Evergreen funds in private markets

Evergreen structures are reshaping access to private markets – but they also raise important questions about liquidity, valuation, governance and fees. This briefing explains how evergreen funds work, where they fit across asset classes, and what to check before you commit capital.

Written for trustees, sponsors and institutional investors, it outlines the mechanics, benefits and risks of evergreen funds in clear and practical terms.

You’ll learn how managers use tools such as gates, lock-ups and deferrals; why the J-curve can be reduced; and where cash drag and valuation discipline matter most.

What you’ll learn

• The key differences between closed-ended and evergreen structures – and how this affects deployment, distributions and fees.
• Liquidity in practice: redemption windows, queue management and the trade-offs behind 'semi-liquid' funds.
• Where evergreen vehicles are gaining traction (infrastructure, private credit, real estate) and where challenges remain (private equity).
• Considerations for different audiences: DC schemes (including LTAFs), institutions building core-satellite exposure, and investors under-allocated to privates.
• A simple checklist for due diligence: liquidity mechanics, manager alignment, and valuation controls.

Who should read this

• DC schemes and trustees assessing LTAFs and semi-liquid options.
• Corporate sponsors and investment committees reviewing private market allocations.
• CIOs and governance teams seeking a succinct, non-marketing overview.