Antiquity's Scott Siemens and Michael Aronstein cut through a common misconception: evergreen funds aren't a retail product or a strategy, but an open-ended structural shell that prioritizes business performance over predetermined exit schedules.

A practical checklist for cutting through fee complexity in evergreen funds, covering everything from management fee basis and hurdle rates to clawbacks, leverage costs, and the compounding drag of expenses in perpetual structures.

A closer look at management fees in evergreen funds, how gross versus net asset calculations, leverage, and rate structures turn a simple percentage into a more complex cost driver than it first appears.

Performance fees in evergreen funds go well beyond a simple profit share. The absence of a fixed end date complicates every mechanism underneath, from waterfall structures and hurdle rates to whether managers are getting paid on gains that haven't actually been realized yet.

Management and performance fees get the attention, but administrative costs, leverage expenses, layered fund-of-fund charges, and subscription and redemption fees can add up quietly, and in a perpetual structure, that drag compounds indefinitely.

Redemption activity, payment timing, and liquidity runway across the private credit semi-liquid fund market.

What happens when redemption requests exceed a fund’s cap, and how to explain it to a client.

How to read the share of income paid in kind, and why research teams track it.

How the two structures differ on when investors can get their money out.