US Evergreen Fund Landscape: Trends and Analysis for Q1 2026
What’s driving the growing US evergreen fund market?
The US evergreen fund universe just keeps on growing. Total net assets eclipsed $530 billion at the close of 2025, up $100 billion from 2024. Business development companies (BDCs) held the largest share of assets under management. It wasn’t all roses for every strategy, though. Credit-focused evergreen strategies have been the subject of headlines for months. There’s talk of possible and actual pro-rating of redemptions at various credit funds, including some of the most prominent asset managers.
Navigating this evolving space requires precise data and reliable benchmarks. Our Q1 2026 report provides a comprehensive look at the forces fueling growth and concern alike.
Download the report to understand the flows, fees, and product trends shaping the future of private markets.
Morningstar clients can access the full report via the Direct Compass here.
