Evergreen Fund Handbook: Semi-Liquid Private Markets Funds: Design, Liquidity, Valuation, Fairness a

The practitioner's handbook to semi-liquid private markets funds - design, liquidity, valuation, fairness and distribution.

An evergreen fund makes a promise its assets cannot literally keep. It holds companies, loans, buildings and infrastructure that take months or years to sell, and it tells investors they may redeem quarterly. The gap between those two facts is bridged by structure - a liquidity sleeve, a redemption cap, a notice period, a pricing mechanism - and the entire craft of the product lies in how honestly that bridge is built.

Semi-liquid vehicles have become the fastest-growing product line in private markets. Almost every large manager now runs one, the wealth channel has become the largest source of new capital, and European policy has actively encouraged it. What has not kept pace is a practitioner's account of how these funds actually work.

This handbook covers the whole discipline:

• the wrapper landscape, from the revised European long-term investment fund regime through interval funds, tender offer funds and long-term asset funds;
• the liquidity promise itself - what is being promised, what is not, and the four levers that set it;
• portfolio construction for perpetual capital, the liquidity sleeve and what it really costs in return, subscriptions, the ramp and the recycling engine;
• redemption mechanics - pro-rating, queue versus lapse, and what to do when the cap binds;
• monthly valuation of assets that do not trade, where the mark is the price at which investors transact;
• fair treatment between the investors entering, holding and leaving, and the four ways value moves between them;
• liquidity management tools and their calibration, leverage ceilings, allocation against the manager's own closed-ended funds, fees and performance fee equalisation;
• distribution and suitability, operations, risk and the board, due diligence, performance measurement, and a catalogue of the ways these products have already failed - each with the control that would have prevented it.

Who it is for: product teams designing these vehicles, portfolio managers running them, fund operations, valuation and risk teams, distributors and advisers, allocators and operational due diligence teams, and the boards and depositaries who sign off on the liquidity terms.

Twenty-two chapters, a fully worked launch followed from product design through the first prorated redemption quarter with the numbers, and ten appendices including a product design decision sheet, a liquidity stress testing framework, a monthly dashboard, a valuation governance checklist, a redemption processing runbook, investor communication templates and a full due diligence question set.

This book is provided for information and educational purposes. It is not investment, legal or tax advice, and regulatory detail differs by jurisdiction.