The rapid growth of semi-liquid evergreen funds has changed the liquidity considerations for asset managers and advisors. These funds offer investors periodic liquidity while deploying capital into illiquid assets such as direct loans, real estate debt, and private equity. That structural tension has always existed in theory. Today, it is being stress-tested in practice.

Sekond released the Liquidity Runway Benchmark for Q1. We have analyzed the liquidity runway across 42 private credit evergreen funds using publicly available regulatory filings compiled into a continuously-updated view. Users can see where each fund stacks up by creating an account on Sekond, for free. Median liquidity runway across the benchmark improved to 1.34 years as of March 31, compared with 1.19 years as of December 31, a 12.6% increase. The movement is directionally positive and underlines the work fund managers are doing to actively manage liquidity.

Even with that improvement, Redemption data from the largest private credit funds through the first half of 2026 shows a continued imbalance between tendered redemptions and repurchases. In Q1, Blue Owl Technology Income Corp received redemption requests equal to 32.9% of net assets against a 5% cap, nearly seven times what the fund was permitted to fulfill. Blue Owl Credit Income Corp faced requests of 21.4%, Ares Strategic Income Fund 11.6%, and HPS Corporate Lending Fund 9.1%. Each exceeded its repurchase cap by a significant margin, leaving redemption queues unmet. The pattern continued into Q2, with Apollo Debt Solutions, Blackstone Private Credit, and HPS all reporting tendered amounts of roughly 10% to 17% of shares outstanding against the same 5% caps.

In this environment, the Liquidity Runway helps advisors understand where a fund stands today and better communicate with clients about access to capital and timing of redemptions. Advisors also need to understand how the manager is managing liquidity inside the fund, because those decisions can affect the investment experience for clients who remain invested.

This is where our Liquidity Management Toolbox comes in.

The toolbox organizes the levers managers may use to manage liquidity across three categories: portfolio management tools, capital structure tools, and fund structure or operational tools. These include natural portfolio turnover, higher cash reserves, liquid investments, secondary transactions, credit facilities, strategic capital, new subscriptions, distribution changes, fee waivers, and adjustments to how liquidity is offered.

Each tool can help preserve flexibility. Each also comes with tradeoffs. More cash may reduce return potential. More borrowing may increase leverage. Secondary sales may create pricing pressure. Distribution changes may alter the client experience.

Sekond’s Q1 liquidity runway update gives advisors the current view. The Liquidity Management Toolbox helps turn that view into a broader conversation about how semi-liquid funds manage liquidity in practice.

Sekond tracks 140+ evergreen funds compiled from publicly available regulatory filings into a continuously updated decision-intelligence platform. This April, we launched a free liquidity monitoring tool for wealth advisors — available at www.sekond.co — that provides current liquidity profiles for the funds in this benchmark and the broader evergreen fund universe.