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November 3, 2026 2:45 pm
|Carolyn Essid
An article published by Private Equity Wire on 3 November 2026 examines how evergreen private equity funds are responding to growing redemption pressures, focusing on Partners Group’s proposed restructuring of its Global Value SICAV into an umbrella fund structure. The article draws on insights from Evan Clark, Senior Private Market Analyst at the EDHEC Infrastructure and Private Assets Research Institute (EIPA), who discusses the potential benefits and limitations of this approach:
“You get into this negative feedback loop: you have redemptions, no money coming in, unfunded liabilities, and it’s constantly draining your NAV. You might have to start selling off assets on the cheap, just to fund these future commitments,” explains Evan Clark, a senior private market analyst at the EDHEC Infrastructure and Private Assets Research Institute. […]
“As an investor in these vehicles, one now has to consider the possibility that the manager pursues this structure and that a significant portion of their investment moves to a run-off portfolio with unknown timing of realisation, distributions, and management attention,” says Clark. […]
“It’s not a vehicle that’s making new investments, so it doesn’t seem that it should warrant the management fees you would have associated with a fund that’s active in making new investments,” says Clark. […]
“The possibility that the book is mis-marked gets camouflaged because they will push most assets, up to 75%, into a distributing fund, that will almost certainly sell or be valued by a potential buyer at less than the NAV,” says Clark.
📖 Read the full article on Private Equity Wire.
📥Download the EIPA research publication “Evergreens: The Tree That Never Sheds – A Closer Look at Performance, Risk, and Valuation Practices in Private Equity Evergreens“.
