Hamilton Lane's 2026 Market Overview declares the rise of evergreen, semi-liquid vehicles the most transformative trend in private markets today. These flexible funds, combining elements of secondaries and private credit, have already outperformed traditional closed-end structures over one- and three-year periods, challenging the long-held belief that liquidity comes at the cost of returns. Hamza Azeem notes the dispersion of returns across these funds requires robust infrastructure and experienced management teams. The firm's $6.7 billion Global Private Assets Fund operates with a monthly redemption window, highlighting the practical implications of this shift. However, the report cautions that these structures will face increasing valuation scrutiny and inevitable stress-testing in a bear market, potentially flushing out weaker players while demanding greater investor education on valuation policies.