A fund with
no end date
Raise continuously, deploy capital as it arrives and offer investors periodic liquidity at NAV. Allocations forms the fund, runs NAV, subscriptions and redemptions, and delivers statements and K-1s every year.
Open-ended, perpetual and priced at NAV
An evergreen fund has no fixed term and no final close. Investors subscribe at a periodic NAV, their capital is deployed as it arrives, and they can redeem at NAV during set windows, subject to gates. Instead of raising a new fund every few years, one vehicle keeps compounding and keeps taking in capital.
The structure suits private credit, private equity, real estate and infrastructure strategies with recurring cash flows or a valuation cadence that supports a regular NAV.
Subscriptions in, redemptions out, every period
A closed-end fund has one raise and one wind-down. An evergreen fund breathes: new money arrives at each NAV date, redemptions leave at each window, and the portfolio is managed around the net. Eight illustrative quarters below.
Illustrative. Subscription and redemption cadence is set in the LPA.
Liquidity on a schedule you control
Gates cap how much of the fund can be redeemed in one window, protecting remaining investors from forced sales. Set the gate and the requests to see how a window resolves on a $48.2M fund.
Illustrative. Gate, notice period and pro-rata rules are set in the LPA.
One vehicle, run period after period
Click a step to see the manager’s view.
Formation
Investor onboarding
Monthly NAV
Subscriptions in
Redemptions out
Reporting and tax
Illustrative figures.
Built to keep raising and keep compounding
For managers with a repeatable strategy and investors who want exposure now, with a path to liquidity later.
Raise continuously
No fundraising windows or final close. Investors join at any NAV date, and the fund grows with demand.
Deploy immediately
Capital is invested as it arrives, so investors are exposed from day one and there’s no J-curve from drawdowns.
Offer liquidity
Periodic redemptions at NAV give investors a way out, within gates you set in the LPA.
Lower minimums
Open to a wider investor base, from $1,000 to $25,000 minimums, without changing the strategy.
Keep compounding
No forced sales at the end of a fixed term. Winners can be held as long as the thesis holds.
Evergreen fund administration
One annual fee covers formation, NAV, subscriptions, redemptions, investor reporting and tax, for the life of the fund.
Evergreen fund features at a glance
Formation
Operations
Reporting and tax
See what Allocations customers have to say about us
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Before you open the fund
Evergreen terms vary by strategy. Book a demo to walk through it with the team.
How is an evergreen fund different from a closed-end fund?
+A closed-end fund raises once, calls capital over three to five years and winds down after a fixed term. An evergreen fund has no end date: it accepts subscriptions and pays redemptions at NAV on a set schedule, and capital is deployed as it arrives.
How is NAV calculated?
+Portfolio holdings are valued each period under the valuation policy in the LPA, expenses and fees are accrued, and net assets are divided by units outstanding. Allocations runs the calculation and strikes NAV on the schedule you choose.
How do redemptions work?
+Investors give notice before a redemption window. Requests are paid at that window’s NAV, up to the gate in the LPA, typically a percentage of NAV per quarter. If requests exceed the gate, they’re met pro rata and the balance carries forward.
Can I hold illiquid assets in an evergreen fund?
+Yes, with a liquidity sleeve and gates sized to the portfolio. Private equity, credit, real estate and infrastructure are common holdings. The LPA sets how much can be illiquid and how redemptions are managed.
How are taxes handled?
+The fund files a partnership return each year, and every investor who held units during the year receives a K-1 reflecting their period of ownership.
What does it cost?
+Evergreen fund administration on Allocations is $40,000 per year, covering formation, NAV, subscriptions, redemptions, reporting and tax. Book a demo to confirm scope for your fund.
Launch your evergreen fund
Raise continuously and keep compounding, with administration handled end to end.