Evergreen funds: semi-liquid private markets vehicles, compared
Evergreen (semi-liquid) funds are perpetual vehicles that accept new money monthly and let investors redeem periodically — typically each quarter, capped at 2–5% of net asset value. They replaced the closed-end, capital-call model as the main way individuals reach private equity, private credit, infrastructure and real estate; evergreen fund launches hit a decade high in 2025.
The trade-off is real: the convenience of monthly dealing comes with a liquidity sleeve that dilutes returns, layered fees, and gates that bind exactly when everyone wants out. This page lists every open-end fund on Fundscouter with its redemption cap, notice period, early-redemption penalty and fee stack, so the structures can be compared side by side.
Minimum
€10,000
Management fee
1.7%
Liquidity
Medium (1-5 years)
Domicile
Luxembourg
Minimum
$50,000
Management fee
0.7%
Liquidity
Semi-liquid
Domicile
United States
Minimum
€1,000
Management fee
2.73%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
N/A
Management fee
N/A
Liquidity
Semi-liquid
Domicile
France
Minimum
$25,000
Management fee
1.5%
Liquidity
High (<1 year)
Domicile
United States
Minimum
$2,500
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
United States
Minimum
€25,000
Management fee
2.45%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€10,000
Management fee
1.95%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€10,000
Management fee
2.8%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€100,000
Management fee
1.2%
Liquidity
Low (5+ years)
Domicile
Netherlands
Minimum
N/A
Management fee
N/A
Liquidity
Low (5+ years)
Domicile
France
Minimum
€25,000
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€25,000
Management fee
1.4%
Liquidity
Semi-liquid
Domicile
United States
Minimum
€250,000
Management fee
2%
Liquidity
Low (5+ years)
Domicile
Netherlands
Minimum
€100,000
Management fee
2%
Liquidity
Semi-liquid
Domicile
Netherlands
Minimum
€100,000
Management fee
1.5%
Liquidity
Semi-liquid
Domicile
Netherlands
Minimum
€250,000
Management fee
2%
Liquidity
Low (5+ years)
Domicile
Netherlands
Minimum
€10,000
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€25,000
Management fee
1.75%
Liquidity
Semi-liquid
Domicile
United States
Minimum
€25,000
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€10,000
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
$2,500
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
United States
Minimum
$25,000
Management fee
1.25%
Liquidity
Medium (1-5 years)
Domicile
United States
Minimum
$2,500
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
United States
Minimum
€30,000
Management fee
1.15%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
$50,000
Management fee
1.75%
Liquidity
Semi-liquid
Domicile
United States
Minimum
N/A
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€25,000
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€5,000
Management fee
1.5%
Liquidity
Medium (1-5 years)
Domicile
Netherlands
Minimum
€50,000
Management fee
1.2%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€50,000
Management fee
1.5%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€100,000
Management fee
1.65%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€25,000
Management fee
1%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€100,000
Management fee
1.95%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€25,000
Management fee
1.35%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€100,000
Management fee
1.88%
Liquidity
Semi-liquid
Domicile
France
Minimum
$100,000
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
United States
Minimum
€25,000
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
$1,000,000
Management fee
1.5%
Liquidity
Semi-liquid
Domicile
United States
Minimum
€1,000
Management fee
1.5%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€25,000
Management fee
N/A
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
N/A
Management fee
1.5%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€10,000
Management fee
2.1%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€100,000
Management fee
1.75%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
N/A
Management fee
1.5%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€25,000
Management fee
1.47%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€250
Management fee
1.7%
Liquidity
Semi-liquid
Domicile
Netherlands
Minimum
€25,000
Management fee
1%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€25,000
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€10,000
Management fee
1.88%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€200
Management fee
N/A
Liquidity
Semi-liquid
Domicile
Netherlands
Minimum
€100,000
Management fee
0.65%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€10,000
Management fee
1.53%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€100,000
Management fee
0.65%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€100,000
Management fee
1%
Liquidity
Low (5+ years)
Domicile
Netherlands
Minimum
€50,000
Management fee
2%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
$2,500
Management fee
1.9%
Liquidity
Semi-liquid
Domicile
United States
Minimum
€5,000,000
Management fee
0.5%
Liquidity
High (<1 year)
Domicile
Luxembourg
Minimum
€10,000
Management fee
1.9%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
€10,000
Management fee
1.9%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
$5,000
Management fee
1.25%
Liquidity
Semi-liquid
Domicile
United States
Minimum
€1,000
Management fee
1.9%
Liquidity
Semi-liquid
Domicile
Luxembourg
Minimum
N/A
Management fee
0.85%
Liquidity
High (<1 year)
Domicile
Netherlands
Minimum
€250,000
Management fee
1.75%
Liquidity
High (<1 year)
Domicile
Luxembourg