Carmignac Private Evergreen

• Private Wealth market: A significant market representing c.$200tn assets globally according to BNP Paribas, with allocation to private markets standing at <3% for private investors vs. c.14% for institutional investors (Bain PE Report 2023), indicating significant white space for further private market exposure for the former. Semi-liquid funds have demonstrated strong uptake over the past few years, and is estimated to represent c.$400bn globally to date according to iCapital.• Secondaries deal volume: According to Evercore, 2024 achieved a record-breaking transaction volume of an estimated $160bn. This landmark achievement not only underscores the rapid growth of the market but also surpasses the historic high set in 2021. The sustained momentum reflects the market’s ability to innovate and adapt, attracting a broader range of participants and delivering tailored solutions to meet the growing demands for liquidity and portfolio management. The LP-led segment, representing 56%, maintained momentum throughout 2024 having grown 41% YoY. Liquidity pressure, coupled with a favourable pricing environment, have prompted a diverse range of investors to turn to the secondary market as a strategic tool for managing their private investment portfolios. The rise of evergreen vehicles has also boosted demand, adding new dimensions to the market and fostering heightened competitive dynamics while enabling buyers to deploy larger capital commitments.
The GP-led market, representing 44%, also made new high in 2024, driven by continued adoption and robust dynamics on both demand and supply sides.
• Secondaries pricing: Pricing of LP-led Secondary deals is on the high side, 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. Convergence of bid-ask spreads seems to increase driven by favourable investor sentiment according to Evercore.

• In April 2025, the Net Asset Value (“NAV”) of Carmignac Private Evergreen (EUR A) decreased by -1.56%. This performance was mainly driven by negative EUR/USD exchange rate movements (-5.24% this month) on the back of our 28% net USD denominated NAV. However this was partially offset by a positive FX hedging impact of €0.6m. Our portfolio remains solid, seeing positive appreciation based on Q4 2024 marks, as well as on the liquidity generation front, with more than €2.3m received in distributions: €1.5m from two exits in Project Luigi, €0.4m from Project Roland, €0.4m dividend recap from AHEAD, all of which are investments made less than a year ago. - While no deal has been closed this month, we signed a large, diversified LP-interest secondary deal which will be closed and transferred in September. We see many attractive opportunities in the secondary market, 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 potential valuation dislocations driven by factors such as demand for liquidity, need for portfolio rebalancing, or desire to crystalize gains. We are actively reviewing a strong deal pipeline and to have sufficient dry powder to capitalise on opportunities in the coming months.