Immediate exposure, no blind pool
These structures offers immediate exposure to an already-established portfolio, providing full transparency into the underlying assets.
Easier to manage
With commitments paid upfront, there’s no need to track multiple capital calls and distribution notices over the fund lifecycle.
Liquidity windows
Investors have the opportunity to redeem portions of their investment each quarter or semi-annually rather than when their investment matures.²
¹ Liquidity is not guaranteed. Includes an initial lock-up of 12–24 months. ² Some evergreen funds may not offer this feature.
Opportunities from tax-efficient compounding.
With most evergreen funds, distributions are automatically reinvested within the fund, rather than returned to an investor's account as idle cash.
This uninterrupted exposure is what makes compounding work, turning years of steady returns into meaningful performance. Note that most but not all evergreen funds offer this feature.
Understanding the liquidity options.
Most evergreen funds offer quarterly or semi-annual redemption windows, where investors can request all or part of their capital. But liquidity isn't guaranteed.
If redemption demand is high, investors may receive only a proportional share. And most funds include an initial lock-up period of 12 to 24 months. It's worth knowing before committing.
A secret to successful evergreen investing.
Access to managers who can consistently source high-quality deals is critical. This keeps capital in a fund that's continuously gaining value, which accelerates compounding.
However, not all managers can deliver.
That's why Moonfare applies a consistent, institutional-grade due diligence process to all opportunities on the platform, including evergreens. In fact, fewer than 5% meet our standards.
Meet the evergreen team.
Moonfare’s selection team is led by our Head of Private Equity, Philip Meschke. The Moonfare Investment Committee is made up of industry heavyweights who have held leadership roles at KKR, Permira, Union Bancaire Privée, Apax, Lehman Brothers and other leading firms.
Investment CommitteeInvestment Team
Steffen Pauls
CEO and Co-Founder
Magnus Grufman
COO and Managing Director
Sanjay Gupta
Independent IC Member
Bill Murphy
Independent IC Member
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Learn more about evergreen funds.
What makes the strategy so attractive in 2026?
Demand for liquidity is creating space for evergreen strategies.
The role of evergreens in your portfolio.
How open-ended funds complement closed-ended funds in today's portfolios.
Inside an evergreen fund.
Redemptions, gating and liquidity explained.
The key differences explained.
New to private markets? Start with simplicity.
Compared to closed-ended funds, evergreen funds can be easier to manage. These structures allow individuals to invest once in an established portfolio, giving full visibility of underlying assets.⁶
Capital deploys immediately, not gradually over three to five years like traditional closed-ended funds. No need to keep cash reserves while waiting for unpredictable capital calls.
When circumstances change, there may be access to periodic liquidity windows offering some liquidity over the term of the investment.
⁶Source: Neuberger Berman, Comparing Evergreen and Traditional Fund Returns in Private Equity, September 2024
Already in private markets? Consider how to manage exposure.
While closed-ended funds often deliver outperformance, adding evergreens might give investors some liquidity options.
When funds exit investments and pay distributions, investors can be left holding idle cash, with their private markets allocation falling below target.
With most evergreen funds, investors' distributions are reinvested in the fund.⁷ Capital stays deployed, compounds continuously and rebuilds allocation if all goes well.
⁷ Some evergreen funds may not offer this feature.
Rebalance the private markets portfolio.
Evergreen funds let investors fine-tune their private markets allocation as their needs evolve, a key difference from closed-ended funds.⁸
Individuals can top up for more exposure, or trim their position through quarterly or semi-annual liquidity windows when the opportunity calls for it.
It's a structure that keeps capital deployed and working, even between the capital calls and distributions of closed-end funds.
⁸Institute for Private Capital, Evergreen vs. Drawdown Funds: Risk, Returns and Cash Flows, June 2025
About Moonfare
Moonfare aims to lead a new era of private equity investing by creating the opportunity for higher returns for more people. We are building the world's most engaged investor community to inspire investments that drive the world forward.
Important information
This is a marketing communication. Moonfare does not make investment recommendations and no communication, through this website or in any other medium should be construed as a recommendation for any security offered on or off this investment platform. Alternative investments in private placements, and private equity investments via feeder funds in particular, are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest. Prospective investors should carefully consider the risk warnings and disclosures for the respective fund or investment vehicle set out therein. The value of an investment may go down as well as up and investors may not get back their money originally invested. Past performance is not necessarily a guide to future performance. An investment in a fund or investment vehicle is not the same as a deposit with a banking institution. Please refer to the respective fund documentation for details about potential risks, charges and expenses. Additionally, investors will typically receive illiquid and/or restricted membership interests that may be subject to holding period requirements and/or liquidity concerns. In the most sensible investment strategy for private equity investing, private equity should only be part of your overall investment portfolio. Further, the private equity portion of your portfolio may include a balanced portfolio of different private equity funds. Investments in private equity are highly illiquid and those investors who cannot hold an investment for the long term (at least 10 years) should not invest.
In the United States, securities products and services are offered through Moonfare Securities USA, LLC (“Moonfare Securities”). Moonfare Securities is a registered broker-dealer (brokercheck.finra.org) with the United States Securities and Exchange Commission and is a member of the Financial Industry Regulatory Authority, Inc. (www.finra.org) and the Securities Investor Protection Corporation (www.sipc.org).
- 1 Minimum investment may vary by country and local regulation.
- 2 Source: McKinsey "Private Markets Annual Review 2022"
- 3 Past performance is no guarantee of future returns.