What Is an Evergreen Fund? Six Legal Structures, Six Exits
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Quick Answer
As of October 10, 2026: an evergreen fund is a fund that keeps selling shares at net asset value (NAV) and lets holders ask to sell a slice back, periodically. “Evergreen” is a sales word, not a legal category. It appears zero times in the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940 (U.S. Code, 2024 edition), and in no section of 17 CFR on eCFR (our count). What the fund legally is sets how you get out. Only an interval fund has a legal duty to make offers: Rule 23c-3 requires 5% to 25% of its shares on a fixed schedule. Every other structure repurchases at its board's or sponsor's discretion: BREIT's board may “modify or suspend” a plan capped at 2% of NAV a month and 5% a quarter; BCRED's board “may amend or suspend” a 5% quarterly program; Blackstone's private BXPE feeder redeems up to 3% of units a quarter. A cap is a ceiling, not a result: Partners Group Private Equity Fund accepted 82.9% of the $914.8 million tendered in its offer that closed May 26, 2026 and paid in promissory notes (our arithmetic), while Apogem Evergreen Fund, formerly Bow River Capital Evergreen Fund, repurchased about $17.0 million in an offer for about 5% of a $1.3 billion fund. Census: of 64 EDGAR registrants with “Evergreen” in their name that surfaced in the SEC's full-text search, 58 are private funds that file Form D, 2 are registered closed-end funds and 1 is a BDC.
Key Takeaways
- The word is not in the law. We counted “evergreen” in the three federal statutes that govern these funds (Securities Act, Exchange Act, Investment Company Act and Advisers Act; 2024 U.S. Code edition): 0, 0 and 0. The eCFR search of 17 CFR for “evergreen” returns 0 sections, and for “interval fund” also 0; the rule on interval funds, 17 CFR 270.23c-3, says “periodic interval”. In the BXPE 10-Q, the Fundrise interval fund prospectus and the Partners Group prospectus and tender offer we read, the word never describes the fund.
- Only one of the six structures has a legal duty to buy back: the interval fund. Rule 23c-3 requires an offer of “not less than five percent nor more than twenty-five percent” of shares, and the fund may suspend it only by a board vote and only for listed reasons. A tender-offer fund, a non-traded BDC, a NAV REIT and a private feeder each repurchase when the board or sponsor decides.
- The caps differ in what they are measured against: BREIT 2% of aggregate NAV a month and 5% a quarter; BCRED 5% of NAV a quarter; Partners Group no more than 5% of net assets quarterly; BXPE up to 3% of units outstanding a quarter; interval funds 5% to 25% of shares per interval.
- Entry bars run from $1,000 (Fundrise Real Estate Interval Fund, a registered public offering) to $50,000 and a “qualified client” plus “accredited investor” certification (Partners Group Class A) to “accredited investors” who are also “qualified purchasers” (BXPE).
- Fee layers are not the same thing: Fundrise's interval fund lists 1.78% total annual expenses; Partners Group lists 3.60% for Class A before a sales load of up to 3.50%; BCRED charges 1.25% management, a 12.5% incentive fee and, on Class S, 0.85% servicing, and its interest expense was 28.0% of investment income in the second quarter of 2026 (our arithmetic). Leaving early costs 2% (BREIT, BCRED, Partners Group) or 5% (BXPE, units held under two years).
- A fund can use two exits. Apogem Evergreen Fund tells holders it “has elected to implement a hybrid repurchase mechanism”: two Rule 23c-3 offers a year plus two Rule 13e-4 tender offers in 2026.
- Our census: 64 EDGAR registrants named Evergreen (58 private funds); a registry of 380 vehicles in which 74 of 78 unlisted non-traded REITs and 38 of 71 unlisted BDCs filed neither an interval notice nor a tender offer in the last 12 months; and a raw recount of 637 Form N-23C3A notices from 170 funds and 606 Schedule TO-I filings from 236 filers, October 2025 to September 2026.
