Skip to mainSkip to footer
Private Asset strategies

Carmignac Private Evergreen

Share Class

LU2799473124

Private Asset strategiesCarmignac Private Evergreen
Private Asset strategiesCarmignac Private Evergreen
Share Class

LU2799473124

Overview

Characteristics & Risks

Performance

Portfolio

Documents

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:  Feb 10, 2026.

Calendar Year Performance (as %)

Calendar Year Performance (as %)

Data as of:  Jan 30, 2026.
Carmignac Private Evergreen - A EUR ACC
Carmignac Private Evergreen A EUR ACC+0.4 %+0.4 %+5.4 %+5.4 %---
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 30/01/2026.

Comments from the Investment Team

Read the Investment team's analysis below.

Carmignac Private Evergreen Monthly comments

Data as of:  Jan 30, 2026.
The Investment team

Edouard BOSCHER

Head of Private Equity

Megan Noelle CHEW

Portfolio Manager

Alexis DE CHEZELLES

Portfolio Manager

Market Environment

  • Secondaries deal volume: The Private Equity Secondary market remains one of the most resilient areas of private markets seeing robust growth, achieving a record $225bn in deal volume in 2025, representing a +40% growth vs. 2024 which itself was a record year, according to Evercore. This translates to an impressive CAGR of +20% since 2013. Even after a record year, the secondaries market still represents only <3% of the Total Private Equity market (c.$10tn in AuM, according to Pitchbook), indicating significant runway for continued growth to come. LP-led Secondaries continue to be a key driver of this growth, representing 53% of transaction volume in 2025 (vs. 47% for GP-leds).
  • Secondaries pricing: Pricing of LP-led Secondary deals remained on the high side, though declining slightly to an average of 92 cents on the dollar (vs. 94 cents in 2024), according to Jefferies, underscoring the need to be disciplined and offer other non-price attributes such as speed and reliability of deal execution and deal structuring to remain competitive. Buyout strategies continue to comprise the majority of LP-led transaction volume, reaching 70%.

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 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: 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 scenarios

The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product over the last 10 years. Markets could develop very differently in the future. This table shows the money you could get back over the next 5 years, under different scenarios, assuming that you invest 10 000 €.

Performance scenarios

Data as of:  Dec 2025.
Scenarios
If you exit after 1 year
If you exit after 5 years
Stress
What you might get back after costs
Average return each year
6829,3212251039995 €
-31.71 %
5446,6752255840001 €
-11.44 %
Unfavourable
What you might get back after costs
Average return each year
8894,395336992 €
-11.06 %
12017,093791247999 €
+3.74 %
Moderate
What you might get back after costs
Average return each year
9719,8726922400001 €
-2.80 %
16156,609632144 €
+10.07 %
Favourable
What you might get back after costs
Average return each year
12756,822299087999 €
+27.57 %
18366,896987808006 €
+12.93 %
Download as a CSV file
The unfavourable scenario occurred for an investment between 12/2024 and 12/2025.
The moderate scenario occurred for an investment between 09/2016 and 09/2021.
The favourable scenario occurred for an investment between 03/2020 and 03/2025.
Source: Carmignac at Dec 31, 2025.

Articles that may interest you

Strategies insights • December 8, 2025 • English

Europe’s time to shine in Private Equity

2 minute(s) read
Find out more
Strategies insights • October 9, 2025 • English

Evergreen & Secondaries: When flexibility meets liquidity

2 minute(s) read
Find out more
Our views • September 30, 2025 • English

Carmignac: Insights and Perspectives

3 minute(s) read
Find out more
All analysis
View characteristics and risksView portfolio
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.