Key Takeaways
- • Carmignac launches Carmignac ELTIF Evergreen, a semi-liquid open-ended private equity fund structured as an ELTIF (European Long-Term Investment Fund), officially launching March 31, 2026, with early subscription already available in Sweden and Finland.
- • The fund is accessible to both retail and professional investors, offering regular liquidity optionality and greater flexibility than traditional closed-end private equity vehicles through its evergreen, semi-liquid structure.
- • The portfolio spans the private equity market with substantial allocation to secondary private equity investments, broadening Carmignac's private markets offering beyond its existing Carmignac Private Evergreen strategy (which held €158 million in AUM as of March 31, 2025).
- • This launch represents Carmignac's strategic expansion into private markets, leveraging the ELTIF regulatory framework to democratize access to private equity for a broader investor base across Nordic markets.
Summary
Carmignac has launched Carmignac ELTIF Evergreen, its first semi-liquid private equity fund structured as a European Long-Term Investment Fund. The fund is officially launching on March 31, 2026, though subscription is already open in Sweden and Finland as of the announcement date. This marks the firm's strategic expansion into the private markets space following its earlier entry with Carmignac Private Evergreen.
The ELTIF Evergreen fund is structured as a semi-liquid, open-ended evergreen vehicle, distinguishing it from traditional closed-end private equity funds by offering regular liquidity optionality to investors. This structure provides greater flexibility while maintaining the long-term investment orientation characteristic of private equity. The fund is accessible to both retail and professional investors, reflecting Carmignac's objective to democratize access to private markets through regulatory-approved ELTIF vehicles.
The portfolio strategy emphasizes substantial allocation to secondary private equity markets, supplemented with broader private equity exposure. This secondary-focused approach appeals to institutional and retail investors seeking seasoned assets with established track records rather than exclusively early-stage or growth-stage investments. The secondary market concentration also provides enhanced liquidity characteristics relative to traditional buyout funds.
Carmignac's existing Carmignac Private Evergreen strategy, launched in May 2024, had accumulated €158 million in assets under management as of March 31, 2025, indicating meaningful institutional and investor appetite for the firm's private markets offerings. The ELTIF Evergreen launch builds on this momentum, leveraging the European regulatory framework to expand geographic reach and investor accessibility in Nordic markets initially, with potential for broader European distribution.
The ELTIF Evergreen fund is structured as a semi-liquid, open-ended evergreen vehicle, distinguishing it from traditional closed-end private equity funds by offering regular liquidity optionality to investors. This structure provides greater flexibility while maintaining the long-term investment orientation characteristic of private equity. The fund is accessible to both retail and professional investors, reflecting Carmignac's objective to democratize access to private markets through regulatory-approved ELTIF vehicles.
The portfolio strategy emphasizes substantial allocation to secondary private equity markets, supplemented with broader private equity exposure. This secondary-focused approach appeals to institutional and retail investors seeking seasoned assets with established track records rather than exclusively early-stage or growth-stage investments. The secondary market concentration also provides enhanced liquidity characteristics relative to traditional buyout funds.
Carmignac's existing Carmignac Private Evergreen strategy, launched in May 2024, had accumulated €158 million in assets under management as of March 31, 2025, indicating meaningful institutional and investor appetite for the firm's private markets offerings. The ELTIF Evergreen launch builds on this momentum, leveraging the European regulatory framework to expand geographic reach and investor accessibility in Nordic markets initially, with potential for broader European distribution.
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