After a notable slowdown in 2022, Evergreen AUM growth rebounded to 37% Y/Y in 1Q25, driven by scaled incumbent funds and a more new entrants.
Relatively longstanding funds continue to dominate Private Credit, while newer funds in the less mature Private Equity asset class have significant momentum.
Growth in Real Estate and Hedge Funds / Other remains mixed, due to some performance challenges and lingering redemptions. A rebound in either or both categories could meaningfully lift overall sector growth
Importantly, even the slower growth of Evergreen funds in 2022 outpaces the growth rate of active mutual funds and ETFs, showing the high potential and latent demand for Evergreens.
Private Credit has achieved greater scale than asset classes that are less mature (Private Equity) or facing performance and flow challenges (Real Estate and Hedge Funds / Other).
Evergreen AUM & Growth
Evergreen AUM Share by Asset Class
The growth in total net assets (NAV) of US-registered evergreen funds accelerated to 35% (+$45B) Y/Y as of 1Q25, outpacing the 25% CAGR over the last 3 years (nearly doubling total NAV over that longer span).
The top 20 funds contributed 85% of NAV growth (75% excluding funds with declining NAV) over the last year.
Private Credit (+$21B) and Private Equity (+$19B) generated most of the sector’s NAV growth.
The contribution of the Real Estate and Other categories to sector NAV growth remains fairly modest.
Evergreen Total NAV & Growth
Evergreen TTM Flows & Organic Growth Rate
Total Returns for Evergreens over the past year have been roughly in line with the five-year average, while NAV growth (which includes undistributed value creation) and organic growth of new subscriptions remain quite strong.
That said, like other overall metrics, the aggregate data somewhat obscures the variable contributions among asset classes, as well as the recent dominance of relatively few top funds. (See Conifer’s web pages on Asset Class Comparison and the individual Asset Classes, and our Evergreen Panorama report for more detailed breakdowns.)
Evergreen TTM Total Return
Annualized Evergreen Performance
