Adoption of evergreen vehicles is broadening across the secondaries buyer universe, according to a report from Evercore, with this capital increasingly deployed into a broadening set of opportunities.

Most secondaries investors are embracing evergreen vehicles as the structure becomes an increasingly important source of capital outside traditional fundraising cycles. About 53 percent of secondaries investors now operate at least one evergreen vehicle, according to Evercore's H1 2026 Secondary Market Review.

The trend suggests that evergreen vehicles are becoming "embedded across the buyer universe rather than concentrated among a handful of early movers," the report said. This structural shift indicates growing acceptance of perpetual capital models in the secondaries market.

The findings highlight how evergreen structures are reshaping capital allocation strategies, providing investors with flexible deployment timelines and reducing pressure from traditional fund lifecycles.