U.S. evergreen fund AUM reached $607.2 billion in Q2, up from $271 billion in 2022, according to PitchBook and Morningstar’s latest report.

Redemptions dominated the headlines all quarter, but their reading came in calmer than the coverage:

The quarterly caps limiting redemptions held and they’re working as designed, according to the report. In most cases, a combination of maturities and income covered the requests without forcing asset sales.

Their conclusion: evergreen funds are simply getting their first real stress test.

Hamilton Lane puts the evergreen category at 20% of global private markets within ten years, up from roughly 5% today.

That takes close to 30% annual growth, nearly triple the pace private markets have run historically, and most of it comes from a U.S. high-net-worth channel currently under 1% allocated.

Every year of it means more subscriptions to process, more investors to onboard, more NAVs to strike, more liquidity windows to run.

The caps held at today’s size. The next decade asks them to hold at multiples of it.

Model portfolios could hold $18.6 trillion by 2030, roughly double where Broadridge puts them today.

Evergreen funds still can’t get in cleanly.

Public-private model portfolios are now being promoted to advisors. Underneath, the two halves have never been joined.

The public sleeve settles on the platform. The private sleeve gets processed off it, one investor subscription at a time.

The plumbing to merge them hasn’t been built yet.

We're convening a one-hour online session with Monark Markets on how evergreen funds scale inside models, and who should build that.

Friday, September 11, 12:30 PM ET. Online.

Bloomberg agreed to acquire Canoe Intelligence, which processes 1.5 million fund documents a month across 44,000 funds and $11 trillion in assets under service.

Nasdaq agreed to acquire Dasseti, whose diligence questionnaires, RFPs and monitoring workflows fold into eVestment, a network connecting 4,800 asset managers with more than $90 trillion in assets under management.

Screening, diligence and benchmarking already sat on these platforms. The workflow that produces the underlying data sat somewhere else, usually in an inbox.

Whoever owns the workflow owns the data, and both are moving upstream to where it gets made.

74% of private credit operators told us LP and diligence pressure has increased over the past two years. More than a third called the increase significant.

What LPs want clusters into three demands: faster reporting, bespoke templates, real-time data access.

Any one of them is manageable. Together, they require a different data architecture than most firms run today.

That shows up in what operators say they would fix. 45% named a unified data model as the single operational problem they want most solved, the top answer at every firm size we surveyed.

71% have even built internal tools because nothing on the market fits.

The demands arrive as reporting requests. They land as an architecture problem.

From Infrastructure at the Edge of Scale, our survey across dozens of senior private credit operators.

Boards want one view across every asset class.

The public side updates continuously. The private side arrives quarterly, across dozens of GP relationships, in formats that don’t reconcile.

The pressure GPs describe originates here. Allocators asking for faster, more granular data because they are being held to a standard their own infrastructure can’t meet yet.

Senior pension, operations and technology leaders convene at The 2026 LP Tech Summit to work through what gets built: data architecture, performance attribution, AI workflows and the total portfolio view underneath all of it.

October 6. TMX Market Centre, Toronto.

We recently sat down with Steven Hunter and Huss El-Sheikh, co-founders of 9fin.

Credit used to run on clean lines. A bank loan was one thing, a bond another, private credit sat off to the side.

Those lines are gone.

Global credit is becoming a single integrated market at $145 trillion and almost none of its infrastructure was built for that. The data, workflows and analytics were all organized around categories that are dissolving.

Steven’s framing of the shift: private equity firms with small private credit arms have become private credit firms with small private equity arms.

His ten-year call is that all of it ends up traded, at greater scale, looking like the leveraged loan market. People said leveraged loans would never trade either.

Listen to the full podcast here on Spotify and Apple Podcasts.