CSV · 219 rows
Evergreen funds by legal structure, 2026: the word in the law, rule text, caps, eligibility and fees from filings, and an EDGAR census
219 rows: counts of the word evergreen in federal statutes and 17 CFR; the text of Rules 23c-3, 13e-4, 22e-4 and two statute sections; caps, eligibility and fees from six funds' filings; the Partners Group offer closed May 26, 2026; 64 registrants named Evergreen; our 380-vehicle registry by exit form; and a recount of Form N-23C3A and Schedule TO-I filings.
“Evergreen” is a sales word: the law never uses it
We searched the text of the federal laws that govern these funds. The result is the same in all three.
| Text searched | “evergreen” | “interval fund” | “semi-liquid” |
|---|---|---|---|
| Securities Act of 1933 (15 U.S.C. 77a et seq., 2024 edition) | 0 | 0 | 0 |
| Securities Exchange Act of 1934 (15 U.S.C. 78a et seq., 2024 edition) | 0 | 0 | 0 |
| Investment Company Act and Investment Advisers Act of 1940 (15 U.S.C. 80a-1 et seq. and 80b-1 et seq., 2024 edition) | 0 | 0 | 0 |
| 17 CFR, the SEC's regulations (eCFR search, as of October 7, 2026) | 0 sections | 0 sections | 0 sections |
Source: chapters 2A, 2B and 2D of Title 15 of the U.S. Code, 2024 edition (GPO, govinfo.gov), and the eCFR search API for Title 17. Counts are ours, from the saved text and search results.
Even “interval fund” is not in the regulation text. The rule uses a different phrase: “Periodic interval shall mean an interval of three, six, or twelve months” (17 CFR 270.23c-3(a)(1)). The SEC's own registration form shows what categories exist. On the cover of Fundrise Real Estate Interval Fund's April 30, 2026 prospectus (Form 486BPOS, accession 0001213900-26-049518), the filer ticks “Registered Closed-End Fund” and “Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act)”. There is no box for evergreen.
The big sponsors' own filings follow the law, not the brochure. In Blackstone Private Equity Strategies Fund's 10-Q for June 30, 2026, the Fundrise prospectus, and the Partners Group Private Equity Fund prospectus (December 29, 2025) and tender offer (July 30, 2026), the word “evergreen” appears zero times. In BREIT's and BCRED's 10-Qs and Partners Group's annual report it appears only inside the names of a property or a portfolio company (our count). BXPE calls itself “a perpetual-life strategy, with monthly, fully funded subscriptions and periodic redemptions”, a description of a private fund “exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940”.
(The premise that “evergreen” is a defined legal term is therefore wrong. It is a description of a pattern: no end date, continuous sales, limited periodic exits. The legal structure underneath is what you are buying.)
Six structures that get called evergreen
Each row below was read from a filing. We chose one large fund to stand for each structure, so the numbers are that fund's, not an average.
What it is, who can buy it
| Structure | Legal basis, as the filing states it | Who can buy | Fund read |
|---|---|---|---|
| NAV REIT | A Maryland corporation that “qualifies as a real estate investment trust”; shares registered with the SEC. BREIT's 10-Q cites neither Rule 13e-4 nor Rule 23c-3 for its plan (our count: 0 mentions of each), so the exit is a plan its board sets. | A registered offering of up to $60.0 billion, plus private offerings to accredited investors and to feeder vehicles | BREIT, Form 10-Q for June 30, 2026 (0001662972-26-000111) |
| Interval fund | Registered closed-end fund; periodic repurchase offers under Rule 23c-3, adopted as a fundamental policy | The public, in a registered offering; minimum initial investment $1,000 | Fundrise Real Estate Interval Fund, Form 486BPOS, April 30, 2026 (0001213900-26-049518) |
| Tender-offer fund | Registered closed-end fund; each repurchase is an issuer tender offer under Rule 13e-4 (Schedule TO-I) | Each investor must certify that it is a “qualified client” and an “accredited investor”; minimum $50,000 for Class A and S, $1,000,000 for Class I and M | Partners Group Private Equity Fund, Form N-2/A, December 29, 2025 (0001398344-25-023038) |
