Private Markets for All? The Rise of Evergreen Funds and the New Era of Semi-Liquidity

This June 2025 whitepaper by Allianz Global Investors explores how ELTIF 2.0 and semi-liquid fund structures are reshaping access to private markets for both institutional and retail investors.

• Evergreen and semi-liquid private markets funds have grown rapidly—now totaling over USD 350 billion—driven by demand for flexibility and reduced entry barriers.

• Infrastructure is a focal point, supported by regulatory incentives and a €500 billion German public infrastructure fund, unlocking new yield opportunities.

• Robust liquidity management and portfolio diversification are key to managing semi-liquid structures effectively and mitigating risks.

Read the full report to understand how evolving fund structures are expanding private market access and redefining long-term investing.