• Evergreen funds provide exposure to private markets in an ongoing investment vehicle. They are more liquid than closed-end funds but less liquid than public funds.
• Easier investment access to private markets may widen potential uses in investor portfolios.
• Globally, total evergreen assets surpassed $427 billion by early 2025. As more high-quality managers enter the space, we believe that this trend is likely to accelerate.
• The Lumyna – Twelve Capital Parametric ILS Fund aims to deliver higher returns than a traditional cat astrophe bond fund by accessing Insurance linked securities that are not available to the general public, while maintaining attractive modelled risk metrics.

What are evergreen funds and what are the benefits?

Evergreen funds are ongoing investment vehicles, with no fixed end date, that provide investors with exposure to illiquid private markets with limited redemption opportunities. They are more liquid than closed-end funds, but less liquid than public funds. These structures are designed to offer perpetual capital deployment with periodic liquidity, and they are reshaping how investors access private market asset classes.

Private markets have historically generated attractive returns with relatively low volatility. So, they’re both a return enhancer and a diversifier to investor portfolios. They provide an uncorrelated source of alpha, but also a different source of beta through diversifying into assets that are not traded on public exchanges.

You can now read the full whitepaper at the link below