Evergreen Funds Compared: What 26 Semi-Liquid Funds Paid When Holders Asked to Sell (2026)

What an evergreen fund is

An evergreen fund has no fixed end date and keeps selling new shares at net asset value (NAV), usually monthly or daily. In return it promises limited liquidity, not daily liquidity: holders can ask to sell, and the fund buys back up to a set percentage on a set schedule. StepStone describes its two funds this way: “As an evergreen fund, SPRIM raises capital daily while providing liquidity through quarterly repurchase offers, subject to approval by the Board of Trustees.” Blackstone's private equity vehicle calls itself a “perpetual-life strategy, with monthly, fully funded subscriptions and periodic redemptions.” The part that matters for a seller is the second half of StepStone's sentence: the same filing adds that the fund “has no obligation to repurchase Shares at any time” and buys only “at such times, in such amounts and on such terms as may be determined by the Board.”

The word covers five different legal wrappers, and the wrapper decides what you can ask for and where the result is published.

Interval funds, which must offer repurchases on a fixed schedule rather than at the board's discretion, are not in this table; our list of interval funds and NAV REIT versus interval fund cover them. How you get in is a separate question, covered in how to invest in private equity. This page answers the question that comes after: when holders asked to sell, what did each fund pay?

The scoreboard: latest completed repurchase window

“Requested” is the amount holders asked to sell as a share of the fund's net assets or shares at the time, as the fund reports it or as our arithmetic from the filing. “Share of requests paid” is what the fund bought divided by what was tendered. Where the filing shows only what was bought, the table says so rather than guess. NAVs are Class I or the nearest equivalent. Size is net assets or the fund's own transaction NAV at the date shown.

Private equity

Six of the eight paid in full or stayed below their limit, Partners Group prorated, and K-PEC does not say. The private equity funds that publish requests show 0.4% to 3.0% of net assets, apart from Partners Group. For the Hamilton Lane series, with 19 offers and the March 2026 price quirk, see our Hamilton Lane Private Assets Fund page; for Blackstone's vehicle, the BXPE redemptions page.

Infrastructure

Infrastructure is the quietest group: no fund repurchased more than 1.0% of its net assets in the quarter. One caution on Brookfield's fund: its December 2025 offer drew $229.4 million (21.07 million shares), 9.8 times the June 2026 offer, so a year-end spike is possible even where the next two quarters are calm (our arithmetic from the three results).

Real estate

Private credit

For credit, “size (implied)” is the number of shares the 5% offer represents divided by 5%, times the price per share, our arithmetic; the funds' own net-asset figures are in each fund's 10-Q. The table is a summary: the full proration series, the effect of tendering twice in a row, and the next result dates are in the private credit redemptions tracker, and each fund has its own page for BCRED, HLEND, OCIC, Apollo Debt Solutions, Ares Strategic Income, North Haven and Golub.

Why the split follows requests, not sponsors

The cap is the same arithmetic everywhere: if holders ask to sell more than the cap, the fund buys the cap and divides it among them. A fund with a 5% cap that is asked for 10% pays about half; asked for 38%, about 13%.

Four of those five examples are credit funds; Partners Group at 6.0% is the only private equity or infrastructure fund that crossed its cap. At the other end, the private equity funds sit between 0.2% and 3.0% of net assets, with Hamilton Lane, Carlyle, StepStone's venture fund, Brookfield and the two Blackstone vehicles all at or under 1.0%. The credit funds that prorated had requests of 10% to 19% of shares.

The reason is visible in the flows. In the fiscal year to March 31, 2026, the registered private equity funds took in far more than they paid out:

In the six months to June 30, 2026, the private vehicles filed on Form 10-Q grew faster: net assets rose 43.8% at BXPE U.S. ($9.90 billion to $14.23 billion), 49.9% at BXINFRA U.S. ($3.49 billion to $5.22 billion), 23.5% at K-PEC, 24.8% at K-INFRA, 15.7% at Apollo Infrastructure and 20.3% at Apollo Asset Backed Credit. Second-quarter repurchases at the first five were 0.19% to 0.98% of net assets; Asset Backed Credit's were 2.18% (our arithmetic). A fund in that position can pay every request without selling a single holding. The test is what happens when inflows slow, and Partners Group is the only fund here that is already past it.

Partners Group: the private equity fund that prorated

Partners Group Private Equity Fund, LLC (formerly Partners Group Private Equity (Master Fund), LLC) is the largest registered private equity tender fund in this comparison, with net assets of $15.3 billion at March 31, 2026. Its five most recent results:

Two details are specific to this fund. First, the dollar amount on offer fell: 5% of NAV at June 30, 2026 was $758.4 million, below the $803 to $811 million limits of the four prior offers (our arithmetic). Second, the payment terms put a holder's last dollars at risk for months. In the March 2026 offer, members who tendered their entire interest received “at least 95%” of their unaudited NAV up front, with the balance after the next annual audit; partial tenders were paid in full. The fund paid $758,266,305.63 for the June 2026 offer, the amount accepted less applicable early repurchase fees (the open offer sets them at 2.00% on units held under 12 months).

The open offer, with notice due August 26, 2026 and valuation at September 30, 2026, is for 5% of net assets, about $762 million at May 31 NAV of $15.24 billion. Its result will be filed as a Schedule TO-I/A. If requests exceed the limit again, it will be the second consecutive quarter of proration at the largest fund of its type.

Real estate: same cap, opposite results

The two largest non-traded REITs show how far the same 2%-a-month and 5%-a-quarter style of plan can diverge. BREIT repurchased 59,313,330 shares in the second quarter at an average $14.32, 1.8% of NAV, and its filing states “All repurchase requests under our share repurchase plan were satisfied.” It also says it has “repurchased less than the full amount of shares requested, resulting in the repurchase of shares on a pro rata basis” in the past, and that unsatisfied requests must be resubmitted. The year-by-year record is on our BREIT performance page.

