长荣实物资产基金（英）2025

Evergreen Real Assets Funds PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Exploring the universe of US and European fundsinvesting in infrastructure and natural resources Daniel Cook, CFAGlobal Head of QuantitativeResearch and Market Intelligence Zane Carmean, CFA, CAIADirector ofQuantitative Research PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Institutional Research Group Analysis Juan MierLead Analyst, Fund Strategies &Sustainable Investingjuan.mier@pitchbook.com Key takeaways •The convergence of several trends makes private real assets an appealing assetclass for discussion: The historically stable return pattern of infrastructure is akey attraction for investors, strong structural drivers such as energy security anddecarbonization support a positive long-term outlook for real assets, and theindustry has responded to the demand for broader access to private investmentsthrough evergreen funds. We see real assets as a vital part of the larger story ofevergreen funds. Anikka VillegasSenior Research Analyst, FundStrategies & Sustainable Investinganikka.villegas@pitchbook.com pbinstitutionalresearch@pitchbook.com PublishingDesigned byChloe Ladwig •We define evergreen real assets funds as those with the majority of theirexposure to infrastructure and natural resources and chose to analyze fundsdomiciled in the US and Europe. The evergreen real assets funds universe isyoung, and there are still some challenges related to data coverage and fundsample size. Nevertheless, we believe the space is expanding as investorinterest grows. Published on December 22, 2025 Contents •The categorization of real assets under the main domains of infrastructure andnatural resources can be greatly improved. Therefore, we introduce a theme-based taxonomy for real assets exposures that is intuitive, aligned with economicactivity, and forward-looking. We used our taxonomy to map the sectorexposures of the funds discussed in this report. •Performance results for the composite of evergreen real assets funds are mixed.This group of funds has lagged public markets but is ahead of the evergreeninfrastructure benchmark. However, sample size and the length of performancehistory prevent us from reaching any definitive conclusions. Introduction Over the past five years, private real assets funds—specifically those that invest ininfrastructure and a portion of those that invest in natural resources—have becomeincreasingly attractiveto investors. Investors have been drawn to infrastructure’sdefensive characteristics against the economic cycle and inflation, which canlead to steady returns. They also have looked to capitalize on the secular trendsof decarbonization, growing energy demand and energy security concerns,digitalization, and deglobalization. At the same time, evergreen fund launches havebeen growing in interest as fund managers have increasingly looked to broaden theirinvestor base by accessing the largely untapped private wealth channel, and privatewealth investors have been enticed by the higher return potential and portfoliodiversification benefits of the private markets. These trends have been converging,with more and more evergreen real assets funds coming to market. For the purposes of this analyst note, we define evergreen real assets funds to bethose with at least 66.6% of their assets in infrastructure or natural resources,although as we discuss in the“Sector Exposures” section, the share of non-real-assets AUM is typically much lower than 33.4%, averaging less than 5%. Investmenttypes that are often categorized as infrastructure or natural resources in additionto real estate, such as datacenters, farmland, or even logistics, are considered “realassets” for the purposes of this note and thus do not contribute to the real-estate-categorized share of AUM. We have chosen to exclude real-estate-focused vehiclesgiven the significantly different market dynamics at play in several of the core realestate sectors and the sheer size of the universe of unlisted REITs, which wouldhave obfuscated many of the trends explored within this note. As such, our scopeis limited to interval funds, tender offer funds, European Long-Term InvestmentFunds (ELTIFs), and Société d’Investissement à Capital Variable (SICAV) funds. Formore information on these fund structures, read PitchBook’s previousresearchdiscussing the common characteristics of interval funds and tender offer funds andMorningstar’s reports onELTIFsandUK long-term asset funds (LTAFs). The growth of the universe of evergreen real assets funds raises questions aboutwhich firms are emerging as the major players, what investors are actually gettingexposure to in these funds, how strategies differ from traditional infrastructureand natural resources drawdown funds, and what this means for performance.In t