This is Carmignac’s first foray into private markets having last year invested its own capital as a cornerstone investor in secondaries firm, Clipway. The new fund is a semi-liquid offering and sees the firm expand from stocks to stakes, with Carmignac Private Evergreen designed to invest across private equity secondaries via co-investment deals. Even more appealing to investors is that there will be no management fees and no carried interest. No kidding! Carmignac has seeded the fund too, to ensure strong alignment of interests with investors. Direct co-investment opportunities will also be pursued as Carmignac embarks on its new adventure. Don’t forget your compass!