Explain how a semi-liquid evergreen fund's continuous subscription and periodic pricing mechanics work.
Finance & Banking
Semi-Liquid Evergreen Funds and Private Markets Access for Wealth Clients
Learn to structure and select semi-liquid evergreen funds, manage subscription and redemption gates, and position private markets access for wealth clients.
🗓️Duration5 training days
📚Content4 modules · 8 sessions
🎓On completionAccredited attendance certificate
About the programme
Course Overview
Wealth managers now routinely offer private equity, private credit and real assets exposure through semi-liquid evergreen structures, but many advisers sell the access without fully understanding the liquidity mechanics that determine whether a client can actually get their money out when they ask for it. This course takes apart the evergreen fund structure from the manager's and the adviser's side. Participants learn how these funds are built - continuous subscription, periodic net asset value pricing, a liquidity sleeve of listed or shorter-duration assets sitting alongside illiquid holdings, and redemption gates that cap how much can be withdrawn in a given period. The course covers how redemption queues behave under stress, why a gate is not a suspension but can feel like one to a client, and how fee structures, including management fees on committed versus invested capital, affect net returns differently from a traditional closed-end fund. Delegates practise assessing a fund's liquidity sleeve adequacy against its stated redemption terms, reviewing valuation policy for the illiquid book, and building suitability documentation that explains gates, lock-ups and valuation lag to a wealth client in terms they can actually act on. The result is the ability to select, monitor and explain evergreen private markets vehicles without overstating the liquidity they actually provide.
Expected Learning Outcomes
Assess whether a fund's liquidity sleeve is adequate relative to its stated redemption terms.
Interpret redemption gate mechanics and explain how they differ from a full redemption suspension.
Compare fee structures charged on committed versus invested capital across evergreen and closed-end structures.
Review a fund's net asset value pricing and valuation policy for its illiquid holdings.
Build suitability documentation that explains liquidity terms, gates and valuation lag to wealth clients.
Monitor an evergreen fund holding for early signs of redemption queue stress.
Who Should Attend
Wealth managers and private banking advisers offering private markets access
Fund selection and due diligence analysts covering alternative investments
Product specialists structuring evergreen vehicles for distribution
Compliance and suitability teams reviewing private markets product documentation
Family office investment staff evaluating semi-liquid fund allocations
Asset managers designing evergreen structures for the wealth channel
Course Modules
Select any module to see its sessions and points.
01How Evergreen Structures Work
2 sessions · 8 points
Session 1Subscription, Pricing and Structure Mechanics
- Explain continuous or periodic subscription mechanics and how new investor capital is deployed into the portfolio.
- Interpret periodic net asset value pricing methodology and its reliance on independent or manager-led valuations.
- Compare interval fund, tender offer and open-ended evergreen structures and their differing liquidity mechanics.
- Assess how a fund blends direct investments, co-investments and secondary purchases within a single evergreen vehicle.
Session 2The Liquidity Sleeve and Cash Management
- Assess the composition and adequacy of a liquidity sleeve of listed or shorter-duration assets against redemption needs.
- Evaluate how a manager rebalances between the liquidity sleeve and illiquid holdings as subscriptions and redemptions occur.
- Identify the risk that a depleted liquidity sleeve forces the sale of illiquid holdings at unfavourable prices.
- Review disclosed stress scenarios showing liquidity sleeve behaviour under elevated redemption demand.
02Redemption Gates and Liquidity Risk
2 sessions · 8 points
Session 1Understanding Gate Mechanics
- Interpret redemption gate terms including per-period caps, pro-rata allocation and queue carry-forward rules.
- Distinguish a gate, which caps redemptions, from a suspension, which halts them entirely.
- Assess historical gate activation frequency and duration disclosed by the manager for the fund or similar vehicles.
- Evaluate governance triggers and approvals required before a manager can activate or lift a gate.
Session 2Monitoring for Redemption Stress
- Track redemption request volume against the fund's redemption capacity as an early warning indicator.
- Monitor concentration of large investors whose simultaneous redemption could overwhelm the liquidity sleeve.
- Assess how valuation lag in the illiquid book can distort perceived net asset value during stressed periods.
- Review manager communications during a gate event for transparency and consistency with fund documentation.
03Fees, Valuation and Fund Selection
2 sessions · 8 points
Session 1Fee Structures and Net Return Impact
- Compare management fees charged on committed capital, invested capital and net asset value across structures.
- Assess performance fee mechanics, including hurdle rates and crystallisation frequency, in an evergreen context.
- Model the net return impact of fee drag during the fund's initial deployment period before capital is fully invested.
- Compare total cost of ownership between an evergreen fund and a comparable closed-end fund of the same strategy.
Session 2Valuation Policy and Due Diligence
- Review a fund's valuation policy, including frequency of independent third-party valuation of illiquid holdings.
- Assess governance around valuation committee independence and conflicts of interest with the investment team.
- Compare a manager's disclosed valuation methodology against sector norms for the underlying asset class.
- Build a due diligence checklist covering structure, liquidity sleeve, gates, fees and valuation for fund selection.
04Positioning and Client Communication
2 sessions · 8 points
Session 1Suitability Assessment for Wealth Clients
- Assess a client's liquidity needs and time horizon against an evergreen fund's redemption terms before recommending it.
- Document suitability rationale that explains gate risk and valuation lag in terms the client can act on.
- Set portfolio-level limits on illiquid and semi-liquid allocation appropriate to the client's overall liquidity profile.
- Identify clients for whom a semi-liquid structure is unsuitable despite apparent interest in private markets exposure.
Session 2Ongoing Client Communication and Review
- Set a review cadence that reports fund performance, gate status and liquidity sleeve position to clients.
- Prepare client-facing materials that explain a gate activation without understating the constraint it represents.
- Reassess suitability when a client's liquidity needs change materially after the initial allocation.
- Coordinate communication with compliance to ensure marketing materials do not overstate available liquidity.
What the participant receives
4 course modules
A structured syllabus
8 training sessions
across 5 days
32 detailed points
Applied, detailed content
Accredited attendance certificate
On completing the programme
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