The forever fund: evergreen capital in private equity

The traditional private equity fund is a 10-year close-ended vehicle, with a five-year investment period and an average holding period of three to six years. Some argue that the time-limited model encodes short-termism into the private equity perspective. The manager’s decisions to buy, hold and sell investments are influenced or even ordained by the ticking…

The long game: The emergence of long-life funds

The traditional private equity fund model is a 10-year partnership between manager and investors, with an average investment holding period of three to five years. But as the industry matures, it is experimenting with variations on this theme from evergreen funds to long-life funds. Evergreen funds do away with term limits altogether – they aim…

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