Private Asset strategies
Carmignac Private Evergreen
Share Class
LU2799473124
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 28/11/2025
+ 27.2 %
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-
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+ 4.1 %
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
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-
-
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-
-
-
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+ 24.8 %
Net Asset Value
127.16 €
Asset Under Management
144 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: 28 Nov 2025.- Secondaries Co-Investments
- 53.5 %
- Liquid Sleeve
- 36.0 %
- of which engaged for identified payables and receivables
- 18.1 %
- of which net cash available (post identified payables and receivables)
- 17.9 %
- Direct Co-Investments
- 7.8 %
- 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: 28 Nov 2025.| Project Michigan | 12.4% |
| Project Roland | 11.5% |
| Project Bernabeu | 11.0% |
| Project Riva | 7.1% |
| Project Archimed | 6.1% |
| Project Luigi | 5.5% |
| Project Skyline | 3.7% |
| Clipway Secondary Fund 1 | 2.7% |
| Project Minerva | 2.3% |
| Project Nick | 1.8% |
Total
64.0 %
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: 30 Jun 2025.| Europe | 52.3 % |
| North America | 44.1 % |
| Asia | 3.3 % |
| RoW | 0.3 % |
| Total | 100.0 % |
Europe52.3 %
 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: 30 Jun 2025.Comments from the Investment Team
Read the Investment team's analysis below.
Carmignac Private Evergreen Monthly comments
Data as of: 28 Nov 2025.The Investment team
Edouard BOSCHER
Head of Private Equity
Megan Noelle CHEW
Portfolio Manager
Alexis DE CHEZELLES
Portfolio Manager
Performance Commentary
- In November 2025, the Net Asset Value (“NAV”) of Carmignac Private Evergreen (EUR I) increased by +1.8%. The positive performance was driven by the closing of Project Riva as well as the positive Q3 2025 revaluations of Project Luigi, Project Minerva and AHEAD, but slightly offset by revaluations to the downside of Project Michigan. 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 today 70% of foreign exposure.
- Project Riva: Bilaterally negotiated LP-interest secondary deal entailing the acquisition of a large, quality, cherry-picked portfolio of more than 440 established European and US mid-market buyout companies. Attractive structuring, with almost 1.5 years between Record Date and closing, and 50% of deferred payment 10 months after closing.
- We expect to close a new deal, Project Langley, an LP-led secondary on a highly diversified portfolio of 33 fund interests and >350 underlying companies, with attractive structuring and discount, in December. 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, 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: Today our portfolio offers exposure to >850 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. Our 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 5.7% in annualised net returns since the launch of the fund.
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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.
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