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: 29 Nov 2024.- Liquid Sleeve
- 58.2 %
- Secondaries Co-Investments
- 32.7 %
- Direct Co-Investments
- 7.3 %
- Secondaries Fund Investments
- 1.8 %
- Primaries / Direct Fund Investments
- 0.0 %
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: 29 Nov 2024.| Project Michigan | 16.6% |
| Project Roland | 9.7% |
| Project Volt | 7.3% |
| Project Luigi | 6.5% |
| Clipway Secondary Fund 1 | 1.8% |
Total
41.9 %
Comments from the Investment Team
Read the Investment team's analysis below.
Carmignac Private Evergreen Monthly comments
Data as of: 29 Nov 2024.The Investment team
Edouard Boscher
Head of Private Equity
Megan Noelle Chew
Portfolio Manager
Alexis de Chezelles
Portfolio Manager
Performance Commentary
- The reception and integration of the Net Asset Values (NAVs") of underlying investments as of September 2024 resulted in a total increase of 1.8% of the NAV of Carmignac Private Evergreen over the last two months. This increase was mainly driven by Project Luigi and Volt, as well as the appreciation of assets held in dollars.
Outlook and Investment Strategy
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Carmignac Private Evergreen refers to the Evergreen sub-fund of the SICAV Carmignac Private S.A. SICAV-RAIF registered with the Luxembourg RCS under number B65477.
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 '23), 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: The Secondary market delivered strong results in H1 2024, with total transaction volume at $72bn, setting a new record for H1 deal volumes. LP-led deals represented 57% of H1 2024 transactions (GP-leds: 43%), with LP-led deals seeing continued momentum driven by liquidity needs. Optimistic outlook for H2 2024 volumes given expected higher transaction volumes typically observed in the second half of the year.
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.