Share Class
LU2799473470
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.
Key documents
Risk Indicator
1
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5
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7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
5 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 35.9 %
-
-
-
+ 7.9 %
To 30/01/2026
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
-
-
-
-
-
-
-
-
+ 25.4 %
+ 7.9 %
Net Asset Value
135.93 €
Asset Under Management
152 M €
SFDR - Fund Classification
Article
8
Data as of: Jan 30, 2026.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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.
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: Jan 30, 2026.Fund management team
Edouard BOSCHER
Head of Private Equity
Megan Noelle CHEW
Portfolio Manager
Alexis DE CHEZELLES
Portfolio Manager
Performance commentary
- In January 2026, the Net Asset Value of Carmignac Private Evergreen (EUR I) increased by +0.4%. The positive performance was mainly driven by solid operational performances of underlying portfolio companies within project Syracuse, run by a French midcap manager. The portfolio continues to undergo liquidity events, with distributions totaling €0.7m in January.
- In 2025, Carmignac Private Evergreen (EUR I) delivered +7.9%. All strategies across our portfolio contributed positively, with liquidity generation surpassing expectations and strongly supporting our Evergreen structure. The high selectivity of the portfolio assembled alongside our strategic partner, Clipway, has delivered a strong performance, which is even more positive considering it was realised in a challenging environment for Private Equity globally, characterized by slower exits, a cautious M&A environment, as well as a decline in valuations. Sharp USD depreciation (-12% vs EUR in 2025) also negatively impacted global PE funds reporting in EUR, as c. 60% of the PE activity is located in the US. Nevertheless, since inception, we have been able to build fom the ground up a resilient, diversified, high-quality private equity portfolio.
- Today our portfolio offers exposure to >850 companies across 11 investments 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: In Q1 2026, we expect to close the remaining portion of Project Langley, an LP-led secondary on a highly diversified portfolio of 33 fund interests and >350 underlying companies, with attractive structuring. We have been reviewing a healthy pipeline of investment opportunities in secondary and direct co-investments, particularly in the mid-market space. 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 and selectivity and disciplined underwriting will remain key in maintaining robust returns.
Performance Overview
Data as of: Feb 12, 2026.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
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 14/02/2026
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
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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.
Market environment