Evergreen investing
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Evergreen marketYear-end 2025
$550B
Global evergreen Net assets, up from $165bn in 2020.
CAGR 2020–2025 +27% ↗Projected ~$1.1T by 2030 · Bain / McKinsey
Asset managers
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Best-in-class
Top performers
| # | Fund | YTD | 3M | 1Y | 3Y | 5Y↓ |
|---|---|---|---|---|---|---|
| 1 |  StepStone Private Markets USStepStone | 4.1% | 2.8% | 14.4% | 11.3% | 15.2% |
| 2 |  Hamilton Lane Private Assets Fund USHamilton Lane | 2.2% | 2.1% | 14.1% | 11.9% | 14.5% |
| 3 |  Bow River Capital Evergreen Fund USBow River Capital | 1.8% | 1.4% | 11.3% | 12.8% | 13.5% |
| 4 |  Partners Group Private Equity Fund USPartners Group | 7.5% | 1.1% | 5.1% | 4.2% | 12.8% |
| 5 |  NextStage Croissance FRNextStage AM | 1.6% | -0.2% | 6.3% | 12.9% | 12.8% |
| 6 |  AMG Pantheon Fund USPantheon | -0.5% | 1.1% | 4.0% | 10.3% | 12.7% |
| 7 | Global Private Assets GPA LUHamilton Lane | 1.7% | 2.5% | 11.3% | 9.0% | 11.7% |
| 8 |  FlowStone Opportunity Fund USFlowStone Partners | 6.1% | 2.5% | 6.1% | 5.5% | 9.8% |
| 9 |  SCSL Global Private Equity LUSchroders Capital | -0.5% | -0.5% | 0.8% | 5.7% | 9.4% |
| 10 |  Pomona Investment Fund USVoya Alternative Investments | 0.7% | -0.3% | 5.7% | 8.1% | 9.0% |
Insights
Evergreen decoded
Evergreen net assets have more than doubled in three years. The gateway is here
$654B across the US and Europe: US $535B, Europe $107B, UK $12B. These are the two regions we cover today, so read this as US-plus-Europe, not a global total; APAC isn't mapped yet. US figures are end-2025; Europe is fresher.
The $350bn Reallocation: Why Institutional Capital Is Moving to Evergreen Structures
A deliberate, structural reallocation from pensions, endowments and insurers to semi-liquid structures over the past 36 months.
60% of PE Deals Struck in 2021 Still Haven't Exited. What That Means for Secondaries.
Unrealized 2021 vintages meet a maturing secondaries market. GP-leds now account for ~50% of total secondaries volume — and rising.
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