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  • 1.  Evergreen Funds - Analysis and Primers

    Posted 2 days ago

    Hello Community,

    PitchBook has published a timely analysis on evergreen funds - an increasingly prominent structure in private markets.

    Beyond the headlines around access and liquidity, the note raises more fundamental questions around incentives, valuation, and governance. I find it especially interesting when read alongside a recent HSBC primer, which provides a useful structural overview of the space.

    Sharing both here as a starting point for further discussion.




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    Federico Mennuni

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  • 2.  RE: Evergreen Funds - Analysis and Primers

    Posted yesterday

    Thanks Federico for sharing this. Evergreen is clearly a hot topic, and BlackRock / Partners Group's 29 Jan 2026 launch feels like a strong market signal: evergreen is becoming the default wrapper for wealth platforms-one subscription, model-portfolio buckets (income/balanced/growth), and quarterly liquidity by design. I am curious once this wrapper becomes standard what would be a differentiator - valuation/NAV governance and liquidity stress management than compounding income narrative probably? Sharing the article here:   

    https://www.partnersgroup.com/news-and-views/press-releases/corporate-news/detail?news_id=4274a8e8-f879-4412-b62f-dd22cd1b7625



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    Sara Sunyoung Hwang
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    Original Message


  • 3.  RE: Evergreen Funds - Analysis and Primers

    Posted 53 minutes ago

    At BXR Group, we initially allocated modestly to several evergreen vehicles: two Blackstone real estate funds, a Credit Suisse (now UBS) real estate evergreen fund, a KKR infrastructure evergreen fund, and an Arrow private debt evergreen fund. Our experience was mixed, but instructive.

    We were materially disappointed by one of the Blackstone real estate evergreen funds and by the Credit Suisse / UBS real estate evergreen fund in particular. Those experiences reinforced a view we now hold quite firmly: outside of physically asset-backed private debt strategies, evergreen liquidity and real estate or infrastructure exposure are fundamentally misaligned.

    In our assessment, if liquidity is a genuine portfolio requirement, investors should not be allocating to real estate or infrastructure - regardless of the evergreen wrapper. These asset classes are intrinsically illiquid, valuation-opaque, and cyclical, and attempts to engineer liquidity at the fund level tend to transfer risk rather than eliminate it. When stress emerges, redemption gates, pricing adjustments, or asymmetric outcomes are not a bug of the structure - they are the inevitable consequence of forcing liquidity onto illiquid assets.

    By contrast, evergreen private debt strategies backed by tangible assets can, in limited cases, justify a different conclusion, provided underwriting, collateral quality, and cash-flow visibility are robust. Outside of that narrow exception, we believe investors seeking liquidity should look elsewhere.



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    Brendan Smart, CFA & CA
    Principal
    BXR Advisory Partners LLP Badur House 40-44 Newman Street London W1T 1QD
    Direct line: +44 20 7317 5418
    brendan.smart@bxrap.com
    bxrgroup.com/bxr-advisory-partners
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    Original Message


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