Evergreen Fund Structures

The most pronounced trend in alternative investment funds in recent years: “evergreen” (open-ended / perpetual) structures that carry no fixed termination date.

Yet a “perpetual fund” is not a single model. In practice, three architectures that differ in essential respects stand out: Rolling vintage, NAV with a run-off mechanism, Fully open-ended NAV

Which is chosen determines the fund’s entire anatomy — from liquidity management to fee structure, from leverage exposure to regulatory classification. Each choice confers an advantage on one axis while exacting a cost on another.

For Turkish institutional investors and portfolio-management companies, the question is no longer “can a perpetual fund be established”, but “which model is right for which asset class and which investor profile”.

The FIOR study comparing the three architectures, with their strengths and weaknesses, is below.