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US Evergreen Fund Landscape: Trends and Analysis for Q2 2026

A redemption wave in evergreen funds was only a matter of time

Redemptions were the story in the evergreen space last quarter. After years of money flowing only one way, investors began pulling capital out. The US evergreen universe now exceeds $600 billion, and our data includes non-40-Act fund structures. Through April, the Morningstar PitchBook US Evergreen Fund Index gained 1.6%, well below the roughly 7% returns posted in each of the past two calendar years, as its sizable direct lending exposure weighed on performance.

Navigating this evolving space requires precise data and reliable benchmarks. Our Q2 2026 report provides a comprehensive look at the forces fueling growth and concern alike.  

Download the report to understand the flows, fees, and product trends shaping the future of private markets.  

Morningstar clients can access the full report via the Direct Compass here.

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