ACTIVATOEWIJZING
Dit onderdeel beschrijft de verdeling van de beleggingen over de verschillende activaklassen binnen particuliere markten, zoals secundaire beleggingen, primaire beleggingen en directe beleggingen, evenals het aandeel liquide activa (aangehouden in de liquid sleeve).
Het geeft een overzicht van de samenstelling van de portefeuille en kan op elk moment worden aangepast.
Strategie/subbevestigingen (% netto vermogen)
Op : 31 dec. 2024.- Liquid Sleeve
- 46.1 %
- Secondaries Co-Investments
- 42.4 %
- Direct Co-Investments
- 8.9 %
- Secondaries Fund Investments
- 2.5 %
- Primaries / Direct Fund Investments
- 0.0 %
Belangrijkste beleggingsposities
In dit deel vindt u een overzicht van de grootste posities van het fonds, inclusief details over de specifieke soorten beleggingen en hun respectieve weging als percentage van het totale vermogen van het fonds.TOP BELEGGINGEN (% Netto Vermogen)
Op : 31 dec. 2024.| Project Michigan | 16.3% |
| Project Roland | 15.2% |
| Project Volt | 7.1% |
| Project Luigi | 6.3% |
| Project Archimed | 4.6% |
| Clipway Secondary Fund 1 | 2.5% |
| Project Nicki | 1.8% |
Geography Breakdown
De geografische uitsplitsing verschaft informatie over de landen of regio's waarin het fonds is belegd, evenals het percentage van het totale vermogen van het fonds dat is blootgesteld aan elk land/regio. Inzicht in aan welke landen of regio's het fonds is blootgesteld, maakt het mogelijk de geografische spreiding en de kansen en risico's die dit met zich meebrengt te beoordelen. Het verschaft informatie over zowel de beleggingsstrategie als de huidige positionering van het fonds.Verdeling per Geografische Zone
Op : 30 sep. 2024.| Europa | 69.1 % |
| North America | 30.2 % |
| Asia | 0.7 % |
| Total | 100.0 % |
 Europa |
Sector Breakdown
De uitsplitsing naar sector geeft informatie over de verschillende sectoren waarin het fonds is belegd, evenals het percentage van het totale vermogen van het fonds dat aan elke sector is blootgesteld. Als we weten aan welke sectoren het fonds is blootgesteld, kunnen we de sectorale spreiding en de kansen en risico's beoordelen. Het verschaft informatie over zowel de beleggingsstrategie als de huidige positionering van het fonds.Verdeling volgens Sector
Op : 30 sep. 2024.Vintage Breakdown
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.Vintage Breakdown
Op : 30 sep. 2024.Opmerkingen van het beleggingsteam
Lees hieronder de analyse van het beleggingsteam.
Carmignac Private Evergreen Maandcommentaar
Op : 31 dec. 2024.
Edouard Boscher
Megan Noelle Chew
Alexis de Chezelles
Rendement opmerkingen
• In December 2024, the Net Asset Value (“NAV”) of Carmignac Private Evergreen (EUR A) increased by +2.2%. This performance was mainly driven by the closing of a new Secondaries transaction, Project Archimed, as well as the delayed transfer of a fund interest as part of Project Roland. The performance was slightly offset by upfront fees associated with new Direct transaction, Project Nicki. The rest of portfolio the is still largely based on underlying valuations as of September.- Project Archimed: LP-interest Secondary deal entailing the acquisition of a high-quality, cherry-picked portfolio managed by Naxicap. Portfolio comprising 15 mid-market buyout companies. Relatively younger portfolio with significant value creation runway. Complementary maturity profile and geographical exposure, representing Carmignac Private Evergreen's first significant exposure to France. Attractive high double-digit implied discount. - Project Nicki: Direct co-investment in SpaceX, a leading space technology and telecoms company founded and led by Elon Musk. Proprietary investment: highly coveted and hard-to-attain allocation made possible through Carmignac's network. Attractive asymmetrical risk-reward potential given strong first-mover advantage, significant existing and new market potential, and proven technology and business value. Participation in one of the most revolutionary and innovative companies, with strong outperformance potential.Vooruitzichten en investeringsstrategie
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 >260 companies across 7 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 much 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.
Marktomgeving
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. Transaction volume for the first 9 months of 2024 reached c.$115bn, already matching that of the whole of 2023, according to PJT.
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.