Myths vs. reality of evergreen funds and private credit: A conversation with Cliffwater

The Allocator’s Atlas is a specialized webinar series designed for LPs, where you’ll gain valuable insights and expert perspectives to effectively navigate your investment strategies and portfolio management.

The evergreen fund market is signaling a significant tone shift. Until recently, the narrative was focused on democratizing private capital markets. Redemptions from the private credit funds created for this democratization have taken on a doomsday narrative.

The truth is that the evergreen fund market is maturing, drawing distinctions between managers with sound structural safeguards and those with unstable liquidity management.

When the industry swings toward greater scrutiny, allocators need market intelligence and independent benchmarks that deliver clarity.

In this webinar, PitchBook analysts and Phillip Huber, Managing Director & Head of Portfolio Solutions at Cliffwater, will separate myth from reality. Their discussion will equip institutional LPs with the liquidity questions they should be ready to ask every GP running an evergreen vehicle.

Key Topics

Evergreen fund behavior during redemption periods
How evergreen funds have changed due to the outflow environment
Liquidity management for private credit and private equity evergreen funds

Featuring

Hilary Wiek, CFA, CAIA
Principal Analyst, Fund Strategies

Hilary Wiek, CFA, CAIA, is a principal analyst at PitchBook, where she covers PitchBook’s fund strategies and performance, publishing primary research on the alternatives space and contributing to core report development. Wiek also covers ESG and impact investing. She has over 20 years of experience in asset owner, manager, and advisory roles. Prior to joining PitchBook, Wiek was the director of investments at the Saint Paul & Minnesota Foundations, where she handled portfolio management, impact/ESG, investment diligence, and monitoring and investment operations. Before that, she held senior positions at Segal Rogerscasey, the South Carolina Retirement Systems Investment Commission, Buckingham Financial Group, Dayton Power & Light, and KeyCorp.

Wiek received a master’s degree in finance and economics from Case Western Reserve University and a bachelor’s degree in business leadership and finance from the University of Puget Sound. She is based in PitchBook’s Seattle office.
Juan Mier, CFA
Lead Analyst, Fund Strategies

Juan Mier is a lead fund strategies analyst at PitchBook, where he conducts primary and thematic research covering private markets. He brings over a decade of investment experience. Prior to joining PitchBook, he worked at Lazard Asset Management in thought leadership, as an analyst for multi-asset allocation solutions, and more recently as a portfolio manager for commodities and natural resources equities.

Mier holds an MBA degree from the University of California, San Diego, and is a CFA charterholder. He is based in PitchBook’s New York office.
Philip Huber, CFA, CFP ®
Managing Director & Head of Portfolio Solutions, Cliffwater

Phil leverages his prior experience as a wealth management CIO to produce and curate investment research, advise on product strategy and positioning, and strengthen relationships with the nation’s leading wealth management firms. Prior to joining Cliffwater in 2024, Phil was CIO at Savant Wealth Management. He is the author of “The Allocator’s Edge” and the blog “bps and pieces.” Phil has been featured in The Wall Street Journal, The New York Times, InvestmentNews, Citywire RIA Magazine, and Bloomberg TV, and was named CIO of the Year in 2023 by RIA Intel.