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Carmignac ELTIF Evergreen: Expanding access to private equity for all investors

Published on
February 23, 2026
Read time
2 minute(s) read

Carmignac has always been driven by the ambition to make sophisticated investment solutions, long reserved for institutional investors, accessible to the widest possible audience. From emerging markets to alternatives, and now private equity, this philosophy has consistently guided our innovation.

We believe that long-term value creation increasingly lies beyond public markets. As companies remain private for longer and innovation accelerates, access to private assets has become a cornerstone of a truly diversified portfolio.

Building on this conviction, Carmignac first expanded into private markets with an evergreen solution for professional investors in 2024, which has delivered double-digit performance since inception. Today, we are taking this commitment one step further with the launch1 of Carmignac ELTIF Evergreen, designed to open the door to private equity for retail investors, with no minimum investment required.

Carmignac ELTIF Evergreen: a new gateway to private equity

Carmignac ELTIF Evergreen gives investors access to a diversified portfolio of private companies across developed markets worldwide, with an initial focus on Europe. It is structured as a semi-liquid, open-ended evergreen fund, offering greater flexibility than traditional private equity vehicles. As an ELTIF, the strategy is firmly anchored in Europe and is well positioned to benefit from the continued development of a robust private markets ecosystem in the continent, while maintaining a global investment perspective.

Leveraging our expertise in secondary investments, we have designed an ELTIF strategy primarily focused on secondaries, investing in existing private equity assets with visibility on underlying companies and valuations. This approach enhances diversification and enables smoother liquidity management. Selective primary investments and direct co-investments further complement the strategy.

Together, this allows us to take advantage of current attractive European opportunities, supported by compelling entry valuations, strong corporate governance standards, and, according to us, a growing pipeline of high-quality private assets.

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The fund has been designed to address some of the traditional hurdles associated with private equity investing:

While the evergreen structure allows for regular subscriptions and redemptions, lower minimum investments and simplified administration through an all-in-one solution…
… Our focus on secondaries boosts diversification across vintages, sectors and strategies, while having access to established private equity funds.

Private equity, the Carmignac way

Carmignac ELTIF Evergreen benefits from three unique strengths:

Carmignac’s expertise and commitment

Established operational capabilities put to work, such as risk, valuation and liquidity management, as well as more than 2 billion2 of equity capital invested alongside our clients.

Seasoned investment team with access to strong resources

A team of 4 dedicated managers with complementary backgrounds and nearly 70 years of combined experience. They are supported by Carmignac’s sector, macro and ESG expertise and advised by 18 investment professionals at Clipway.

Strategic partnership

Our partnership with Clipway, an innovative player in the secondary industry founded by former Ardian employees, granting access to co-investments with attractive terms typically reserved for large institutional investors.

Accessing growth beyond public markets

More than 95% of European companies with >€100m revenues are privately owned3, meaning a large share of economic growth, innovation and value creation takes place outside public markets. Private equity allows investors to:

  • Broaden their investment universe
  • Benefit from company-level value creation: earnings growth, operational improvement, strategic repositioning
  • Complement and diversify their portfolio to listed markets

By building on a proven investment framework and leveraging our expertise in secondaries, we aim to help investors access private market growth with the discipline and conviction that define our approach.

1The first NAV will be calculated on 31 March 2026.
2As of 31/12/2024. Equity capital in all funds managed by Carmignac, including a substantial share in our private equity solutions.
3Source: S&P Capital IQ, 2026.

Carmignac ELTIF Evergreen

Capturing long-term value in private companies worldwide
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Carmignac ELTIF Evergreen A EUR Acc

ISIN: LU3267163833
Recommended minimum investment horizon
5 years
Risk indicator*
6/7
SFDR - Fund Classification**
Article 8

*Risk Scale from the KID (Key Information Document). Risk 1 does not mean a risk-free investment. This indicator may change over time. **Sustainable Finance Disclosure Regulation (SFDR) 2019/2088. The SFDR classification of the Funds may change over time.

