US Evergreen Fund Landscape: Trends and Analysis for Q3 2026
How will outflows and structural change impact evergreen funds in the US market?
US evergreen fund assets have climbed past $650 billion, even as private credit vehicles navigate their first real liquidity test since the category took off. Growth has slowed from prior years, but the story beneath the headline number is one of rotation, not retreat.
Private equity evergreen funds have doubled their net asset value since the end of 2024. Venture capital vehicles have surged from roughly $3 billion to more than $20 billion. Direct lending has pulled back slightly after tripling in size since 2022.
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