{"id":5671,"date":"2025-04-30T23:52:44","date_gmt":"2025-04-30T22:52:44","guid":{"rendered":"https:\/\/alterdomus.com\/?post_type=insights&#038;p=5671"},"modified":"2025-05-01T18:44:37","modified_gmt":"2025-05-01T17:44:37","slug":"private-markets-pioneers-a-natural-evolution-the-growth-of-evergreen-funds","status":"publish","type":"insights","link":"https:\/\/alterdomus.com\/insight\/private-markets-pioneers-a-natural-evolution-the-growth-of-evergreen-funds\/","title":{"rendered":"Private markets pioneers: a natural evolution &#8211; the growth of evergreen funds"},"content":{"rendered":"\n<div class=\"wp-block-filter-blocks-container filter-article-header-container filter-article-event has-ffeec-8-background-color has-background\"><div class=\"filter-container\" style=\"background-color:#ffeec8\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\"><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-container filter-article-content-container\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\"><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-container filter-contacts-container filter-contacts-1\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\"><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-container filter-more-insights-container\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-container filter-article-header-container filter-article-news has-ffeec-8-background-color has-background\"><div class=\"filter-container\" style=\"background-color:#ffeec8\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\">\n<p class=\"has-large-font-size\" style=\"margin-bottom:var(--wp--preset--spacing--xl)\">Analysis<\/p>\n\n\n<h1 style=\"margin-bottom:var(--wp--preset--spacing--m);\" class=\"wp-block-post-title has-huge-font-size\">Private markets pioneers: a natural evolution &#8211; the growth of evergreen funds<\/h1>\n\n\n<p class=\"has-medium-font-size\"><em>Despite a slowdown in private markets fundraising, capital flows into evergreen fund structures are on the up<\/em><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><em>In the second of a five-part series, Alter Domus explores the reasons behind forecasts for double-digit growth in evergreen assets under management (AUM), and why institutional investors in particular are funneling more capital into evergreen fund structures.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-filter-primary-color has-alpha-channel-opacity has-filter-primary-background-color has-background is-style-default\" style=\"margin-top:var(--wp--preset--spacing--2-xl);margin-bottom:var(--wp--preset--spacing--m)\"\/>\n\n\n\n<div class=\"wp-block-columns filter-article-meta-container is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\"><div class=\"has-text-align-right wp-block-post-date has-small-font-size\"><time datetime=\"2025-04-30T23:52:44+01:00\">30 April 2025<\/time><\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-container filter-article-content-container\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\"><figure style=\"height:250px;\" class=\"wp-block-post-featured-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"2560\" height=\"1707\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-buildings-clouds-scaled.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"architecture buildings clouds\" style=\"border-radius:32px;height:250px;object-fit:cover;\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-buildings-clouds-scaled.jpg 2560w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-buildings-clouds-300x200.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-buildings-clouds-1024x683.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-buildings-clouds-768x512.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-buildings-clouds-1536x1024.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-buildings-clouds-2048x1365.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n<p>Despite double-digit declines in annual <a href=\"https:\/\/www.bain.com\/globalassets\/noindex\/2025\/bain-report_global-private-equity-report-2025.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">private markets fundraising<\/a>, the outlook for investment in evergreen fund structures is bright.<\/p>\n\n\n\n<p>Evergreen funds (open-ended funds that do not have a fixed fund life, allowing investors to enter or exit at <a href=\"https:\/\/www.hamiltonlane.com\/en-us\/education\/private-markets-education\/evergreen-funds\" target=\"_blank\" rel=\"noreferrer noopener\">their discretion<\/a>) have been around for decades, but have seen a surge in popularity during the <a href=\"https:\/\/tinyurl.com\/y8jeedex\" target=\"_blank\" rel=\"noreferrer noopener\">last five years<\/a> as investors have recognized the flexible liquidity and immediate market exposure they offer for <a href=\"https:\/\/www.hamiltonlane.com\/en-us\/education\/private-markets-education\/evergreen-funds\">alternative assets portfolios<\/a>.