Bridging the Liquidity Gap

 Evergreen private market vehicles—also known as perpetual or semiliquid structures—are becoming an increasingly prominent way for asset managers to meet the evolving needs of individual investors. With assets in higher-liquidity private market funds now measured in the trillions and growing faster than traditional drawdown vehicles, liquidity management has emerged as a central challenge. Although these funds offer more frequent access than finite-life structures, their underlying investments often remain illiquid, requiring careful coordination between redemption policies, cash management, and long-term strategy. This article examines how alternative asset managers approach liquidity in evergreen vehicles, highlights key differences across private market strategies, and outlines critical questions advisors should ask when assessing whether a manager’s liquidity framework is aligned with investor expectations and portfolio objectives.