2025年第四季度美国常青基金市场概况

Contents Introduction3 PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Market overview4 Daniel Cook, CFAGlobal Head of Quantitative Research andMarket Intelligence Assets and flows6 Laura LuttonGlobal Head of Morningstar Manager Research Performance8 Spotlight: Real assets Institutional Research Group Fees and terms14 Analysis Notable funds17 Zane Carmean, CFA, CAIADirector of Quantitative Researchzane.carmean@pitchbook.com Appendix: Glossary20 Juan Mier, CFALead Analyst, Fund Strategies &Sustainable Investingjuan.mier@pitchbook.com Hilary Wiek, CFA, CAIASenior Strategist, Fund Strategies &Sustainable Investinghilary.wiek@pitchbook.com Anikka Villegas Senior Analyst, Fund Strategies &Sustainable Investinganikka.villegas@pitchbook.com Jason Kephart, CFASenior Principal, Multi-Asset Strategy Ratingsjason.kephart@morningstar.com Bryan Armour, CFADirector of ETF and Passive Strategies Researchbryan.armour@morningstar.com pbinstitutionalresearch@pitchbook.com Publishing Report designed byDrew Sanders and Jenna O’Malley Introduction For much of the past several decades, private markets haveeffectively been the domain of large institutions and a narrowsegment of ultra–high-net-worth investors. High minimumcommitments, complex partnership agreements, and strictqualification rules kept most investors on the sidelines. Evenwhen access was available, navigating capital calls, pacingstrategies, and multiyear liquidity lockups required anoperational tool kit that few advisors or individuals possessed.Fund managers had little incentive to broaden theirparticipation when pensions, endowments, and sovereignwealth funds provided substantial, long-term capital. There are also reporting company structures and private—butperpetually offered—funds that provide additional flexibleinvestment solutions to investors. We are working behind thescenes to properly capture these vehicles, as well as non-USevergreen funds, but are still excited about the transparencywe can bring to this quickly expanding area of the privatemarkets. This is the inaugural report covering trends in US evergreenfund flows, product creation, fund performance, and fees andterms that we plan to issue every quarter. In addition to thisnew report, Morningstar and PitchBook have been working ona number of initiatives related to what we have been callingthe “public-private convergence.” Morningstar has launched amethodology for rating interval fundsand published ratings onseveral long-standing interval funds in the market.Morningstar and PitchBook have created the US ModernMarket 100 Indexto capture the performance of the largestpublic and private companies. In November, we launched themethodology and preliminary outputs for theMorningstarPitchBook US Evergreen Fund Indexes, allowing industryparticipants to finally benchmark these structures to theirpeers and offering aggregate comparisons to public markets.We have updated our preliminary results of the indexes forthis report and expect to fully launch the live indexes in early2026. That dynamic is changing. Advances in fund administration,digital onboarding, and distribution technology have loweredlong-standing barriers, while regulatory developments aregradually widening the pool of eligible investors. Wealthplatforms, asset managers, and alternative investment firmsare rapidly building the infrastructure needed to scale privatemarket access well beyond its historical base. At the center of this shift are evergreen fund structures—sometimes referred to as “semi-liquid” fund structures—whichadapt private market investment options to something a bitmore akin to public market investments. These vehicles offerperiodic inflows at net asset values (NAVs), streamlined taxreporting, and redemption features while still providingexposure to private credit, real estate, private equity, and evenventure capital. What was once accessible only throughmultimillion-dollar commitments can now be integrated intodiversified portfolios much more easily at investmentminimums in the thousands of dollars or less. The USevergreen fund universe has grown to nearly $500 billion todayand is on a trajectory that could push assetspast $1 trillion bythe end of the decade. We have more work to do as the evergreen fund universeexpands and the lines between public and private marketsincreasingly blur. We are excited to be covering the key dataand trends and highlighting our latest tools and frameworks inthis report and more over the coming months. Stay tuned. Over the past few years, PitchBook and Morningstar have beenreporting on trends in the evergreen fund space. These fundsinclude interval funds, tender offer funds, unlisted real estateinvestment trusts (REITs), and unlisted business developmentcompanies (BDCs).1 Market overview Unlisted evergreen fund net AUM ($B) by structure 2025 has been a transformative year for the public-privateconvergence, with major deve