Evaluating the Wrapper, Not Just the Manager
A structural framework for evaluating continuously offered private market vehicles — from the mechanics that distinguish them from drawdown funds to the additional diligence the wrapper itself requires.
Evergreen vehicles have largely answered the access question for advisory firms. Interval funds, tender-offer funds, non-traded BDCs, and private evergreen feeders now offer private equity, private credit, and real assets at allocation-appropriate minimums. The evaluation question is harder. These vehicles share a fact-sheet vocabulary, yet they differ in who controls liquidity, how NAV is struck, and what happens when redemption requests outpace the design.
What You Will Gain from This Primer
- A clear view of how evergreen vehicles differ from drawdown funds, and what the wrapper does and does not change.
- A side-by-side map of interval funds, tender-offer funds, non-traded BDCs, and evergreen LPs, including how each delivers liquidity.
- A six-part structural diligence framework your investment committee can apply to any continuously offered vehicle.
- Language for setting client expectations on liquidity, NAV stability, and simplicity before a period of stress.