Evergreen funds now hold 13% of private‑wealth client portfolios, a figure highlighted by Hamilton Lane’s latest analysis. The shift reflects a broader trend of clients allocating more capital to evergreen vehicles, which in turn fuels the secondary market.

Last year, evergreen strategies cemented their status as the quickest source of inflows into secondaries, according to Jefferies’ Global Secondary Market Review for 2025. The report notes that evergreen capital outpaced traditional funds, accelerating the pace at which secondary transactions close.

GP‑led deals have benefited most, receiving larger allocations as investors chase liquidity and diversification. The increased flow into these vehicles signals a maturation of the secondary ecosystem, where evergreen structures offer flexibility and steady returns.

For portfolio managers, the takeaway is clear: integrating evergreen funds into asset allocations can unlock access to sizable secondary opportunities, enhancing diversification and potentially improving risk‑adjusted performance.