The Double "E" – Evercore's Evergreen Tracker

Research evidence excerpt

The Double "E" – Evercore's Evergreen Tracker

Financials | Brokers, Banks & Asset Managers

June 08, 2026

Glenn Schorr, CFA Benjamin Rubin, CFA, CPA John Dunn Matthew Lyons, CFA

212-653-9045 646-551-8502 212-446-9455 212-336-1709

glenn.schorr@evercoreisi.com Benjamin.Rubin@evercoreisi.com John.Dunn@EvercoreISI.com matthew.lyons@evercoreISI.com

Flows, Redemptions, & Net Returns for 30+ Evergreen Funds

Over the past few years, the alternative asset managers have accelerated their push into the wealth channel

by offering non-listed, “evergreen” funds to wealthy individuals. What started with non-traded REITs and

BDCs has broadened into multiple asset classes spanning $500bn+ in AUM. Given the size and importance

of these vehicles, we’ve created The Double “E” to track sales, redemptions, and net returns across 30+

evergreen funds (~60% of industry-wide AUM) covering private credit, real estate, infrastructure, private

equity, and secondaries. In this note, we unpack the key takeaways from recent months, but please see

the 50+ attached slides for detailed results by asset class and fund.

Recent Sales. To date, 17 funds in our tracker have reported sales for May totaling $2.7bn of aggregate

inflows, which is down 17% from April’s levels due to lower fund sales in private credit (-40% MoM) and PE

(-22% MoM) combined with flat infra sales. Among funds in our tracker that typically report on a lag, real

estate funds had ~$540mn of net inflows in April (+51% MoM) and secondaries had gross sales of $1.1bn

in March (+25% MoM).

Recent Redemptions. So far, we’ve only seen 2Q redemption requests from BCRED (10%) (see our note

here for more), Cliffwater’s CCLFX (17%), and Partners Group’s Global Value SICAV Fund (10%), but we’d