Guernsey’s PIF Reforms: Evergreen Opportunities

First published in the Financial Times.

The alternative funds market is undergoing a structural shift. Investors, particularly within private capital and wealth channels, are increasingly seeking access to long-term strategies without the rigid lockups traditionally associated with closed-ended funds. At the same time, daily dealing open-ended structures are often ill-suited to less liquid asset classes such as private credit, real estate and infrastructure. This mismatch is driving demand for more flexible fund models that can balance liquidity with long-term investment horizons.

Evergreen structures have emerged as a compelling response. By allowing periodic subscriptions and redemptions, they offer a middle ground between permanence of capital and investor flexibility and are becoming an increasingly important feature of the evolving alternatives landscape.