Summary

• Evergreen and semi-liquid structures are expanding access to private markets.
• Underlying private assets remain structurally illiquid despite periodic liquidity features.
• Slower IPO and M&A activity can extend liquidity timelines and impact distributions.
• Secondary markets are becoming increasingly important liquidity solutions.
• Investors should carefully align private market exposure with liquidity needs and portfolio objectives.

Private markets are becoming more accessible through evergreen structures and secondaries, but investors still need to carefully evaluate liquidity, time horizon and portfolio fit.

As private markets continue to expand, demand for greater access from wealth