Evergreen Alternative Funds Surge to $493B as Private Markets Go Mainstream

Evergreen alternative funds are rapidly reshaping access to private markets, growing at a 20% compound annual rate in recent years and reaching $493 billion in assets at the end of last year, according to new research from J.P. Morgan Asset Management. 

That total is nearly double the $245 billion recorded in 2022, with approximately $81 billion flowing into semi-liquid evergreen structures in 2025 alone. The expansion reflects surging demand from high-net-worth investors seeking institutional-style exposure to private assets. 

Among ultra-high-net-worth individuals and family offices with more than $30 million in assets, roughly 22% of portfolios are now allocated to alternatives, J.P. Morgan estimates. These investors increasingly mirror institutional allocation models, favoring longer-term capital deployment and reduced liquidity needs. 

Private credit dominates the evergreen landscape, surpassing $250 billion in assets, followed by real estate at approximately $100 billion. Lower minimums and broader eligibility requirements continue to differentiate evergreen vehicles from traditional drawdown funds. 

Meanwhile, activity in private equity secondaries accelerated, reaching $13 billion in the fourth quarter of 2025. Total secondaries assets climbed to $240 billion for the year, up $73 billion from 2024. Secondary buyouts accounted for 41% of exit volume, overtaking corporate acquisitions as the primary exit channel. 

Pricing remains firm, with LP buyouts trading around 92% of NAV and credit secondaries at roughly 91%, signaling continued liquidity and demand across private markets.