The home for the data and analysis of the growing market for private equity evergreen funds available to retail investors. This website and resources are managed by Michael Ewens of Columbia Business School. The research project is co-authored with Jacob Faber of Columbia Business School
Stay tuned for a data release and white paper in February 2025.
What is a retail evergreen fund?
These funds are registered non-diversified closed-end funds* that invest in private market assets* and are available to retail investors*.
Defining terms
*Private market assets
Positions in private equity funds, equity or debt investments in private firms, venture capital funds, and infrastructure investments.
*Retail investors
At a high-level, we are all retail investors. The definition includes any individual that is not an institution. Retail investors can be divided into accredited investors, non-accredited investors, and qualified purchasers.
Non-diversified closed-end fund
A fund vehicle that does not have redeemable shares (in contrast to the traditional open-ended mutual fund) and is allowed to hold positions that are greater than 5% of its net asset value (i.e., non-diversified).
Facts and trends
Fund types by liquidity
Funds by investor qualification
Investment strategies