The data everyone assumed didn't exist. It does. We found it.

Evergreen fund performance has been hiding in plain sight, scattered across regulatory filings, inconsistently reported, and never properly aggregated. Dakota did the work. 450+ evergreen funds. Standardized metrics. Benchmark-ready data. Built for the teams that need it most.

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450+

Evergreen Funds Tracked

100+

Previously Untracked Vehicles

Strategy Categories

100%

Standardized Metrics

Daily

research updates as new filings are published and new vehicles enter the market

The Problem

Evergreen Funds Are Reshaping Private Markets. Transparency Has Not Kept Up.

Evergreen structures, open-end vehicles that accept capital continuously and offer periodic liquidity, are now used across private equity, private credit, real estate, and hybrid strategies. They are the fastest-growing format in private markets distribution, driven by wealth channel demand and institutional appetite for more flexible allocation vehicles.

But despite their rapid growth, the performance transparency that exists for traditional closed-end funds has never been systematically applied to evergreen structures. Performance data is scattered across Form D disclosures and related filings. Reporting formats vary wildly between managers. Classification is inconsistent. The result: LPs evaluating evergreen allocations have been benchmarking blind.

"The assumption that evergreen fund performance data doesn't exist is simply wrong. The data has always been there, in regulatory filings, disclosed publicly, available to anyone willing to do the work. We did the work. We reviewed every filing. We classified every fund. We standardized the metrics. The result is one of the most comprehensive evergreen benchmarking datasets in the market."

Gui Costin, CEO & Founder, Dakota

Scattered Across Filings

Performance data is publicly available, but distributed across Form D disclosures and regulatory documents with no standard format or central aggregation point. Finding it requires manual review at scale.

Inconsistent Reporting Standards

Each manager reports differently. Metrics are not standardized. Time periods vary. To create a true benchmark, the data must be manually classified, normalized, and verified, a task that has no algorithmic shortcut.

Misclassified or Invisible Vehicles

Nearly 100 additional evergreen vehicles were not widely tracked or categorized as evergreen strategies at all. They existed in the filing record, but had never been identified, classified, and included in any benchmark. Dakota found them.

The Dakota Method

How We Built the Dataset Nobody Else Had Built.

Collecting evergreen performance data at scale requires five things: finding the filings, identifying which vehicles qualify as evergreen, extracting the relevant metrics, normalizing the data to a consistent format, and verifying it against multiple sources. There is no shortcut. Dakota did all five, manually, at scale, on every fund.

Source the Filings

Systematic review of Form D disclosures and related regulatory documentation across every relevant manager

Identify & Classify

Determine which vehicles qualify as evergreen, including the 100+ funds never previously categorized as evergreen strategies

Extract Metrics

Pull performance data, NAV history, return metrics, structure details, and capital formation data from each fund's regulatory record

Normalize & Standardize

Convert every fund's data to a consistent format, comparable time periods, consistent metric definitions, standardized strategy and structure classifications

Publish & Update

Deliver a benchmark-ready dataset inside Dakota Marketplace, continuously updated as new filings are published and new vehicles enter the market

Every step above was performed manually by Dakota's research team. No algorithmic scraping. No auto-classification. Every fund individually reviewed, identified, and verified before publication.

The Dataset

450+ Evergreen Funds. Every Strategy. Every Metric.

The Dakota Evergreen Performance Benchmarking dataset is the most comprehensive aggregation of evergreen fund performance data available in the market, covering every major private markets strategy and delivering the standardized metrics needed to make meaningful comparisons.

Fund Coverage

450+

Evergreen Funds Tracked

The most comprehensive evergreen fund benchmarking dataset available, covering every major manager, every major strategy, and the 100+ vehicles that no prior dataset had ever captured.

New Discovery

100+

Previously Untracked Vehicles

Vehicles that were operating, filing, and allocating capital, but had never been identified or classified as evergreen structures by any existing market database. Dakota found them all.

Data Source

100%

From Public Regulatory Filings

Every data point is sourced from publicly available regulatory filings, Form D disclosures and related documentation. The data was always there. Dakota's research team did the work to find and standardize it.

Strategy Coverage

Four Strategies. Every Vehicle.

Every major private markets strategy with meaningful evergreen fund activity is covered, classified, and benchmark-ready inside the dataset.

Private Equity

Buyout, growth, and hybrid equity evergreen vehicles across sponsor types and fund sizes

Private Credit

Direct lending, senior secured, and multi-strategy credit evergreen funds

Real Estate

Core, core-plus, and diversified real estate evergreen vehicles across property types

Hybrid & Multi-Asset

Multi-strategy and blended evergreen structures spanning asset classes and liquidity profiles

What Every Fund Record Includes

Every Field That Matters. Across Every Fund.

