Glossary › Evergreen fund
An evergreen fund is a private markets fund without a fixed term that continuously accepts new money and redeems units at regular intervals.
Classic private equity funds are closed-ended: investors commit capital that is called over several years and only get it back after ten to twelve years. An evergreen fund invests the money paid in immediately in an existing portfolio, values it regularly and allows entry and exit on fixed dates. New subscriptions and proceeds from sales are reinvested continuously.
The price of this flexibility: the fund has to hold liquidity (cash drag), and redemptions are limited – by notice period, dealing dates and gate. In calm times the exit works smoothly; in periods of stress it can stretch over quarters. Evergreen is a design, not a legal form: there are evergreen ELTIFs as well as evergreen funds structured as Part II SICAVs or French FCPRs.
The database covers 139 active semi-liquid funds. 97 redeem units quarterly, 37 monthly or more often. 102 were launched in 2024 or later – the market is young.
The three oldest funds in the database · as at 16 Oct 2026
the chapter on semi-liquid funds · all funds in the database · all terms in the glossary