Willow Wealth announced the launch of its Evergreen Fund Platform on December 4, 2025, pairing the firm with Carlyle, Goldman Sachs Asset Management, and StepStone. The three inaugural funds—private credit, private equity, and real‑estate—together hold more than $11.7 billion in assets under management as of September 30, 2025, and offer accredited investors immediate exposure to each provider’s core investment strategies with periodic liquidity.
Evergreen funds differ from traditional private‑market vehicles by operating as interval or tender‑offer funds that never close, allowing investors to redeem shares at set intervals while the fund continues to deploy capital. This structure addresses a long‑standing barrier to private‑market participation—illiquidity—by giving investors a blend of private‑market returns and the ability to access capital on a more flexible schedule.
The partnership reflects a broader industry trend in which large asset managers are extending their private‑market products to the retail and accredited investor segments. Carlyle’s “Carlyle Access” platform and recent evergreen private‑credit and equity launches demonstrate the firm’s commitment to expanding its reach beyond institutional clients. Goldman Sachs and StepStone similarly view the platform as a way to tap a growing pool of investors seeking private‑market exposure without the traditional lock‑up periods.
While the combined AUM of $11.7 billion is reported, the platform’s structure allows each provider to maintain its own investment mandate and fee schedule. Carlyle’s share of the AUM is the largest, reflecting its deep private‑credit and equity expertise, followed by Goldman Sachs and StepStone, each contributing a significant portion of the remaining assets.
Mitchell Caplan, CEO of Willow Wealth, said the launch “represents the next generation of private‑markets investing—combining evergreen core exposure with targeted opportunities.” Shane Clifford, Head of Global Wealth at Carlyle, added that the partnership “aligns with Carlyle’s commitment to broaden access to institutional‑grade solutions” and that Willow Wealth’s platform will help meet growing demand for private‑market exposure.
The launch positions Willow Wealth as a key conduit for accredited investors to access institutional‑grade private‑market strategies, while the inclusion of three high‑profile asset managers signals confidence in the evergreen model. As private‑market evergreen funds now represent over $180 billion globally, the platform taps a sizable and expanding market, offering investors a new way to diversify and potentially enhance returns in a low‑interest‑rate environment.
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