Private Asset strategies
Carmignac Private Evergreen
Share Class
LU2799473470
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 30/05/2025
+ 26.6 %
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-
-
+ 17.4 %
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
-
-
-
-
-
-
-
-
-
+ 25.4 %
Net Asset Value
126.59 €
Asset Under Management
138 M €
SFDR - Fund Classification
Article 8
ASSET ALLOCATION
This section details the allocation of investments between the different asset classes within private markets, such as secondary investments, primary investments and direct investments, as well as the proportion of liquid assets (held in the liquid sleeve). It provides an overview of the portfolio's composition and can be adjusted at any time.Strategy/sub asset-class exposure (% net asset)
Data as of: May 30, 2025.- Secondaries Co-Investments
- 50.2 %
- Liquid Sleeve
- 41.7 %
- Direct Co-Investments
- 5.3 %
- Primaries & Secondaries Fund Investments
- 2.8 %
Top investment exposures
This section provides an overview of the largest holdings of the fund, including detail on the specific types of investments and their respective weightings as a percentage of the fund's overall assets.Top investment exposures (% Net Asset)
Data as of: May 30, 2025.| Project Michigan | 14.1% |
| Project Bernabeu | 13.1% |
| Project Roland | 12.6% |
| Project Archimed | 5.3% |
| Project Luigi | 5.1% |
| Project Skyline | 3.6% |
| Clipway Secondary Fund 1 | 2.8% |
| Project Nicki | 1.7% |
Total
58.3 %
Geographical Breakdown
The Fund’s exposure to specific country and region provides you with an insight on its diversification as well as the opportunities and risks involved. The geographic breakdown also provides an overview of the Fund's investment strategy and current positioning.Geographical Breakdown
Data as of: Dec 31, 2024.| Europe | 63.0 % |
| North America | 32.4 % |
| Asia | 4.2 % |
| RoW | 0.3 % |
| Total | 99.9 % |
Europe63.0 %
 Europe |
To Access the weekly view
Sector Breakdown
The Fund’s exposure to specific sector provides you with an insight on its diversification as well as the opportunities and risks involved. The sector breakdown also provides an overview of the Fund's investment strategy and current positioning.Vintage Breakdown
Vintage refers to the year in which the underlying companies were invested in by Carmignac Private Evergreen, either directly through direct co-investments, or indirectly through secondary transactions.Vintage Breakdown
Data as of: Dec 31, 2024.Comments from the Investment Team
Read the Investment team's analysis below.
Carmignac Private Evergreen Monthly comments
Data as of: May 30, 2025.The Investment team
Edouard Boscher
Head of Private Equity
Megan Noelle Chew
Portfolio Manager
Alexis de Chezelles
Portfolio Manager
Performance Commentary
•In May 2025, the Net Asset Value (“NAV”) of Carmignac Private Evergreen (EUR A) increased by 0.14%. This was driven primarily by positive appreciation in Project Luigi and AHEAD, but offset by the dilution effect of new investors subscribing to CSF 1. The rest of the portfolio remained generally flat versus Q4 marks. On the liquidity generation front, we saw a great outcome from the successful sale of Sureserve, realising a solid 2.3x net within 1.5 years. The sale, alongside other realisations and distributions within the portfolio since inception, represents 15% of the total amount deployed, a testament of our ability to crystallise performance and generate liquidity even in a challenging exit environment. •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 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 and continue to 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, while investing opportunistically in high-conviction 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 favourable terms and structuring such as discounts and deferred payments and offers numerous benefits such as a reduced J-curve effect and blind-pool risk. It is a unique 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 >380 companies across 9 investments and is highly diversified across sectors, geographies and vintages, while still maintaining a focus on developed markets and private equity buyouts. As the Fund is still in its ramp-up phase, the liquid sleeve of the portfolio is larger than its intended allocation. We expect this to normalize by end-2025. Of note, the liquid sleeve is actively managed and invested in a curated range of Carmignac’s fixed income and credit funds on a no fee basis.Related articles
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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
• 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.