Carmignac has launched its first private equity strategy, Carmignac Private Evergreen, marking the firm’s entry into managing private assets.
The strategy has been seeded by Carmignac, consistent with its commitment to maintaining strong alignment of interests with clients. This latest move follows a series of initiatives through its own balance sheet, including, most recently, becoming a cornerstone investor of specialist secondaries firm Clipway in October 2023.
The launch represents a major milestone in the expansion of the firm’s investment offering, adding a complementary private market product to its public-market fund range.
Carmignac said the strategy is managed by “a dedicated team of four seasoned private equity specialists, under the leadership of Edouard Boscher”, who joined the firm in October 2023 as head of private equity. The team collectively have nearly 70 years of experience, having worked at several leading firms.
The Carmignac private equity team will leverage the company’s operational excellence, embedding its public-market knowledge into private markets. This includes robust risk and liquidity management, and research from sector analysts and the sustainable investment team.
Combined with unique advantages generated from a strategic partnership with Clipway, the result is a turnkey private equity solution of the high standard typically reserved for institutional investors, it said.
Carmignac Private Evergreen is a semi-liquid fund, offering regular liquidity options. The portfolio will span the private equity universe, with a substantial allocation to secondaries via co-investment deals offered with no management fees and no carried interest.
The strategy will also have exposure to direct co-investments, Clipway funds, and is expected to have selected primary investments in the future. The fund meets Article 8 under Sustainable Finance Disclosure Regulation (SFDR).
Maxime Carmignac, chief executive officer of Carmignac UK, said the new strategy “is a great illustration of Carmignac’s approach to product innovation, which favours long-term outcomes and client interests”.
He added: “By leveraging our proven expertise in investment analysis and risk management, combined with private market skill from our deeply experienced in-house team and Clipway, we are confident our strategy will have broad appeal to European clients.”
Edouard Boscher, head of private equity at Carmignac, added: “Private equity has demonstrated solid performance over decades, but access has been quite limited. Now, with recent developments in private markets and growing awareness of the potential returns, it is an optimal time for innovative new entrants to widen access to this attractive asset class.
“Carmignac is committed to giving distributors and investors the possibility to gain exposure to private equity through a product offering the same quality, terms and conditions as those traditionally earmarked for institutional investors. Our evergreen fund is a flexible, all-in-one solution designed to offer immediate access to a diversified portfolio of high-quality private assets.”
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