Share Class
LU2799473124
Granting privileged access to diversified private equity opportunities
- A semi-liquid, open-ended Fund suitable for professional investors, offering flexibility, liquidity, and efficiency by being fully invested from Day 1.
- Strategic partnership with experienced private equity player to benefit from specifically selected co-investments.
- Significant investments through Carmignac’s balance sheet to access opportunities at negotiated conditions while ensuring alignment of interests.
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 35.6 %
-
-
-
+ 8.0 %
To 29/05/2026
Calendar 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 2024Calendar Year Performance 2025
-
-
-
-
-
-
-
-
+ 24.8 %
+ 5.1 %
Net Asset Value
€135.63
Asset Under Management
157 M €
SFDR - Fund Classification
Article
8
Data as of: 29 May 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.
Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.
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.
The strategy in a nutshell
Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
Edouard BOSCHER
Head of Private Equity
Megan Noelle CHEW
Portfolio Manager
Alexis DE CHEZELLES
Portfolio Manager
Carmignac has always been committed to granting its distribution partners access to sophisticated investment strategies for their clients. In this context, Private Equity is a natural evolution and we have leveraged Carmignac’s expertise to deliver a quality investment solution.
Edouard BOSCHER
Head of Private Equity
Carmignac Private Evergreen fund performance
Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.
Our monthly comments
Data as of: 29 May 2026.Fund management team
Edouard BOSCHER
Head of Private Equity
Megan Noelle CHEW
Portfolio Manager
Alexis DE CHEZELLES
Portfolio Manager
Performance commentary
- In May 2026, the Net Asset Value of Carmignac Private Evergreen (EUR I) delivered a stable performance of +0.1%, following the receipt of most Q1 NAVs from the underlying portfolios. Overall, underlying funds showed resilience: European strategies posted slight gains (notably FSI I and Minerva), while some North American funds were marginally down, particularly in secondary transactions such as Michigan and Roland. This stability is noteworthy given the more volatile macroeconomic and geopolitical backdrop in Q1, including public market corrections and rising commodity prices in March. The direct co-investment sleeve continues to perform strongly, supported by solid operational growth across portfolio companies. Ahead, a US-focused IT consulting firm, was revalued, reflecting above-expectation performance since early 2025.
- Today our portfolio offers exposure to >1,000 companies and is highly diversified across sectors, geographies and vintages, while still maintaining a focus on developed markets and private equity buyouts. The liquid sleeve of the portfolio is close to the target allocation of c.15% and 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 5.0% in annualised net returns since the launch of the fund.
Outlook 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, combined with 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 discounts and deferred payments and offers numerous benefits such as a reduced J-curve effect and blind-pool risk. It is an 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: Looking ahead, the transfer of an interest in a financial services-focused fund is expected in June. The potential IPO of SpaceX (one of our largest asset) represents a key catalyst. In parallel, two LP-led secondary transactions are in advanced due diligence with Clipway. The outlook for global private equity secondary investments in 2026 remains constructive, supported by a growing supply of opportunities driven by demand for liquidity, portfolio rebalancing and desire to crystalize gains. While pricing continues to be competitive, the secondary market remains a buyers' market and continues to offer attractive entry points.
Performance Overview
Data as of: 8 Jun 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.
Morningstar Rating™ : © Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 10/06/2026
Articles that may interest you
Strategies insights • 2 March 2026 • English
Rethinking private equity for today's investors
Press release • 24 February 2026 • English
Carmignac strengthens private markets offering with ELTIF
2 minute(s) read
Our views • 23 February 2026 • English
Carmignac ELTIF Evergreen: Expanding access to private equity for all investors
2 minute(s) read
Did you enjoy the fund page?
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.
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.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
Market environment