We have advised on the launch of a significant number of evergreen funds in recent years, particularly in the private credit space.  

In this note, we summarise some of the key features of the three different models of evergreen funds that we most commonly see in the market:

• vintage models that closely follow closed-ended fund concepts, with investors “rolling” directly from one vintage to the next without having to make a fresh commitment;
• NAV-based subscription models, with exit achieved through a run-off mechanism; and
• pure NAV-based open-ended structures.
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