04.13.2026
Liberation Day: One Year Later
On April 2, 2025, President Donald Trump announced a sweeping set of tariffs on imports into the United States. Dubbed…
In recent years, access to traditionally illiquid private markets has expanded through the rapid growth of evergreen funds, which provide investors with more favorable subscription and liquidity terms than traditional closed-end vehicles. New evergreen fund launches notably increased from 30 in 2018 to 107 in 2025, with alternative credit strategies emerging as the primary driver of this growth (36 new fund launches last year). Many new funds have also come to market in the private equity, real estate, and infrastructure spaces, and these dynamics can be observed in the chart above. There are more than 500 active evergreen funds available to investors currently.
Broad adoption of the evergreen structure reflects growing demand for more illiquid assets across both institutional and retail investors. In addition to the advantageous terms mentioned above, many offer seasoned and diversified exposures, which can help mitigate the J-curve effect that is exhibited within private markets. Many evergreen funds also have lower investment minimums and less operational complexity relative to closed-end vehicles. All of these factors have contributed to the proliferation of evergreens detailed above. It is important to note, however, that there are drawbacks associated with evergreen fund investing, including potential liquidity mismatches and gating risk. Overall, while evergreen funds have broadened access to private markets through greater flexibility and lower barriers to entry, investors must balance these benefits against the structural liquidity and redemption risks inherent in illiquid asset classes.
Print PDFThe opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.
04.13.2026
On April 2, 2025, President Donald Trump announced a sweeping set of tariffs on imports into the United States. Dubbed…
04.06.2026
The Basel capital framework was created to ensure that banks maintain sufficient capital to absorb losses and reduce the risk…
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Please join Marquette’s research team for our 1Q 2026 Market Insights Webinar analyzing the first quarter across the economy and various…
03.30.2026
In the period between 2009 and 2022, private equity managers thrived amid an environment of low interest rates and rising…
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Global energy costs have risen sharply this month due to a convergence of geopolitical shocks, as critical infrastructure and transport…
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This week’s chart illustrates a clear structural shift in the fundraising dynamics of North American closed-end real estate funds over…
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