Ardian Clean Energy Evergreen Fund

Ardian Clean Energy Evergreen Fund is an open-ended infrastructure vehicle managed by Ardian, launched in 2022 and domiciled in Luxembourg. It is structured as a SICAV operating under the RAIF regime and is classified as Non-ELTIF, with N/A applying as a result; distribution is pan-European and restricted to professional investors. The portfolio follows a core / core plus approach within infrastructure, denominated in EUR, and the fund is reported as Article 9 under SFDR, the category reserved for products with a sustainable investment objective, consistent with its clean energy mandate.

As an evergreen structure rather than a closed-end drawdown fund, the vehicle holds assets on a perpetual basis and admits and redeems investors through periodic dealing rather than a fixed term and liquidation. Subscriptions are met from the continuing pool rather than a committed-capital schedule, and redemption capacity depends on fund-level liquidity and the governing documents, since the underlying energy infrastructure holdings are themselves illiquid; prospective investors should review the dealing terms, notice requirements and any deferral or gating provisions in the offering documentation. Reported assets of and the recent direction of flows indicated by are relevant inputs when assessing how that liquidity mechanism has functioned in practice.

Within the research universe of 494 vehicles as of 31 Aug 2026, the fund is one of 73 covering infrastructure and one of 347 domiciled in Luxembourg, placing it among the 57 funds that combine both characteristics. That subset is the most direct comparison set for structure, regulatory treatment and reporting cadence, and it is the basis on which the size and flow figures above are benchmarked.