The European market for evergreen private markets funds, excluding ELTIFs, continues its steep upward trajectory, with assets under management (AUM) growing from €53.1 billion in Q3 to nearly €63 billion in Q4 2024.
This marks an 18% quarterly rise and more than 60% growth since the end of 2023. Novantigo’s latest Private Assets in Private Wealth Portfolios – Evergreen Funds Market Update projects the market could exceed €240 billion by the end of 2028.
Private equity, private credit, and infrastructure continue to be the leading drivers, while a record number of new funds entered the market in 2024, a trend that has already carried over into 2025. The number of evergreen fund launches, particularly in private credit and infrastructure, has underlined the growing appetite among private wealth channels for evergreen/semi-liquid private markets access.
“Evergreen structures are increasingly seen as the gateway for private wealth access to private markets. However, success in this space is no longer just about launching a product, it’s about securing the right distribution partnerships and standing out in a rapidly crowding market,” said André Schnurrenberger, Co-Founder and Managing Partner at Novantigo.
While the evergreen market is booming, the ELTIF space is also undergoing a period of significant transformation. Total ELTIF AUM reached €20.5 billion by the end of 2024, with nearly 30% of assets held in private debt vehicles. Importantly, all 14 ELTIFs launched or about to be launched in 2025 are open-ended, confirming a shift towards more flexible structures under the updated ELTIF 2.0 regime.
“Although ELTIFs have historically grown at a more measured pace than evergreen funds, the regulatory overhaul is clearly revitalising the market,” said Justina Deveikyte, Co-Founder and Managing Partner at Novantigo.
In 2024, 55 ELTIFs were approved for distribution in Europe, a threefold increase over the previous year, with Q1 2025 already seeing 14 new registrations. This growth is expected to accelerate as leading asset managers such as Amundi, StepStone, and GSAM bring new strategies to market. Of the ELTIFs launched in 2025 so far, seven focus on private credit, three on infrastructure, three on multi-asset strategies, and one on private equity, highlighting the diversification of investor interest across the private markets spectrum.
With combined AUM from evergreen and ELTIF structures (including closed-ended ELTIFs) now exceeding €83 billion, Novantigo’s research underscores the intensifying race among asset managers to capture private wealth capital. Early movers are securing prime positions with private banks, while others are racing to catch up in an increasingly competitive landscape. Novantigo is currently in the midst of researching the 2025 edition of its flagship report, with a wealth of additional in-depth insights set to be released soon.