| Non-traded BDC | Closed-end company that “has elected to be regulated as a business development company”; BCRED says it conducts repurchase offers “in accordance with the requirements of Rule 13e-4”. A BDC may instead use Rule 23c-3, whose text names “a business development company”. | A public offering through an intermediary manager | BCRED, Form 10-Q for June 30, 2026 (0001803498-26-000048) |
| Private fund or feeder | “Private fund exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940”; units sold under exemptions from the Securities Act | Investors that are both accredited investors and qualified purchasers | Blackstone Private Equity Strategies Fund (BXPE), Form 10-Q for June 30, 2026 (0001930054-26-000016) |
| Open-end fund (mutual fund) | Registered investment company with redeemable securities; Section 22(e) and Rule 22e-4 (below) | Retail investors, in registered offerings (our reading) | None. We read no US open-end fund that holds private equity; the rules below explain why |
How you get out, and who can say no
| Structure | The exit, in the document's words | The cap | Can the sponsor say no? |
|---|---|---|---|
| NAV REIT (BREIT) | Total repurchases are “limited to no more than 2% of our aggregate NAV per month” and “no more than 5% of our aggregate NAV per calendar quarter” | 2% of aggregate NAV a month, 5% a quarter | Yes: the board may “modify or suspend the Repurchase Plan if, in its reasonable judgment, it deems such action to be in the Company’s best interest”. It repurchased $2.1 billion in the six months to June 30, 2026, “satisfying all repurchase requests”. |
| Interval fund (Rule 23c-3) | “The repurchase offer amount shall not be less than five percent nor more than twenty-five percent of the common stock outstanding on a repurchase request deadline.” | 5% to 25% per interval of three, six or twelve months; the fund may buy an extra 2% if requests exceed the offer, otherwise it prorates | Only “pursuant to a vote of a majority of the directors” and for the grounds the rule lists (among them loss of regulated investment company status, a closed or restricted market, an emergency, or an SEC order) |
| Tender-offer fund (Partners Group) | Repurchases “will be made at such times and on such terms as may be determined by the Board from time to time in its sole discretion”; the adviser anticipates recommending offers of “no more than 5% of the Fund’s net assets quarterly” | About 5% of net assets a quarter; Rule 13e-4 requires an oversubscribed offer to be filled “as nearly as may be pro rata” | Yes: the board decides each quarter whether to make an offer |
| Non-traded BDC (BCRED) | “At the discretion of our Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding” | 5% of NAV a quarter | Yes: “The Board may amend or suspend the share repurchase program at any time” |
| Private fund (BXPE) | A unit redemption plan; the 10-Q says the quarterly limit is 3% of units outstanding and that units are redeemed pro rata if requests exceed it or if the General Partner decides to redeem fewer | Up to 3% of units outstanding a quarter | Yes: the General Partner may redeem fewer units than requested |
| Open-end fund | “No registered investment company shall suspend the right of redemption, or postpone the date of payment or satisfaction upon redemption of any redeemable security in accordance with its terms for more than seven days after the tender” (15 U.S.C. 80a-22(e)) | No cap, but at most 15% of net assets in illiquid investments | Only in the cases the statute and the SEC allow |
Sources: 17 CFR 270.23c-3 and 17 CFR 240.13e-4 (eCFR, as of October 7, 2026); 15 U.S.C. 80a-22(e) (2024 edition); BREIT, BCRED and BXPE Forms 10-Q for June 30, 2026; Partners Group Private Equity Fund Form N-2/A (December 29, 2025). A statement that a sponsor “can say no” is our reading of the quoted words.
