长荣基金的回报（英）2025

1The Return of Evergreen FundsAnalyzing the performance of interval and tenderoffer fundsPitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets.Key takeaways•Wealth-focused evergreen funds have eclipsed $400 billion in net assets, withregistered interval and tender offer funds passing $110 billion in 2025, doubling inthe past three years.•While the evergreen fund universe has grown rapidly, it remains highlyheterogeneous—both in portfolio construction and return outcomes. Using datafrom Morningstar, we find that registered interval and tender offer fund returnsshow meaningful dispersion within and across strategies. Over the 12 monthsending in April 2025, the median PE evergreen fund generated a 13.8% return,compared with 7.8% for private debt and 3% for real estate. Given the recentrapid growth of the market, many evergreen funds are largely untested. However,one PE fund in particular offers a cautionary tale.•Presently, there is no standardized benchmark product for the evergreen funduniverse, making it difficult for investors to determine if these structures and/or specific funds are generating worthwhile risk-adjusted returns versus theopportunity set.•We have developed a preliminary suite of evergreen fund indexes using totalreturn data from the Morningstar evergreen fund universe, which encompassesmore than 100 interval and tender offer vehicles and $100 billion in net assets.These indexes enable us to track category-level performance trends acrossstrategies like private credit, real estate, and private equity, while establishinga consistent baseline for peer comparison, performance analysis, and risk-adjusted evaluation. They also allow us to measure the aggregate performanceof the semi-liquid fund universe and its subcategories, facilitating moremeaningful comparisons with both public market proxies and traditional privatecapital benchmarks. 1248 A note on terminology: The use of the term“semi-liquid” in this methodology reflectsthat these vehicles’ intermittent liquidityis more restrictive than the daily liquidityoffered by mutual funds and exchange-traded funds, for example, but less restrictivethan private capital strategies that lockup assets for more significant stretches oftime. The language around these structuresis somewhat fluid and context-dependent.One may see the terms “evergreen,”“perpetual capital,” and “semi-liquid”used interchangeably when discussingany funds that allow investors to buy inat periodic intervals, have some provisionfor intermittent liquidity, and/or have nopredetermined end. Such terms may thusapply to heavily regulated structures, suchas interval funds, tender offer funds, andEuropean long-term investment funds, butalso to comparatively lightly regulated privatecapital funds that are formed as limitedpartnerships and that can operate indefinitely,often referred to as “evergreen LPs.”For this analyst note, we focus on interval andtender offer funds within the Morningstarregistered fund universe while using “semi-liquid” and “evergreen” interchangeably.Additional fund structures and their returns,terms, and key characteristics will be addedto the Morningstar and PitchBook database inthe coming quarters. IntroductionWhile the buzz surrounding interval funds, tender offer vehicles, perpetually offerednonlisted business development companies (BDCs), and REITs might seem like thecutting edge of private market innovation, the truth is that evergreen structures arefar from new. Open-end real estate and timberland funds have existed for decades,serving institutions with long-term capital and a tolerance for illiquidity but withoutthe confines of a 10-year expected life or commitment to an episodic fund series.BDCs and REITs have long straddled the line between public and private formats,and the interval fund construct was originally established by the Securities andExchange Commission back in 1993. And for the wealth channel, the history ofthe asset class in evergreen, semi-liquid wrappers dates back to the 2000s withPartners Group’s innovative evergreen PE fund offerings. What has changed today isthe audience for these funds, how they are distributed, and the level of interest fromthe private wealth channel in gaining access. That demand has been met by GPsseeking new growth areas given the pullback in traditional private fundraising fromthe institutional LP community.Structurally, private market vehicles are being repackaged and recalibrated to meetthe growing appetite for alternatives exposure among high-net-worth investorsand their financial advisors. The design elements of the fund structures are beingadapted for a private wealth audience that increasingly demands access to thereturn and diversification benefits of private assets but with a user experiencecloser to that of mutual funds or ETFs.This evolution is not just driven by product innovation but by a fundame