Starwood's plan went the other way. It cut the cap to 0.33% of NAV a month in May 2024, then 1.5% a quarter from July 2025, and on April 29, 2026 limited repurchases to two categories. The 10-Q puts it plainly: “As a result, no repurchase requests will be accepted except in connection with (i) and (ii) above.” The two exceptions are death or qualifying disability, and accounts under $5,000, each up to $5.0 million a month. It accepted $4.8 million, $2.3 million and $2.5 million in April, May and June, then $4.2 million in July and $5.1 million in August, against aggregate NAV of about $7.9 billion. The April total of 2,926,961 shares also includes 941,662 Class I shares the advisor held from fees and repurchased outside the plan. The Starwood story is in the SREIT review and the redemptions history; the NAV REIT field is tracked in the NAV REIT redemption status page.

JLL Income Property Trust, much smaller at $2.27 billion, honored 100% of requests in both quarters while running closer to its 5% cap: 3.0% of NAV in the second quarter and about 3.3% in the third (our arithmetic).

What changed in the last 60 days

• September 25: Ares Strategic Income Fund reported 50,400,325 shares tendered and bought 19,264,139, 38.2%, in the offer priced August 31.
• September 23: StepStone Private Markets reported $146.4 million tendered, 46.0% of a 5% offer (our arithmetic), and paid in full on September 17. In September 2025 its board had raised that quarter's offer to 10% of shares.
• September 15: Hamilton Lane filed the June result (100% of $57.2 million); its next offer had a notice date of September 3 and is priced at September 30.
• August 5: K-INFRA repurchased 1,576,524 shares for $48.1 million; K-PEC repurchased shares worth about $60.2 million (our arithmetic).
• October 2: JLL reported $75.0 million redeemed in the third quarter, all requests honored.
• September 30 valuation dates are set for Partners Group, AMG Pantheon (offer for up to 11,957,272 units) and Brookfield's infrastructure fund (notice due September 24). Their results will appear as Schedule TO-I/A filings in the next few weeks.

What a holder can do with this

• Read the cap against the requests. The table above shows that a fund paying 100% at 1% of NAV requested is in a different position from one paying 100% at 4.8%. Golub's 100% came with 4.8% requested against a 5% cap; Hamilton Lane's came with 1.0%.
• Check whether the fund discloses requests. KKR, Apollo's two funds and Ares's REITs report what they bought, not what was asked; K-PEC's 10-Q says it “may repurchase fewer Shares than have been requested in any particular quarter” or none at all. For those, the filings cannot show whether anyone was prorated.
• Know the price lag. You commit before you know the price. Partners Group's notice was due May 26 and priced June 30; BXPE's April window was effective June 30. NAV is an estimate until the audit.
• Count the fees. A 2% fee on shares held under a year applies at Partners Group, Hamilton Lane, Carlyle, AMG Pantheon, StepStone's venture fund and Brookfield; Blackstone's private vehicles charge 5% for units under two years, KKR's K-INFRA 5%, BREIT 2% (98% of price) and Starwood 5% (95%).
• Watch the signals that precede a cap. Slowing inflows, requests above 5%, a shrinking dollar limit (Partners Group), a plan amendment (Starwood), or a board raising the quarter's offer (StepStone, September 2025). Each appears in a Schedule TO-I/A, a 10-Q or an 8-K.

FAQ

All figures come from SEC filings read on EDGAR on October 6, 2026: the final amendments to Schedule TO-I for Partners Group (accessions 0001398344-25-018186, 0001398344-25-022905, 0001398344-26-004979, 0001398344-26-009341, 0001398344-26-013046), Hamilton Lane (0001213900-26-100003), Carlyle AlpInvest (0001398344-26-014989), StepStone (0001193125-26-294042, 0001193125-26-399591, 0001193125-26-325375), AMG Pantheon (0001193125-26-165958, 0001193125-26-339714) and Brookfield Infrastructure Income (0001213900-26-018163, 0001213900-26-053734, 0001213900-26-085976), and of the BDCs BCRED (0001213900-26-084924), HLEND (0001628280-26-052073), OCIC (0001628280-26-049601), Apollo Debt Solutions (0001193125-26-337966), Ares Strategic Income (0001104659-26-110962), North Haven (0001193125-26-321080) and Golub (0001930087-26-000101); the offers to purchase for the open and prior offers; the annual reports (N-CSR) for the year ended March 31, 2026 of Partners Group, AMG Pantheon, Carlyle AlpInvest and the two StepStone funds; the Form 10-Q for the quarter ended June 30, 2026 of BREIT (0001662972-26-000111), Starwood (0001193125-26-346339), Ares Real Estate (0001628280-26-056330), Ares Industrial (0001628280-26-056338), BREC (0002049733-26-000037), JLL Income Property Trust (0001314152-26-000149), BXPE (0001930054-26-000016), BXINFRA (0002030772-26-000017), K-PEC (0001957845-26-000071), K-INFRA (0001948056-26-000065), Apollo Infrastructure Company (0001193125-26-349987) and Apollo Asset Backed Credit Company (0001193125-26-349993); and the NAV 8-Ks and prospectus supplements of August to October 2026. Requests as a share of net assets or shares, shares of requests paid where the filing does not state them, implied fund sizes, medians, six-month growth, flow ratios and summed amounts are our arithmetic. Fund sizes use the date shown in each table. This is analysis of public documents, not investment, legal or tax advice.