What it costs
| Structure (fund) | Entry cost | Ongoing fee layers | Cost of leaving early |
|---|---|---|---|
| NAV REIT (BREIT) | “The share classes have different upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees” | Management fee of 1.25% of NAV a year; performance participation of 12.5% of annual total return above a 5% hurdle, with catch-up | Shares held under one year are repurchased at 98% of the transaction price |
| Interval fund (Fundrise) | No sales load listed | 1.78% total annual expenses: 0.85% management, 0.24% general, 0.50% marketing, 0.19% interest on borrowings | “The Fund does not currently charge a repurchase fee”; it may charge up to 2.00% in future (the rule's cap is 2%) |
| Tender-offer fund (Partners Group) | Maximum sales load of 3.50% (Class A) or 1.50% (Class S) | 3.60% total annual expenses for Class A: 1.62% management, 0.64% incentive, 0.70% distribution and service, 0.24% other, 0.40% acquired funds | 2.00% early repurchase fee if tendered before holding the units 12 consecutive months |
| Non-traded BDC (BCRED) | Selling agents' charges capped at 3.5% on Class S and 1.5% on Class D | 1.25% management fee; incentive fee of 12.5% of pre-incentive net investment income, with a hurdle of 1.25% a quarter and a catch-up; 0.85% a year servicing on Class S; interest expense of $513.3 million against $1,830.9 million of investment income in the second quarter of 2026 (28.0%, our arithmetic) | Shares held under one year are repurchased at 98% of NAV |
| Private fund (BXPE) | Classes differ in the upfront subscription fee | 1.25% management fee on Class I-Series I; performance participation of 12.5% of total return above a 5% annual hurdle, with a high water mark and 100% catch-up | 5% early redemption deduction on units outstanding under two years |
| Open-end fund | Varies | Not read | Not read |
Sources: the filings named in the first table. Percentages are as each document states them for the class or series shown; other classes differ.
The rule words behind each exit
The exits differ because the rules behind them differ. Here are the operative words, saved from the eCFR (current as of October 7, 2026) and the U.S. Code (2024 edition).
| Provision | Operative words | What it means (our reading) |
|---|---|---|
| 17 CFR 270.23c-3(b): who may use it | A registered closed-end company or a business development company may repurchase common stock of which it is the issuer from the holders of the stock at periodic intervals, pursuant to repurchase offers made to all holders of the stock | Interval funds can be registered funds or BDCs. The offer goes to everyone, on a schedule. |
| 17 CFR 270.23c-3(b)(1): fee | only a repurchase fee, not to exceed two percent of the proceeds | An interval fund's exit fee is capped at 2%. |
| 17 CFR 240.13e-4(a)(2): issuer tender offer | a tender offer for, or a request or invitation for tenders of, any class of equity security, made by the issuer of such class of equity security or by an affiliate of such issuer | A fund buying its own shares in a tender offer is covered. This is the path for tender-offer funds and for BDCs such as BCRED. |
| 17 CFR 240.13e-4(f)(1)(i) | At least twenty business days from its commencement | Holders get at least 20 business days to decide. |
| 17 CFR 240.13e-4(h)(7) | Offers by closed-end management investment companies to repurchase equity securities pursuant to § 270.23c-3 of this chapter | Interval-fund offers sit outside the tender-offer rule and file Form N-23C3A instead. |
| 17 CFR 270.22e-4(b)(1)(iv) | No fund or In-Kind ETF may acquire any illiquid investment if, immediately after the acquisition, the fund or In-Kind ETF would have invested more than 15% of its net assets in illiquid investments that are assets. | An open-end fund cannot hold mostly private holdings. That is why private equity and private credit “evergreen” funds in the US are interval funds, tender-offer funds, BDCs or private funds. |
| 15 U.S.C. 80a-3(c)(7) | Any issuer, the outstanding securities of which are owned exclusively by persons who, at the time of acquisition of such securities, are qualified purchasers, and which is not making and does not at that time propose to make a public offering of such securities. | The exemption private funds such as BXPE rely on. It is why the buyer must be a qualified purchaser. |
Source: eCFR, 17 CFR 270.23c-3, 240.13e-4 and 270.22e-4, as of October 7, 2026; 15 U.S.C. 80a-3(c)(7), 2024 edition (GPO). Our fuller treatment is in What Is an Interval Fund? and What Is a Tender Offer?.