<\/p>\n\n\n\n<p>The momentum behind evergreen interest has been particularly strong during the last 24 months as fundraising for traditional, close-ended 10-years funds has cooled off and private markets managers and investors have sought alternative routes for securing and allocating capital.<\/p>\n\n\n\n<p>The growing focus across private markets on raising more funding from the<a href=\"https:\/\/www.bain.com\/insights\/why-private-equity-is-targeting-individual-investors-global-private-equity-report-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"> non-institutional investors<\/a> has been a further spur for growth in evergreen fund assets under management (AUM), as evergreens provide family offices and individual investors with the opportunities to build exposure to private markets strategies at <a href=\"https:\/\/www.hamiltonlane.com\/en-us\/education\/private-markets-education\/evergreen-funds\" target=\"_blank\" rel=\"noreferrer noopener\">lower investment minimums<\/a> (starting at $25,000 versus the typical $5 million minimum for a 10-year, close-ended fund) and periodic opportunities to take liquidity.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>A natural evolution<\/strong><\/p>\n\n\n\n<p>The rise and rise of evergreen fund structures is a natural evolution for a private markets asset class that has ambitions to expand its investor base beyond its institutional core.<\/p>\n\n\n\n<p>According to Hamilton Lane, evergreen funds currently account for just 5 percent of overall private markets AUM, which represents close to US$700 billion. Ten years on from now, however, <a href=\"https:\/\/tinyurl.com\/y8jeedex\" target=\"_blank\" rel=\"noreferrer noopener\">Hamilton Lane anticipates<\/a> that evergreens will account for at least 20 percent of total private markets AUM, with growth in allocations from high-net worth individual investors the key driver of the rise, as evergreen fund AUM growth outstrips that of 10-year funds.<\/p>\n\n\n\n<p>Forecast growth for evergreen AUM, however, will not be driven exclusively by non-institutional channels, with Hamilton Lane expecting institutional investors to also increase their investment in evergreen structures as a tool for fine-tuning and managing private assets portfolios.<\/p>\n\n\n\n<p>The liquidity optionality offered by evergreen funds has become particularly attractive for institutions during the last 24 months as interest rate dislocation has made it difficult for managers to exit portfolio assets at attractive valuations, leading to a slowdown in distributions back to investors. <a href=\"https:\/\/www.bain.com\/globalassets\/noindex\/2025\/bain-report_global-private-equity-report-2025.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">According to Bain &amp; Co<\/a>, distributions as a portion of net asset value (NAV) fell to just 11 percent in 2024 \u2013 the lowest rate in more than a decade.<\/p>\n\n\n\n<p>Investors have had the option of taking liquidity through LP-led and GP-led secondaries deals but have often had to bear a discount to NAV when doing so. The opportunity that evergreen funds provide to offer some liquidity on a monthly or quarterly basis, at NAV, has <a href=\"https:\/\/www.privatedebtinvestor.com\/why-evergreen-funds-are-gaining-attention-in-europe\/\" target=\"_blank\" rel=\"noreferrer noopener\">appealed to institutions<\/a>.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Long-term appeal<\/strong><\/p>\n\n\n\n<p>The appeal of evergreen structures, however, hasn\u2019t only been supported by short-term, cyclical liquidity concerns.<\/p>\n\n\n\n<p>Both institutional and non-institutional investors have also been attracted to other features of evergreen funds, perhaps most notably the time in the market that evergreens can offer.<\/p>\n\n\n\n<p>In traditional 10-year funds large sums of capital have to be committed upfront, but as these funds are blind pool investment vehicles, those commitments are not put to work in assets on day one, but drawn down and invested over the investment period of the fund \u2013 usually five years.<\/p>\n\n\n\n<p>Evergreen funds, however, will already be comprised of a core portfolio of assets, that investors will be fully invested as soon as they invest in the fund, providing much more scope to <a href=\"https:\/\/tinyurl.com\/y8jeedex\" target=\"_blank\" rel=\"noreferrer noopener\">benefit from compounding returns<\/a>.<\/p>\n\n\n\n<p>Enabling investors to be fully invested from day one has a significant positive impact on the returns an evergreen structure is able to produce.<\/p>\n\n\n\n<p>An analysis of the annualized returns generated by 13 equity-focused evergreen funds from Q3 2019 to Q3 2024 by <a href=\"https:\/\/tinyurl.com\/y8jeedex\" target=\"_blank\" rel=\"noreferrer noopener\">Hamilton Lane found<\/a> that evergreens outperformed both the MSCI Word Stock Market Index and all of private equity.