Goldman, Evercore Explore Funds That Would Let PE Firms Hold Assets for 15 Years
Key takeaways
- Evergreen continuation funds may extend private‑equity ownership horizons and reshape fee structures.
- $124 billion first‑half 2026 secondary volume
- $260 billion trailing‑12‑month secondary volume
- 10–15 years typical evergreen horizon
What happened
Goldman Sachs and Evercore are working with other banks to create evergreen continuation funds that let private‑equity firms keep assets for 10–15 years or more instead of selling them through traditional exits.
Why it matters
These vehicles could give private‑equity managers more time to grow portfolio companies and potentially increase carried interest, while giving investors a longer‑term investment horizon and new liquidity options.
Short-term and longer-term
Short-term. In the coming weeks, watch for any formal announcements from Goldman or Evercore that outline fund terms, target sizes, or investor participation.
Longer-term. Over the next few months, the introduction of evergreen continuation funds could influence how private‑equity investors assess carry and liquidity.