One fund named Evergreen, two legal exits
A fund with the word in its name shows why the label tells you little. Apogem Evergreen Fund was called Bow River Capital Evergreen Fund until September 23, 2026 (EDGAR's name history). It is a registered fund with $1,254,551,135 in Class I shares on July 17, 2026, and it uses both rules at once. Its April 24, 2026 Form N-23C3A tells shareholders that the fund “has elected to implement a hybrid repurchase mechanism”: required semiannual repurchase offers, plus discretionary offers at the board's option.
| Offer | Legal path | Size | Result |
|---|---|---|---|
| April 24 to May 15, 2026 | Rule 23c-3 (Form N-23C3A, 0001213900-26-047389) | Up to 5% of shares; 2.00% fee if shares held under a year | Notice only; the result goes in the shareholder report |
| February 20, 2026 | Rule 13e-4 (Schedule TO-I, 0001213900-26-018765) | Up to 5%, 1,086,956 shares | $16,622,832 of Class I and $811,883 of Class II tendered and accepted, valuation March 31, 2026 ($17.4 million, our sum; final amendment 0001213900-26-053927) |
| July 24, 2026 | Rule 13e-4 (Schedule TO-I, 0001213900-26-081488) | Up to 5%, 1,158,282 shares, about $65 million at the $56.44 Class I NAV (our arithmetic) | $16,471,542 of Class I and $512,553 of Class II tendered and accepted, valuation August 31, 2026 ($17.0 million, our sum; final amendment 0001213900-26-102567) |
Two things follow. First, the rule under which you sell changes from one window to the next, and with it who decides: the semiannual offer is required, the tender offers are discretionary. Second, the dollars tendered and accepted in the July window were about $17.0 million against an offer of roughly $65 million (our arithmetic). A cap is a ceiling, not a prediction of what you will get. Whether you are paid in full depends on how many other holders ask in the same window, which the final Schedule TO amendment tells you afterwards. A holder who tenders part of a position must keep “a minimum account balance of $100,000 for Class I Shares and $25,000 for Class II Shares”.
Census: what is out there under the name
We counted three ways, each from raw EDGAR records, with the scripts saved. The first two cover the label; the third covers the exits.
Registrants named Evergreen: mostly private funds
We took the full-text search of EDGAR for the phrase “evergreen fund” in documents filed from October 10, 2025 to October 9, 2026: 704 documents, in 60 form types. From those hits we kept the 64 registrants whose own EDGAR name contains “Evergreen” and read each one's filing record for the same 12 months. This is a sample of funds that surfaced in a search, not a full list of every fund so named.
| What they filed (October 10, 2025 to October 9, 2026) | Registrants | What it tells you |
|---|---|---|
| Only Form D or D/A | 53 | A private offering under Regulation D; no registration with the SEC as an investment company |
| Form D plus an exemptive application (Form 40-APP) | 5 | A private fund whose sponsor also filed an exemptive application; includes King Street, Dawson Portfolio Finance and CIFC Direct Lending vehicles |
| Only an exemptive application (Form 40-APP) | 2 | CIFC Direct Lending Evergreen Fund SB SPV and CIFC Direct Lending Evergreen Funding |
| Registered closed-end fund (N-CSR, N-PORT, N-CEN filer) | 1 | Apogem Evergreen Fund (above) |
| Registered closed-end fund, new registration (Form N-2, N-8A) | 1 | Dawson Private Markets Evergreen Fund |
| Exchange Act reporting company that elected BDC status (Forms 10-12G, N-54A, 10-Q) | 1 | CIFC Direct Lending Evergreen Fund |
| Institutional manager filing Form 13F | 1 | Capital Today Evergreen Fund, L.P. |
| Total | 64 | Our census |
Source: SEC EDGAR full-text search and submissions records, read on October 10, 2026; scripts fts_evergreen.py, census_named.py and census_named_summary.py in the saved folder.
Fifty-eight of 64 are private funds. The retail reader who sees “evergreen” on a brochure may be looking at one of those, which sets eligibility (accredited investors and qualified purchasers) and, in our reading, puts the exit outside Rule 23c-3, which applies to registered closed-end companies and BDCs. The open-end side shows the opposite: 96 prospectus filings of open-end funds (Form 485BPOS) contain the phrase “evergreen fund”, 17 from Allspring Funds Trust, where in the filing we opened the phrase is the name of a predecessor fund family, Evergreen Funds, whose reorganization into the trust the board approved in December 2009 and January 2010. It is a legacy brand there, not a structure.
