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ARTICLE · 25 MARCH 2024

Evergreen Credit Funds

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Private credit continues to mature as an asset class. A sign of this increased maturity has been the trend for sponsors to launch evergreen funds as a means of providing investors with an alternative to the traditional closed-ended fund

United KingdomFinance and Banking
Peter Chapman
Peter Chapman
Chris Daniel
Chris Daniel
Christopher Good
Christopher Good
Harriet Miller
Harriet Miller
Stephen Robinson
Stephen Robinson
Stephen Ross
Stephen Ross

Private credit continues to mature as an asset class. A sign of this increased maturity has been the trend for sponsors to launch evergreen funds as a means of providing investors with an alternative to the traditional closed-ended fund. In the US, for example, the majority of the top 20 private credit sponsors1 offer a private credit open-ended fund. For European sponsors adoption has been slower (less than half of the top sponsors currently offer evergreen funds), but several are currently exploring their options.

Possible evergreen models range from NAV-based open-ended structures, through hybrid vehicles that combine elements of closed- and open-ended funds, to vintage structures that closely follow closed-ended fund concepts but seek to "roll" investors directly from each vintage to the next without requiring a fresh commitment. All models aim to provide sponsors with greater permanence of capital through which to execute their strategies and reduce re-up

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