Evergreen Growth Equity Secondaries Fund
Direct access to the 20 most valuable private technology companies through secondary market investments, targeting late-stage growth before IPO.
AUM Strategy
$650M+
2025 Return
+43.9%
Min. Investment
$120K
Redemptions
Quarterly
Fund Overview
The Fund provides direct access to the 20 most valuable private technology companies through secondary market investments, targeting late-stage growth before IPO. Structured as an evergreen vehicle with monthly subscriptions and quarterly redemptions after one year, it combines private-market upside with a more flexible liquidity profile.
With an equal-weighted portfolio, monthly mark-to-market valuations, and no performance fee, the Fund offers a transparent and cost-efficient way to capture private-to-public value creation.
Managed by a regulated European private-markets specialist focused on direct secondaries in technology. The operating model emphasizes repeatable execution, data-informed pricing, and disciplined portfolio construction.
Key Highlights
Pre-IPO Exposure
Access top 20 private tech companies before they go public
Equal-Weighted Portfolio
Balanced exposure with monthly mark-to-market valuations
Zero Performance Fee
Simpler, more investor-friendly cost structure
150+ Transactions
Manager has executed across 50+ companies with repeat buyer status
Fund Characteristics
AUM Strategy
USD 650m+
Fund Type
Open-ended
Fund Structure
Luxembourg SICAV RAIF
Liquidity
Quarterly redemption, at NAV after lock-up
Lock-up Period
12 months
Min. Investment
$120,000
Management Fee
1.85% p.a.
Performance Fee
0%
Subscription Fee
0% for $1m+; 2% for <$1m
Target Returns
IRR ~13–18% p.a.
Net Portfolio Performance*
Performance quoted is past performance and no guarantee of future results.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +3.2% | — | — | — | — | — | — | — | — | — | — | — | +3.2% |
| 2025 | +5.9% | +4.9% | +3.8% | -0.8% | -1.4% | -1.0% | +3.3% | +10.6% | +6.0% | -2.2% | +3.3% | +5.2% | +43.9% |
| 2024 | — | — | — | -0.3% | -0.4% | +5.5% | +4.7% | -5.4% | -2.0% | +5.6% | +3.4% | -0.1% | +11.0% |
* Performance quoted is past performance and no guarantee of future results. Investment return and principal value will fluctuate. Current performance may be higher or lower than return shown. Performance includes the reinvestment of income and is net of all fees and expenses.
Investment Rationale
Simple, rules-based exposure to a short-list of market-leading private tech companies—without negotiating single deals or vintages.
The manager has 150+ transactions across 50+ companies, access to 100+ deal sources and partners, and repeat buyer status—which improves execution terms and access.
Offers quarterly liquidity with transparent valuation, balancing access and private equity’s long-term growth potential.
No performance fee, unlike most evergreen private market funds that typically charge one, making the cost structure both simpler and more investor-friendly.
Comparative Performance
| Year | The Fund | All SemiLiquids Funds * | Private Equity SL Funds ** |
|---|---|---|---|
| 2026 | +3.20% | — | — |
| 2025 | +43.90% | +11.94% | +13.71% |
| 2024 | +11.00% | +9.87% | +10.05% |
| Total | +64.80% | +22.91% | +25.05% |
* All SemiLiquids funds, including various investment strategies within the SemiLiquids.com platform.
** SemiLiquids funds focused exclusively on private equity investments within the SemiLiquids.com platform.
Growth Equity / Pre-IPO Market
Market Size
$160+ billion
in annual venture secondaries, rapidly expanding
Target Returns
13-18% p.a.
sample long-term return range
Investment Focus
Late-stage, venture-backed technology companies
on developed markets
Interested in Learning More?
Request fund materials, access our data room, or speak with our team.