Private Asset strategies
Carmignac Private Evergreen
Share Class
LU2799473124
Risk Indicator
6 / 7
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 %
-
-
-
+ 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
-
-
-
-
-
-
-
-
-
+ 24.8 %
Net Asset Value
127.16 €
Asset Under Management
144 M €
SFDR - Fund Classification
Article 8
Performance Overview
Find out about historical performance, volatility and all the performance measures that will enable you to assess the Fund's past performance.
Carmignac Private Evergreen fund performance
Fund performance vs. reference indicator (basis 100 - net of fees)
Data as of: Dec 10, 2025.Calendar Year Performance (as %)
Calendar Year Performance (as %)
Data as of: Nov 28, 2025.- Carmignac Private Evergreen - A EUR ACC
| Carmignac Private Evergreen A EUR ACC | +1.9 % | +1.8 % | +1.4 % | +4.1 % | - | - | - |
| Category Average | - | - | - | - | - | - | - |
| Ranking (quartile) | - | - | - | - | - | - | - |
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 28/11/2025.
Comments from the Investment Team
Read the Investment team's analysis below.
Carmignac Private Evergreen Monthly comments
Data as of: Nov 28, 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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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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