What Carmignac does

Carmignac is a privately-held French asset management firm founded in 1989 by Édouard Carmignac and Eric Helderlé, headquartered in Paris and operating through wholly-owned subsidiaries in Luxembourg (Carmignac Gestion Luxembourg) and the United Kingdom (Carmignac UK Ltd). The firm manages approximately €41 billion in assets under management across a deliberately concentrated range of 34 funds organised into five strategy categories: equity (11 funds), fixed income (10 funds), diversified/Patrimoine (6 funds), alternative (5 funds), and private assets (2 funds). Funds are marketed in 15 countries under French FCP, Luxembourg SICAV, and Irish ICAV legal structures, spanning SFDR Article 6, 8, and 9 classifications, with more than 90% of funds investing according to environmental or social criteria.

The firm runs an actively-managed, conviction-driven investment platform with no benchmark constraints, organised around specialist teams in equity (14 managers and analysts, 23-year average experience) and fixed income (11 specialists). The proprietary START ESG system provides integrated environmental, social, and governance analysis across portfolios. Revenue is generated primarily through recurring management fees on AUM, disclosed in fund Key Information Documents (KIDs) and prospectuses, with private asset strategies including semi-liquid evergreen private equity and an ELTIF Evergreen vehicle launched in February 2026 adding higher-fee alternative exposure.

Carmignac distributes its products through a direct sales platform targeting professional investors (financial intermediaries, wealth managers, family offices, pension funds, insurers) as the primary segment, with private investors served via the website portal subject to qualification. Distribution is supplemented by partnerships (notably Clipway for private equity secondaries) and supplemented by a content-driven marketing program spanning Carmignac's Note, quarterly letters, strategy insights, and financial education content. The firm is not publicly traded, maintains founder/management control, and is restricted from marketing funds to US persons.

Name

Carmignac

Legal name

Carmignac Gestion S.A.

Website

https://carmignac.com

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

251–500 employees

Short description

Carmignac is a privately-held French asset manager managing approximately €41 billion across 34 equity, fixed income, diversified, alternative, and private asset funds for professional and private investors in 15 countries, founded in 1989.

Ownership category

akta.pro rank

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management Fees: Carmignac generates revenue through management fees charged on assets under management across its fund range (equity, fixed income, diversified, alternative, and private asset strategies). Fees are typically disclosed in Key Information Documents (KIDs) and vary by fund type and share class.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Carmignac is an independent French asset management firm offering a concentrated range of 34 investment funds across five strategy categories: equity (11 funds), fixed income (10 funds), diversified/Patrimoine (6 funds), alternative (5 funds), and private assets (2 funds). The firm manages approximately €41 billion in assets under management across multiple legal structures (French FCP, Luxembourg SICAV, Irish ICAV), distributing actively-managed investment solutions with proprietary ESG integration through the START system to professional and qualified private investors in 15 countries.

Product overview

Carmignac offers a deliberately concentrated range of 34 investment funds across five main strategy categories: Equity (11 funds including global, European, emerging markets, and thematic strategies), Fixed Income (10 funds including aggregate, specialized credit, and target maturity funds), Diversified/Patrimoine (6 funds offering dynamic asset allocation), Alternative (5 funds including long/short equity, merger arbitrage, and alternative credit), and Private Assets (2 funds including semi-liquid evergreen private equity structures). The flagship products include Carmignac Investissement (global equity, launched 1989), Carmignac Patrimoine (diversified strategy, launched 1989), and Carmignac Emergents (emerging markets equity, launched 1997). The fund range spans multiple legal structures (French FCP, Luxembourg SICAV, Irish ICAV) and SFDR classifications (Article 6, 8, and 9), with over 90% of funds investing according to environmental or social criteria. The firm manages approximately €41 billion in assets under management and markets its funds in 15 countries.

Differentiator

Problem solved

Functional benefit

Brands

• Carmignac Gestion: Main operating entity for fund management activities in France
• Carmignac Portfolio
• Carmignac Emergents
• Carmignac Investissement
• Carmignac Patrimoine
• Carmignac Private Evergreen
• Carmignac ELTIF Evergreen

