Evergreen Funds Shift Vintage Risk Control to Managers, Bip Capital Says

By Public Technologies
  • Bip Capital warned that perpetual private-market funds transfer deployment pacing risk to managers rather than eliminate vintage risk.
  • Rapid subscription growth can concentrate vintage exposure, while undeployed cash creates structural pressure to invest despite unfavorable terms.
  • PitchBook data put 2019-2021 vintages below 0.35 times distributions to paid-in capital, reflecting slow capital returns across strategies.
  • UNC-MSCI research found annual distributions averaged roughly 12% of net asset value during 2022-2025, less than half the preceding decade’s rate.
  • PwC’s 2026 private credit survey found 67% cited competition as the primary performance driver; 93% expected flat or lower returns.


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