Our registry of 380 vehicles, by exit form
CrowdfundedWealth keeps a registry of the funds and REITs we have read; the file, generated October 5, 2026, holds 380 vehicles. We re-read each one's EDGAR filing record for the 12 months to October 9, 2026 and checked which exit form it filed. Listed vehicles, which trade on an exchange, are left out of the right-hand columns.
| Our registry type | Vehicles | Listed on an exchange | Not listed: filed Form N-23C3A | Not listed: filed Schedule TO-I | Not listed: filed neither |
|---|---|---|---|---|---|
| interval (registered closed-end funds) | 118 | 2 | 85 | 7 | 27 |
| nt-reit (non-traded and listed REITs) | 103 | 25 | 0 | 4 | 74 |
| bdc | 77 | 6 | 0 | 33 | 38 |
| other (crowdfunding, private feeders, others) | 82 | 27 | 6 | 5 | 44 |
Source: registry.json (generated October 5, 2026) joined to each CIK's EDGAR submissions record; scripts census_registry.py and census_registry_summary2.py. A vehicle can appear in two columns (three funds filed both).
Read it as a map of exits. Of 116 unlisted vehicles typed as interval funds, 85 filed a Rule 23c-3 notice. Of 71 unlisted BDCs, 33 filed a tender offer and 38 filed neither form in the 12 months; we did not check why. Of 78 unlisted REITs, 74 filed neither, which fits a repurchase plan disclosed in the 10-Q rather than opened with a Schedule TO (our reading). The same brochure word sits over vehicles whose exit leaves a filing on EDGAR and vehicles whose exit does not.
A recount from the raw form indexes
To check the interval count independently, we went back to the EDGAR quarterly form indexes. For October 1, 2025 to September 30, 2026 they list 637 Form N-23C3A, N-23C3A/A and N-23C3B filings by 170 funds (632 original notices, 4 amendments and 1 N-23C3B), the same totals as our interval fund page, recounted by a second parser. The same indexes list 606 original Schedule TO-I filings by 236 filers, and 1,358 including amendments; these include operating companies as well as funds, and 10 filers used both forms in the window. The tender count is the one that grows: see our tender-offer census for the quarter-by-quarter series and who the filers are.
What a $100,000 request becomes
The only way to see what a cap means is to apply a real filing's numbers. Partners Group Private Equity Fund tendered the example below; the other three rows apply each filing's early-exit price to $100,000 and assume everything requested is accepted, which is not guaranteed.
| Fund (filing) | What the filing says | On a $100,000 request (our arithmetic) |
|---|---|---|
| Partners Group Private Equity Fund (Schedule TO-I/A, final, 0001398344-26-013046) | Units tendered $914,840,756.21; accepted “on a pro rata basis” $758,352,671.80, 5% of net asset value at June 30, 2026; paid in promissory notes | About $82,900 accepted (82.9%) and about $17,100 left invested to tender again |
| Partners Group, payment terms (Schedule TO-I, 0001398344-26-013118) | The note pays an initial amount “at least 95% of the unaudited value of the Units tendered” and a post-audit payment for the rest | About $78,755 at minimum first (95% of $82,900); the rest after the next annual audit |
| BREIT (Form 10-Q, 0001662972-26-000111) | Shares held under one year are “repurchased at 98% of the transaction price” | $98,000 if held under a year and every request is met, as it was for the six months to June 30, 2026 |
| BCRED (Form 10-Q, 0001803498-26-000048) | Shares held under one year are repurchased at 98% of NAV | $98,000 if held under a year and all of it is accepted |
| BXPE (Form 10-Q, 0001930054-26-000016) | Units outstanding under two years carry a 5% early redemption deduction; the quarterly limit is 3% of units | $95,000 if held under two years and all of it is accepted; less if the 3% limit binds |
For a $100,000 position the 82.9% fill is a $17,100 shortfall that has to wait for the next window. The differences in speed matter as much: BREIT says repurchases settle within three business days of the repurchase date, while a Partners Group promissory note can run to a post-audit payment months later. Our Partners Group page follows its payment schedule and offers.
What to ask before you buy
Ask these of any fund called evergreen. Each has an answer in a public filing.
