An article published in Accredited Insight on 28 November, 2025, highlights recent research from EDHEC Infra & Private Assets (EIPA) on evergreen fund performance:

“I read a lot of reports (so you don’t have to), and one that recently stood out is this report by Evan Clark at EDHEC. If you invest in evergreen vehicles, you should read it: Clark dives into performance drivers, fees, and NAV smoothing in a clear way – and backs it up with data.

And check out the section on “one-day gains”: evergreen funds heavily exposed to secondaries are a good place to see it in action. Take Carlyle AlpInvest’s Evergreen fund. As of March 31, 2025, the fund held a little over $1.7 billion at cost and valued it just under $2 billion, creating roughly $290 million of unrealized gains.

Most of that uplift came from secondaries: they make up about half the portfolio’s cost but roughly 76% of the unrealized gains. Add primary funds, and together they generate $251 million of the total. Directs and co-investments, despite being nearly a third of the cost base, contribute only about 13–14% of the gains.”

Evergreens: The Tree That Never Sheds

🔗 Read the article.

🔗 Access the report.