Products and services

• Carmignac Investissement Flagship global equity fund launched in 1989, focusing on identifying thriving companies that capitalize on promising trends across the globe through an unconstrained approach. Targeted at professional and qualified investors seeking long-term global equity exposure.
• Carmignac Emergents Emerging markets equity fund launched in 1997, seeking high alpha generation across a diversified emerging and frontier market universe with Article 9 SFDR classification. Manages approximately €668 million in assets.
• Carmignac Patrimoine Flagship diversified strategy since 1989 offering dynamic asset allocation across equities, bonds and currencies with no sectoral or geographical constraints. Pioneered the flexible Patrimoine approach in European asset management.
• Carmignac Portfolio Tech Solutions Thematic equity fund investing in technology companies globally with sustainable long-term growth prospects, capturing innovation across the value chain. Article 9 SFDR classification.
• Carmignac Portfolio Flexible Bond International fixed income fund implementing interest rate and credit strategies across markets worldwide with systematic currency hedging and dynamic modified duration management. Manages approximately €3 billion in assets.
• Carmignac Portfolio Global Bond Global macro fixed income fund benefiting from multiple performance drivers based on macroeconomic cycle analysis with a wide modified duration range.
• Carmignac Portfolio Credit International credit strategy fund implementing credit strategies on a global scale through a flexible approach across the entire credit universe.
• Carmignac Portfolio EM Debt Emerging markets fixed income fund implementing local debt, external debt and currency strategies through a flexible conviction-driven approach. Manages approximately €3.7 billion in EM fixed income assets.
• Carmignac Portfolio Grande Europe European equity fund launched in 1999, focused on sustainable investments in quality and growth companies with positive outcomes for society and environment.
• Carmignac Portfolio Grandchildren Intergenerational savings solution launched in 2019, selecting long-term opportunities across global markets with focus on quality business models and positive contribution to environment and society.
• Carmignac Portfolio Long-Short European Equities High-conviction long/short approach to European equities with bottom-up fundamental analysis, active net equity exposure management ranging from -20% to +50%.
• Carmignac Portfolio Merger Arbitrage Plus Active absolute return strategy focusing on officially announced M&A deals in developed markets with limited correlation to equity markets.
• Carmignac Credit Opportunities Alternative credit strategy in ICAV structure designed to capture extra risk premium with a conviction-driven and opportunistic global credit approach.
• Carmignac Private Evergreen Semi-liquid open-ended private equity fund offering privileged access to diversified private equity opportunities with quarterly liquidity windows. For professional investors.

Quantifiable outcome

• For seventh consecutive year, nearly all fixed income funds have outperformed their reference indicator
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• ClipwaycoreStrategic or Co-development PartnerExclusive partnership with Clipway, a leading Private Equity secondaries player, to access private equity secondary market opportunities and co-investments. The partnership enables Carmignac's Private Assets team to offer diversified exposure to global private equity through carefully selected secondary transactions.

Scale indicators9 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Lazard Asset Management: Lazard Asset Management is a global active asset manager with strong equity and fixed income franchises and a focus on institutional and intermediary clients. Comparable to Carmignac in active-only positioning and global distribution model, particularly in European equities and global fixed income.
• ODDO BHF Asset Management: ODDO BHF is a Franco-German independent asset manager offering active equity, fixed income, and private assets strategies. Similar in scale and active-only philosophy to Carmignac, with overlapping distribution in France, Germany, and Switzerland.
• Natixis Investment Managers: Natixis Investment Managers is a Paris-headquartered multi-affiliate asset manager offering active strategies across equities, fixed income, and alternatives. Its multi-affiliate model and active-only positioning make it a direct peer to Carmignac in the European intermediary and institutional channels.
• M&G Investments: M&G Investments is a UK/European asset manager with broad active strategies across equities, fixed income, multi-asset, and private assets. Comparable to Carmignac in product breadth, retail and institutional reach, and recent push into private markets and ESG.
• Jupiter Fund Management: Jupiter Fund Management is a London-based active asset manager with concentrated equity, fixed income, and alternatives strategies. Closely comparable to Carmignac in boutique-style active management, European roots, and intermediary-driven distribution.
• Pictet Group: Pictet is a Swiss private banking and asset management group with strong active equity, fixed income, and thematic capabilities. Closely comparable to Carmignac as an independent, owner-operated European manager emphasizing active conviction and long-term wealth management.

Broad incumbents

• AXA Investment Managers: AXA Investment Managers is a large European asset manager with broad active and ESG-integrated capabilities. While broader and more institutional than Carmignac, it competes for the same continental European intermediary and institutional mandates and shares ESG orientation.
• T. Rowe Price: T. Rowe Price is a global active asset manager with strong equity, fixed income, and multi-asset capabilities targeting institutional and intermediary clients. Comparable to Carmignac in active-only philosophy and global distribution, though materially larger in AUM and reach.
• Amundi: Amundi is Europe's largest asset manager with ~€2T+ AUM, offering active and passive strategies across equity, fixed income, and multi-asset. Headquartered in Paris like Carmignac, Amundi is the most direct large-scale benchmark for distribution footprint, product breadth, and institutional penetration in France and continental Europe.
• Franklin Templeton: Franklin Templeton is a global asset manager with extensive active, multi-asset, and alternative capabilities. Broader and larger than Carmignac, but competes for similar European intermediary and institutional mandates and offers comparable thematic and sustainable products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/carmignac
• YouTubeyoutube.com/@carmignac
• LinkedInlinkedin.com/company/carmignac
• Instagraminstagram.com/carmignac

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carmignac