The rapid growth of evergreen funds, reaching $350bn in AUM by 2024 and growing, introduces a huge new wave of capital into a market historically dominated by closed-end institutional capital. In secondaries, evergreen buyers have been winning processes at tighter discounts to NAV. Will this compress returns for the market as a whole? Institutions are asking for a piece of the action. Can retail and institutional investors really co-exist? Meanwhile the press, with fewer deals going around, finally has something to write about.
