Investor Exchange

Evergreens: A structural revolution in private equity


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Evergreen funds are reshaping how investors access private markets. In this episode, Mike Trihy explains how these vehicles work, how they differ from traditional drawdown funds, why adoption has accelerated, and how disciplined liquidity management, underwriting, and portfolio construction influence outcomes in venture growth strategies.

1:30 – Mike's background in evergreens

3:15 – Defining evergreen funds
8:30 – Comparing evergreen and drawdown funds
11:15 – Managing liquidity in an evergreen context
13:40 – Evergreen's return expectations
15:55 – Potential impacts of AI
17:10 – The role of secondary investments
20:00 – Evergreen pricing
22:45 – The biggest learning curve for evergreens


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Investor ExchangeBy Wellington Management