AMHERST, MA, October 20, 2026 – CAIA Association today announced the launch of the CAIA.nxt™ Evergreen Funds Microcredential, expanding a broader body of work focused on the growing role of evergreen structures in private markets and what their adoption means for investment professionals and the investors they serve.
Evergreen funds are becoming an increasingly important connection between private markets and a wider investor base. While their growth creates opportunities for access and portfolio construction, it also highlights the importance of understanding how these vehicles work in practice, from liquidity and performance measurement to due diligence, implementation and client suitability.
CAIA is approaching this evolution from two complementary directions: offering research that examines the questions emerging for the industry and education that equips practitioners with the knowledge to navigate them.
Last month, CAIA published The Window Narrows: Evergreen Funds and the Choice Before the Industry, examining the rapid growth of evergreen funds and the practices developing around their distribution and use. The report argues that while the structure of such funds is sound, as adoption grows, industry practices and investor understanding must keep pace.
The new CAIA.nxt™ Evergreen Funds Microcredential addresses the issue from the practitioner’s perspective. Sponsored by Macquarie Asset Management, Barings, and HarbourVest Partners, the online, self-paced program helps investment professionals understand how evergreen funds work, how they differ from traditional liquid and drawdown vehicles, and how they can be evaluated and applied across private credit, real estate, infrastructure, private equity, and other alternative investment strategies.
“Evergreen funds are changing how private market investments are accessed and incorporated into portfolios, which makes understanding the structure increasingly important across the investment profession,” said Steve Novakovic, Managing Director, Educational Programs, CAIA Association. “Our research addresses some of the larger questions their growth creates for the industry, while our education helps investors build the knowledge to make informed decisions within this changing market.”
The Evergreen Funds Microcredential program focuses on foundational concepts in alternative investment fund structures and performance measurement, as well as considerations specific to evergreen vehicles, including industry adoption, strategy selection, due diligence, portfolio implementation, and client suitability. It addresses the practical considerations investment professionals face as evergreen structures become more widely used across private markets.
“Evergreen funds have opened the door for private wealth investors to access strategies once reserved for institutions, but their design can be complex – fund structure, capital deployment, liquidity management, and valuation practice all carry tradeoffs that investors need to understand.” said Kimberly LaPointe, Head of Global Wealth, Macquarie Asset Management. “As the world’s most experienced infrastructure manager, we’ve spent decades building the deal flow, governance, and valuation discipline that make these vehicles work. Through the CAIA.nxt™ Evergreen Funds Microcredential, we’re helping investment professionals demystify evergreen funds and build the confidence to evaluate and recommend them to clients.”
“Evergreen structures are broadening access to private markets investing in ways that simply weren’t possible before, but they work differently from traditional drawdown funds, particularly in how they manage liquidity, govern valuations, and construct portfolios.” Said Monique Austin, Head of Evergreen Solutions, HarbourVest Partners. “As these structures reach more wealth and retirement investors alongside traditional institutions, the need for rigorous, practitioner-driven education has never been greater. This microcredential equips professionals with the frameworks to ask the right questions and allocate with conviction, and HarbourVest is proud to support it.”
“The growth of evergreen funds is creating new opportunities for investors to access private markets but understanding how these vehicles fit within a broader portfolio is increasingly important. Considerations such as performance, liquidity, and alignment with investor objectives all play an important role in determining where evergreen strategies may be appropriate.” said Bryan High, Head of Global Private Finance at Barings. “As adoption continues to grow, investment professionals need a clear understanding of these factors to make informed portfolio construction decisions and determine how evergreen strategies can be used effectively.”
Topics covered in the Evergreen Funds Microcredential include:
- Performance measurement in alternative investments, including return measurement, risk-adjusted returns, and benchmarking
- Alternative investment fund structures, including liquid, illiquid, and managed-liquidity vehicles
- Evergreen funds and alternative investments, including industry trends and adoption
- Strategy and due diligence considerations
- Evergreen fund portfolio implementation
- Client suitability
Offered entirely online, the 6-hour Evergreen Funds Microcredential is part of the growing CAIA.nxt™ learning platform of focused, practitioner-led education designed around the topics shaping investment work today. The program gives professionals practical knowledge to assess where evergreen structures may fit, understand the tradeoffs they introduce, and ask more informed questions when evaluating their use across alternative investment strategies.
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About CAIA Association
The CAIA (Chartered Alternative Investment Analyst) Association is the leading professional body for alternatives investment education and credentialing. The organization supports the global investment industry by offering the CAIA Charter and a portfolio of education, research, and thought-leadership initiatives. More than 14,000 Members across 100+ countries form the world’s most energized community of alternative investment professionals dedicated to advancing professional standards and promoting better investment outcomes. Learn more at https://caia.org/.
About Barings
Barings is a $502 billion* global alternative asset manager that partners with institutional, insurance and wealth clients and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual with a minority investment from MS&AD, seeks to deliver excess returns by leveraging its global scale and capabilities across credit, real assets, capital solutions and emerging markets.
*As of June 30, 2026.
About HarbourVest Partners
HarbourVest is an independent, global private markets firm with 44 years of experience and more than $165 billion assets under management as of June 30, 2026. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by more than 1,300 team members across Americas, Asia, Europe, and the Middle East.
About Macquarie Asset Management
Macquarie Asset Management (MAM) is a leading global asset manager, trusted by institutions, individuals and communities to responsibly manage $US517.9 billion in assets. MAM provides clients with a diverse range of investment solutions that seek to deliver superior risk-adjusted returns.
Macquarie Asset Management is part of Macquarie Group, a diversified global financial services group operating in asset management, retail and business banking, wealth management, as well as advisory, risk and capital solutions across debt, equity, financial markets and commodities. Founded in 1969, Macquarie Group employs over 19,100 people in 30 markets and is listed on the Australian Securities Exchange.
Learn more about Macquarie Asset Management’s private markets solutions for wealth at macquarie.com/mam/wealth
All figures as of 30 June 2026.
Media Contacts
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