Main risks of the fund

Liquidity: Should exceptionally large redemptions be made, forcing the Fund to sell, the illiquid nature of assets might require the Fund to liquidate assets at a discount in particular under unfavorable conditions such as abnormally limited volumes or unusually wide bid-ask spreads.
Valuation: The valuation method, which is partly based on accounting data (quarterly or semi-annually computed), and the difference in lag with which NAVs are received from the General Partners, could reflect impacts on NAV with a delay. Moreover, NAV is sensitive to the valuation methodology adopted.
Discretionary Management: Investors rely solely on the discretion of the Portfolio Managers, and the level of transparency of the information available, to select and realize appropriate investments. There is no guarantee in the ultimate success of investments.
Limited control over secondary investments: Where the Fund makes an investment on a secondary basis, the Fund will generally not have the ability to negotiate the amendments to the constitutional documents of an underlying fund, enter into side letters or otherwise negotiate the legal or economic terms of the interest in the underlying fund being acquired. The underlying funds in which the Fund will invest generally invest wholly independently.
The Fund presents a risk of loss of capital. Please refer to the Fund’s prospectus to view the exhaustive list of risks.

Fees

ISIN: LU3267163833
Entry costs
4.00% of the amount you pay in when entering this investment. This is the most you will be charged. Carmignac Gestion doesn't charge any entry fee. The person selling you the product will inform you of the actual charge.
Exit costs
5.00% Max. of your investment before it is paid out to you. 5% could be the maximum amount that may be charged to you. For A and I share classes, additional 5% could be the maximum amount that may be charged to you as the Early Redemption Fees if you request to redeem
your Shares within eighteen (18) months of the launch of the Sub-Fund.
Management fees and other administrative or operating costs
2.56% of the value of your investment per year. This estimate is based on actual costs over the past year.
Performance fees
15.00% of the Sub-Fund's positive returns subject to a five per cent (5%) Hurdle Rate. The real amount varies according to the
performance of your investment.
Transaction Cost
0.03% of the value of your investment per year. This is an estimate of the costs incurred when we buy and sell the investments underlying the product. The actual amount varies depending on the quantity we buy and sell.

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MARKETING COMMUNICATION. Please refer to the KID/KIID/prospectus of the fund before making any final investment decisions.
The decision to invest in the promoted fund should take into account all its characteristics or objectives as described in its prospectus. This document may not be reproduced, in whole or in part, without prior authorisation from the management company. It does not constitute a subscription offer, nor does it constitute investment advice. The information contained in this document may be partial information and may be modified without prior notice. The Management Company can cease promotion in your country anytime. Investors have access to a summary of their rights on the following link (paragraph 5): https://www.carmignac.com/en/regulatory-information. 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. Carmignac ELTIF Evergreen refers to the ELTIF Evergreen sub-fund of the SICAV Carmignac S.A. SICAV – PART II UCI, registered with the Luxembourg RCS under number B285278. Access to the Fund may be subject to restrictions with regard to certain persons or countries. The Fund may not be offered or sold, directly or indirectly, for the benefit or on behalf of a U.S. person, according to the definition of the US Regulation S and/or FATCA. The Fund presents a risk of loss of capital. The risk, fees and ongoing charges are described in the KIDs (Key Information Document). The Fund's respective prospectuses, KIDs, NAV and annual reports are available at www.carmignac.com, or upon request to the Management Company. The KIDs must be made available to the subscriber prior to subscription. In Switzerland, the Fund’s respective prospectuses, KIDs and annual reports are available at www.carmignac.ch, or through our representative in Switzerland, CACEIS (Switzerland), S.A., Route de Signy 35, CH-1260 Nyon. The paying agent is CACEIS Bank, Montrouge, succursale de Nyon/Suisse, Route de Signy 35, 1260 Nyon. The KID must be made available to the subscriber prior to subscription. In the UK, the Funds’ respective prospectuses, KIDs and annual reports are available at www.carmignac.co.uk, or upon request to the Management Company. This material was prepared by Carmignac Gestion, Carmignac Gestion Luxembourg or Carmignac UK Ltd and is being distributed in the UK by Carmignac Gestion Luxembourg.