267163833
Carmignac ELTIF Evergreen+12.5

Source: Carmignac at 30 Oct 2026.
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. 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. 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.