The Rise of Evergreen Funds: Why tech infrastructure is now non-negotiable

Evergreen fund structures have taken off in recent years, with assets in semi-liquid vehicles now exceeding $400 billion according to Pitchbook, having doubled in the past three years. As private market firms look to diversify their investor base and cater to a growing private wealth segment, evergreen funds are increasingly becoming the go-to solution.

But launching an evergreen vehicle isn’t just about adjusting the fund structure. These vehicles come with a very different set of expectations from investors and advisers; expectations that demand a more responsive, digital-first approach.

Always-on investor servicing

Unlike traditional closed-end funds that operate around capital calls and longer holding periods, evergreen funds require constant touchpoints. Investors want to know: Where is my subscription? What’s the next liquidity window? What’s my allocation?

If the operational infrastructure behind the fund is too manual or fragmented, servicing those questions becomes reactive and resource-heavy. The solution? Automation, integrated workflows, and the ability to track and manage investor activity in real time, without overburdening internal teams.

Investors want transparency – on their terms

As PitchBook’s recent analysis showed, there’s wide return dispersion across evergreen funds, and still no universal benchmarking standard. In that environment, investors need timely, self-serve access to fund data to make informed decisions and build trust.

NAVs, performance metrics, liquidity updates – this information shouldn’t be buried in a PDF. The technology needs to give investors (and their advisers) direct access to what matters most when it matters. And with evergreen structures designed to feel more like mutual funds, anything less falls short.

Reporting isn’t one-size-fits-all

HNW investors, and the advisers who serve them, have a very different set of reporting needs than institutional LPs. From tax-sensitive breakdowns to investor-level performance views, reporting has to be personal, flexible, and digestible.

Firms that rely on generic dashboards or static PDFs will struggle to retain trust, especially as more private banks and platforms demand customised outputs. Tailored reporting, built into the fund infrastructure, is now a baseline expectation.

Infrastructure is a competitive edge

Evergreen funds are more than just a structural innovation; they’re a new distribution model. And like any modern distribution model, they need the right infrastructure behind them.

From onboarding and transaction execution to data flows and investor engagement, technology will define how scalable and how client-friendly your fund really is. For private market firms looking to launch or expand their evergreen footprint, building with infrastructure in mind isn’t a nice-to-have. It’s a necessity.