Book Review: Permanent Capital in Private Equity (2025)

Permanent Capital in Private Equity is a thoughtful and timely book that clearly understands how evergreen and semi-liquid private equity funds actually work in practice. The author does a strong job breaking down incentives, liquidity design, and valuation mechanics in a way that feels grounded in real fund structures, not marketing decks. The discussion around NAV, gates, and long-term compounding is especially well done and very relevant for today’s allocator. While some sections go deep and may feel a bit technical, the overall framework is solid and useful for investors who want to go beyond the headlines. A good, mostly balanced read for anyone serious about private markets and permanent capital.

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