<\/p>\n\n\n\n<p><a href=\"https:\/\/tinyurl.com\/y8jeedex\" target=\"_blank\" rel=\"noreferrer noopener\">Hamilton Lane illustrates <\/a>that an evergreen fund that generates a steady (but not spectacular) 12 per cent return over ten years will provide investors with a 2.5 times multiple on invested capital inside a decade. Only six percent of close-ended funds deliver the same money multiple, and have to produce IRRs of more than 20 percent to do so. Capital allocated to evergreen funds and fully invested on day one generates strong comparative money multiples without having to produce knockout returns.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>Fee benefits<\/strong><\/p>\n\n\n\n<p>Fee and carry costs for evergreen funds also compare favorably to those of close-ended funds.<\/p>\n\n\n\n<p>Management fees for the two types of fund structure come out roughly the same for the two structures after a 10-year period, <a href=\"https:\/\/tinyurl.com\/y8jeedex\" target=\"_blank\" rel=\"noreferrer noopener\">according to Hamilton Lane<\/a>, with closed-ended fund fees higher earlier in the fund life as capital is deployed during the investment period, and tapering off towards the end of the fund\u2019s life, while evergreen fund management are spread out evenly through a ten-year period.<\/p>\n\n\n\n<p>When factoring in carried interest costs, however, overall fund costs for evergreen funds come in lower than close-ended funds, with evergreen carry charged at around 15 percent and closed-ended fund carry holding at <a href=\"https:\/\/tinyurl.com\/y8jeedex\" target=\"_blank\" rel=\"noreferrer noopener\">around 20 percent.<\/a><\/p>\n\n\n\n<p>As more evergreen funds launch and competition for investor capital intensifies, fees for evergreen funds could come down further, particularly as more price-conscious individual investors invest growing sums in <a href=\"https:\/\/www.privateequityinternational.com\/evergreens-to-account-for-over-20-of-private-markets-in-a-decade-hamilton-lane\/\" target=\"_blank\" rel=\"noreferrer noopener\">private markets evergreens<\/a>.<\/p>\n\n\n\n<p class=\"has-medium-font-size\"><strong>A fund structure for the future<\/strong><\/p>\n\n\n\n<p>The closed-ended fund structure will remain an important pathway for capital deployment, but will not be the only route to private markets exposure in the future as non-institutional investors account for an ever-greater share of the investor base and institutional investors take advantage of the flexibility that evergreen funds offer for accessing liquidity and managing portfolios.<\/p>\n\n\n\n<p>The uptick in evergreen fund launches is only just beginning.<\/p>\n\n\n\n<div class=\"wp-block-group filter-social-sharing-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<ul class=\"wp-block-outermost-social-sharing has-normal-icon-size has-icon-color is-style-logos-only is-content-justification-center is-layout-flex wp-container-outermost-social-sharing-is-layout-fff5a98a wp-block-social-sharing-is-layout-flex\" style=\"margin-top:var(--wp--preset--spacing--s)\"><li style=\"color: #073540; 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fund administration services<\/p>\n\n\n\n<p>Alter Domus has significantly expanded its capabilities to support the administration of open-ended private market funds, including evergreen structures. This development aligns with the growing demand from institutional and retail investors for greater liquidity and flexibility in alternative investments.<\/p>\n\n\n\n<p>Alter Domus has enhanced its open-ended fund administration by enabling more frequent NAV calculations and streamlined liquidity management, allowing fund managers to better meet investor redemption and subscription needs. Leveraging the Temenos Multifonds platform, the firm automates essential processes such as capital calls, valuations, and distributions, while integrating with financial networks like SWIFT and NSCC to improve settlement efficiency. It also offers comprehensive transfer agency services\u2014acting directly in Luxembourg and partnering with providers in North America and the UK to manage diverse distribution channels. Additionally, Alter Domus has strengthened its investor reporting and regulatory compliance capabilities, including support for evolving frameworks like ELTIF 2.0.<\/p>\n\n\n\n<p>The expansion of Alter Domus\u2019 services reflects a broader industry trend toward the democratization of private markets. Regulatory changes in the EU, US, and UK are broadening access to private market investments, leading to increased demand for fund structures that offer liquidity and flexibility. Alter Domus\u2019 enhanced capabilities position it to meet these evolving needs, supporting both traditional institutional clients and a growing base of retail investors.\u00a0 By leveraging advanced technology and comprehensive services, Alter Domus enables fund managers to efficiently administer open-ended and evergreen fund structures, aligning with the industry\u2019s shift toward more accessible and flexible investment vehicles.