Each fund record is designed to support rigorous benchmarking, peer group construction, and competitive analysis across the full evergreen universe.

Performance Data

Standardized Performance Metrics

NAV history, return data, and performance metrics normalized to a consistent format, comparable across every fund in the benchmark regardless of how each manager originally reported.

Source Documentation

Regulatory Filing History

Complete filing record for every fund, the source documentation behind every data point, retained for verification, audit trails, and historical trend analysis.

Vehicle Details

Fund Structure Details

Open-end structure classification, liquidity terms, minimum investment, fee structure, and share class details for every fund in the dataset.

Manager View

Sponsor-Level Rollups

Aggregate view by manager, total evergreen AUM, strategy breadth, vehicle count, and market share across the full sponsor universe.

Classification

Strategy Classification

Every fund classified by strategy, sub-strategy, and vehicle type, enabling meaningful peer group construction across comparable evergreen vehicles.

Market Intelligence

Capital Formation Trends

Fundraising activity, AUM growth trajectories, and new entrant tracking, so you can see where the market is moving before the headlines catch up.

Who Uses This Dataset

Built for LPs Evaluating Evergreen Exposure. Essential for GPs Building Evergreen Products.

LPs & Allocators

Stop Benchmarking Evergreen Allocations in the Dark.

If your team is evaluating evergreen allocations, comparing competing vehicles, or building a portfolio of open-end strategies, Dakota's dataset provides the underlying performance transparency you have not had before. For the first time, you can benchmark what you own against what the full market is delivering.

Benchmark evergreen performance against a true peer universe, not anecdote and manager-provided materials
Compare structures, liquidity terms, and fee profiles across 450+ vehicles in a standardized format
Track which sponsors are expanding into evergreen and what their new vehicles are delivering vs. their closed-end track records
Monitor capital formation trends to understand where LP dollars are flowing in the evergreen market

GPs & Fund Managers

Understand the Competitive Landscape Before You Launch.

If your firm is building, expanding, or repositioning an evergreen product, Dakota's dataset shows you exactly what the market looks like, how peers are structuring their vehicles, what they're reporting, and where the competitive gaps are. Build your evergreen strategy with a complete picture of the landscape.

See how your evergreen vehicle's performance compares to the full competitive set, not just the funds your LPs mention in meetings
Benchmark your structure, fee profile, and liquidity terms against what the market is offering at the same strategy and AUM level
Track new entrants and emerging competitors in your strategy, including vehicles that have entered the market but aren't widely publicized
Monitor capital formation trends to identify where LP demand is concentrating and where it is softening

The Market Moment

Evergreen Is No Longer a Niche Structure. It Is Becoming the Dominant Format.

Wealth Channel Demand

The Wealth Channel Is Driving Evergreen Adoption

RIAs, family offices, and wealth platforms are increasingly allocating to private markets but need liquidity structures that match client needs. Evergreen vehicles are the primary answer. As the wealth channel grows, evergreen AUM grows with it. The benchmarking need is no longer institutional-only.

GP Expansion

Every Major Manager Is Launching Evergreen Products

The largest private markets firms across PE, credit, real estate, and infrastructure now operate or are actively building evergreen vehicles. What was once the domain of a handful of innovators is now a core part of distribution strategy for virtually every institutional GP.

LP Due Diligence

Allocators Are Demanding Performance Transparency

As evergreen allocations grow as a share of LP portfolios, the demand for rigorous performance benchmarking is accelerating. LPs can no longer accept manager-provided materials as the only data point. Independent, standardized benchmarking is now a due diligence requirement, not an aspiration.

Get Access

See the Evergreen Dataset Live.

Dakota Marketplace provides direct access to the full evergreen benchmarking dataset, 450+ funds, standardized metrics, regulatory filing history, and sponsor-level rollups. A member of the Dakota team will follow up within one business day. No lengthy procurement cycles. No six-month onboarding.

Book a Live Demo →

What You'll See in the Demo

📉

Detailed Evergreen Fund Profiles

Performance data, structure details, and filing history for every fund in the dataset

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Benchmark-Ready Performance Data

Standardized metrics across 450+ funds, ready for peer group construction and performance comparison

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Sponsor & Allocator Trend Analysis

Capital formation trends, new entrant tracking, and sponsor-level AUM rollups across the evergreen universe

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