- Which legal structure is it? On the prospectus cover, are the boxes “Registered Closed-End Fund”, “Interval Fund” or “Business Development Company” ticked? Or is it a private fund “exempt from registration under Section 3(c)(7)”? The answer tells you whether anyone is required to offer you an exit.
- Who decides whether there is an exit this quarter? If it is an interval fund, Rule 23c-3 binds the fund. If it is anything else, find the sentence that gives the board discretion (“in its sole discretion”, “may amend or suspend”, “modify or suspend”).
- What is the cap, and measured against what? NAV a month, NAV a quarter, units, shares or net assets are different bases. Write the percentage next to your position.
- What did holders actually request, and what was accepted? For tender-offer funds and BDCs the final Schedule TO-I/A gives both. For a NAV REIT it is the repurchase table in the 10-Q. An interval fund puts it in the annual report. If you cannot find the request figure, assume it was higher than the cap.
- How and when are you paid? Cash in days (BREIT: three business days) or a promissory note with a post-audit payment (Partners Group).
- What does leaving early cost? Shares sold within a year at 98% of NAV, a 2% fee, or 5% on units held under two years.
- What is the eligibility and the minimum after a partial sale? “Accredited investor”, “qualified client” and “qualified purchaser” are separate tests (see qualified purchaser vs accredited investor). Apogem keeps a $100,000 minimum balance for its Class I.
- What are all the fee layers? Management, incentive, servicing, acquired funds and interest. Interest alone took 28.0% of BCRED's investment income in the second quarter of 2026.
- Does the filing use the word? Search the fund's prospectus or 10-Q for “evergreen”. In the large funds we read, it is a brochure word; the filing says closed-end fund, interval fund, BDC or private fund.
What a reader can do with this
- Look up the form. Search the fund on EDGAR. A Form N-23C3A filer is an interval fund. A Schedule TO-I filer is a tender-offer fund or BDC. A Form D filer is a private fund. A 10-K and 10-Q filer with a repurchase plan and no tender form is probably a NAV REIT or a private feeder that reports under the Exchange Act.
- Compare structures with the same lens. Our pages on interval funds, tender offers, business development companies and NAV REITs against interval funds each cover one wrapper; the 26-fund redemption comparison shows which of them limited sellers in their latest window.
- Read the funds named here. BREIT, BCRED, BXPE and Partners Group each have a page with their own repurchase history; how to invest in private equity lists the evergreen private equity funds open to individuals.
- Size the position against the exit. If you may need the money within a year, a 5% quarterly cap, a pro rata cut and a 2% early fee all work against you.
This is analysis of public documents, not investment, legal or tax advice.
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An email when the evergreen funds numbers change
When a rate, rule or filing behind this page changes: what changed, the one number that matters, and the source to check it yourself.
Sources, read and saved on October 10, 2026: 17 CFR 270.23c-3, 240.13e-4, 270.22e-4 (eCFR, current as of October 7, 2026) and the eCFR search results for Title 17; 15 U.S.C. chapters 2A, 2B and 2D, and 80a-3 and 80a-22 (2024 edition, GPO govinfo.gov); Form 10-Q for June 30, 2026 of Blackstone Real Estate Income Trust (0001662972-26-000111), Blackstone Private Credit Fund (0001803498-26-000048) and Blackstone Private Equity Strategies Fund L.P. (0001930054-26-000016); Form 486BPOS of Fundrise Real Estate Interval Fund (0001213900-26-049518); Form N-2/A (0001398344-25-023038), Schedule TO-I (0001398344-26-013118) and final Schedule TO-I/A (0001398344-26-013046) of Partners Group Private Equity Fund, the N-CSR (0001398344-26-010605); Form N-23C3A (0001213900-26-047389, 0001213900-25-102014), Schedules TO-I (0001213900-26-018765, 0001213900-26-081488) and final amendments (0001213900-26-053927, 0001213900-26-102567) of Apogem Evergreen Fund; Form 485BPOS of Allspring Funds Trust (0001081400-26-000309); the SEC EDGAR full-text search for “evergreen fund”, EDGAR submissions records and the quarterly form indexes for 2025 Q4 to 2026 Q3; our registry of 380 vehicles. Counts, sums, percentages and dollar examples marked as ours are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.
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