Carlyle’s Evergreen Buyout Fund Opens a New Unit Class as Value Hits $146.8 Million
The debut Class I tranche had to borrow another class’s price, since it had no valuation history of its own.
August 27, 2026
Carlyle Private Equity Partners Fund, L.P. brought a Class I unit to market effective August 1, 2026 — the first new share class the Washington, D.C.-based vehicle has added since its October 2025 launch. Because Class I units had not yet been issued when the fund struck its July 31 valuation, the debut tranche was priced off Class E-I’s transactional net asset value instead.
August subscriptions totaled roughly $13.4 million across four classes:
- Class E-I: 335,233 units for $10,295,015 — the bulk of the month’s flow
- Class E-A: 61,669 units for $1,891,400
- Class I: 23,478 units for $721,000
- Class C: 15,733 units for $500,000, taken by an affiliate of the general partner, CPEP GP, LLC
The sponsor tranche extends a run of monthly participation alongside outside capital. Final unit counts were fixed on August 24 once the July 31 transactional NAV was calculated. The units moved through the fund’s continuous private offering, exempt under Section 4(a)(2) and Regulation D, with some investors subscribing through CPEP Feeder, L.P., a vehicle built for certain U.S. tax-exempt and non-U.S. subscribers.
Valuation across a widening class structure
Total transactional NAV stood at $146.8 million as of July 31 across the six classes then outstanding, up from the $113 million the fund reported at the end of May. Per-unit marks have moved up in tandem, now spanning $30.58 for Class E-S to $31.78 for Class C, against a $29.59 to $30.50 range two months earlier. Class E-I remains dominant at 3,124,072 units valued at $30.71, with Class A-I next at 873,785 units at $30.85.
The fund cautions that transactional NAV — which sets the price for all unit transactions — may diverge from net asset value determined under U.S. GAAP. Per-unit figures also exclude class-specific fees, expenses and other net assets attributable to the classes at the Feeder level.
A cost cap in its final stretch
For the twelve months following its October 1, 2025 initial closing, the fund’s investment advisor is holding specified expenses to 0.60% of net assets on an annualized basis, waiving management fees or absorbing costs as needed to stay inside that ceiling. The limit stops applying once the period ends. Advisors modeling ongoing cost should also note that expense support reimbursements reduce transactional NAV in the month the fund repays the advisor, and that servicing fees come off NAV monthly as paid.
The report was signed by Charles E. Andrews, Jr., the fund’s chief financial officer.
