Evergreen Funds

"Evergreen funds are a type of investment vehicle that allows investors to make long-term investments in private companies. Unlike traditional private funds, which typically have a fixed lifespan of approximately 10 years, evergreen funds do not have a fixed end date. Instead, they continue indefinitely, allowing investors to enter and exit the fund on a periodic basis.

The structure of an evergreen fund is similar to that of a closed-end or traditional private equity fund in that it pools capital from multiple investors to invest in a diversified portfolio of private companies. The key difference is that evergreen funds are open-ended. This structure makes it easier for investors to access private market investments with a lower minimum investment, a more liquid structure and immediate exposure to the asset class, compared to illiquid closed-end structures".

Source: https://www.hamiltonlane.com/en-us/education/private-markets-education/evergreen-funds