The Gate Is the Tell | Evergreen Private Markets Fail Their Liquidity Test

Two of the largest semi-liquid private-market vehicles available to wealthy individuals gated redemptions in a single week. The funds did exactly what their documents said they would do. That is the problem. The evergreen wrapper — illiquid private equity and private credit dressed in quarterly-redemption clothing — has now met its first real test, and the test is resolving the wrong way. When the gate is a feature, the moment it engages is the moment investors learn the liquidity was always conditional.

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