Data sourced from Dakota Marketplace, the global LP and GP intelligence platform trusted by thousands of investment professionals. Learn More | Book a Demo
U.S. evergreen funds grew to $607 billion in assets across 567 vehicles as of March 31, 2026, up from $590.8 billion and 552 funds a year earlier, according to Morningstar PitchBook. Private credit and real estate structures account for the bulk of that growth, and non-traded BDCs alone have gone from zero AUM in 2021 to more than $200 billion today. For fund managers, the shift matters because evergreen vehicles now compete directly with traditional closed-end funds for the same wealth-channel and institutional dollars.
Using Dakota Marketplace's investment strategy database, we ranked the largest continuously offered, perpetual-life private markets vehicles, private equity, private credit, real estate, and infrastructure structures designed to raise and redeploy capital indefinitely rather than close after a single fundraising cycle. Dakota Marketplace tracks 136,000 fund and strategy records across product structure, fund type, fundraising status, and vintage, giving fund managers a way to benchmark their own evergreen launch against the vehicles already dominating the category.
Top 10 Evergreen Funds in Q2 2026
1. Blackstone Real Estate Income Trust (BREIT)
$100.0B | New York City, NY
BREIT is the largest non-traded REIT in the market and the vehicle most credited with proving evergreen structures could scale to nine figures. Launched in 2017, it holds a diversified U.S. real estate portfolio concentrated in rental housing, industrial, and data center assets.
Structure: Interval/gated fund, continuously offered, open to new subscriptions on a monthly basis with quarterly repurchase limits.
2. Blackstone Private Credit Fund (BCRED)
$48.9B | New York City, NY
BCRED is Blackstone's flagship non-traded BDC, launched in 2021 to give individual investors access to the direct lending strategy previously reserved for institutional LPs. It lends primarily to upper-middle-market companies backed by private equity sponsors.
Structure: BDC, continuously offered, North America-focused.
3. Ares Capital Corporation (ARCC)
$27.9B | Los Angeles, CA
ARCC is the largest publicly traded BDC by assets and one of the longest-running evergreen credit vehicles, having launched in 2004. It lends across the middle market with a focus on directly originated, sponsor-backed transactions.
Structure: BDC, continuously offered, North America.
4. Starwood Real Estate Income Trust (SREIT)
$23.9B | Miami, FL
SREIT is Starwood Capital Group's non-traded REIT, launched in 2017 alongside BREIT as one of the first vehicles to bring institutional-quality real estate to the wealth channel at scale. It targets stabilized, income-producing properties.
Structure: Interval/gated fund, continuously offered, North America.
5. Durable Capital
$18.2B | Baltimore, MD
Durable Capital is a growth equity manager whose evergreen vehicle, launched in 2019, allows the firm to hold positions in both public and private growth companies without the pressure of a fixed fund life. This structure has become common among crossover investors who want to hold winners through public listing.
Structure: LP, continuously offered, North America.
6. EnTrust Partnership Other Opportunistic
$17.2B | New York City, NY
EnTrust Global runs this opportunistic credit and special situations vehicle as an open-ended fund, launched in 2018, giving the manager flexibility to rotate across dislocated credit opportunities without a wind-down clock.
Structure: LP, continuously offered, global mandate.
7. Apollo Debt Solutions BDC
$16.2B | New York City, NY
Launched in 2024, Apollo Debt Solutions BDC is one of the fastest-growing entrants in the non-traded BDC category, reflecting how quickly established alternative asset managers can scale a new evergreen credit vehicle once wealth-channel distribution is in place.
Structure: BDC, continuously offered, global mandate.
8. Partners Group Private Equity Master Fund
$15.6B | New York City, NY
Partners Group has operated this evergreen private equity vehicle since 2009, making it one of the longest-running semi-liquid private equity structures in the market. It invests across direct, secondary, and primary private equity exposures globally.
Structure: Interval/gated fund, continuously offered, global mandate.
9. HPS Corporate Lending Fund
$14.5B | New York City, NY
HPS Investment Partners launched this direct lending BDC in 2022 to extend its institutional credit platform to individual investors. It focuses on directly originated loans to upper-middle-market borrowers.
Structure: BDC, continuously offered, North America.
10. FS KKR Capital Corp
$14.2B | Philadelphia, PA
FS KKR Capital Corp is one of the earliest non-traded BDCs still operating, launched in 2007 through the FS Investments and KKR partnership. It lends to U.S. middle-market companies, largely in sponsor-backed transactions.
Structure: BDC, continuously offered, North America.
What Fund Managers Should Watch in the Evergreen Category
Evergreen fundraising isn't uniformly smooth. Partners Group disclosed in June 2026 that its Global Value SICAV private equity evergreen fund saw redemption requests reach approximately 9.8% of NAV for the Q2 2026 redemption period, and a separate Delaware-domiciled vehicle saw repurchase requests slightly above its 5% tender threshold. That kind of redemption pressure is becoming a defining feature of the category as more capital moves through gated, quarterly-liquidity structures rather than permanent capital.
The asset class concentration is also worth noting: nearly 80% of evergreen AUM sits in just two strategies, private credit and real estate, both of which generate the regular income needed to fund periodic redemptions. Managers considering an evergreen launch in equity-heavy or less liquid strategies should expect closer scrutiny on how they'll meet repurchase requests without those income streams.
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Metric
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Figure
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Source
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Total U.S. evergreen fund AUM (Q1 2026)
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$607B across 567 funds
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Morningstar PitchBook
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Non-traded BDC growth since 2021
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$0 to $200B+
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With Intelligence, Private Credit Outlook 2026
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Share of evergreen AUM in credit and real estate
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~80%
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Dakota, Why Are So Many Asset Managers Launching Evergreen Funds in 2026
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Partners Group GV SICAV Q2 2026 redemption requests
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~9.8% of NAV
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Partners Group, June 2026 disclosure
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Dakota Marketplace tracks accounts and contacts across investment firms running evergreen and continuously offered fund structures, from Blackstone's credit and real estate platforms to emerging non-traded BDC managers.
Our Marketplace lets you filter by:
- Fund type (Open End, Continuously Offered, Closed End)
- Asset class (Private Equity, Private Credit, Private Real Estate, Private Infrastructure)
- Strategy AUM and vintage
- Product structure (BDC, Interval/Gated Fund, LP, Tender Offer Fund)
If you're raising capital for an evergreen structure, Dakota Marketplace shows you exactly which firms and contacts are already active in the category, and where the gaps are.
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