<\/p>\n\n\n\n<div class=\"wp-block-columns are-vertically-aligned-center filter-service-card-item has-filter-grey-background-color has-background is-layout-flex wp-container-core-columns-is-layout-6a8ede3d wp-block-columns-is-layout-flex\" style=\"border-radius:32px;padding-top:var(--wp--preset--spacing--2-xl);padding-right:0;padding-bottom:var(--wp--preset--spacing--2-xl);padding-left:0\">\n<div class=\"wp-block-column is-vertically-aligned-center filter-service-card-image-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:548px\">\n<figure class=\"wp-block-image size-full is-resized has-custom-border filter-mobile-border-radius-top filter-force-full-width is-style-rounded is-style-rounded--1\"><img decoding=\"async\" width=\"477\" height=\"315\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2024\/01\/AD0149_OpenendedfundsWebImage2.png\" alt=\"image of key to unlock open-ended funds\" class=\"wp-image-3668\" style=\"border-top-left-radius:32px;border-bottom-left-radius:32px;width:550px;height:undefinedpx\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2024\/01\/AD0149_OpenendedfundsWebImage2.png 477w, https:\/\/alterdomus.com\/wp-content\/uploads\/2024\/01\/AD0149_OpenendedfundsWebImage2-300x198.png 300w\" sizes=\"(max-width: 477px) 100vw, 477px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center filter-service-card-content-column is-layout-flow wp-container-core-column-is-layout-0953015f wp-block-column-is-layout-flow\" style=\"padding-top:0;padding-right:var(--wp--preset--spacing--2-xl);padding-bottom:0;padding-left:var(--wp--preset--spacing--2-xl)\">\n<p class=\"has-constantia-font-family\" style=\"margin-bottom:var(--wp--preset--spacing--xs);font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.288), 17px);\">Services<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\" style=\"margin-top:0;margin-bottom:var(--wp--preset--spacing--s);line-height:1.3\">Open-ended Fund Administration<\/h2>\n\n\n\n<p style=\"margin-bottom:var(--wp--preset--spacing--l)\">While they offer significant opportunities, OEF characteristics also come with enhanced commitments. Marry these with the nuances of alternative asset classes and you need experts to unlock the opportunity. <\/p>\n\n\n\n<div class=\"wp-block-buttons mb-5 mb-md-0 is-layout-flex wp-block-buttons-is-layout-flex\" style=\"margin-bottom:0\">\n<div class=\"wp-block-button is-style-default\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/alterdomus.com\/open-ended-fund-administration\/\">Discover our open-ended fund solutions<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-container filter-more-insights-container\"><div class=\"filter-container\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section\"><div class=\"filter-section\"><div class=\"filter-section--inner\">\n<h2 class=\"wp-block-heading has-huge-font-size\" id=\"h-insights\" style=\"margin-bottom:var(--wp--preset--spacing--xl)\">Insights<\/h2>\n\n\n  \n<div class=\"filter-latest-insights-container filter-block-wrapper test\" style=\"\">\n    <div class=\"filter-latest-insights-list-inner order-news-event-news\">\n\n        <article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img decoding=\"async\" width=\"1024\" height=\"652\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-1024x652.jpg\" class=\"attachment-large size-large\" alt=\"technology man holding iPad showing data scaled\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-1024x652.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-300x191.jpg 300w, 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article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/operational-equity-powered-by-technology\/\" aria-label=\"Click to read Operational equity, powered by technology\"><\/a> <\/div>\n<\/article>\n<article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"615\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-300x180.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-768x461.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3.png 1386w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  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Need\"><\/a> <\/div>\n<\/article>\n            <\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":1563,"template":"","cat-insight-type":[142],"cat-sectors":[],"cat-services":[],"class_list":["post-5671","insights","type-insights","status-publish","has-post-thumbnail","hentry","cat-insight-type-analysis"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Private markets pioneers: a natural evolution - the growth of evergreen funds - Alter Domus<\/title>\n<meta name=\"description\" content=\"Alter Domus explores the forecasts for the growth in evergreen AUM and why institutional investors find these structures so appealing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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