Evergreen funds, operated as a live system
Continuous subscriptions, periodic NAV strikes, gated redemptions and pass-through reporting for open-ended and semi-liquid private capital vehicles.
Evergreen and semi-liquid structures have moved from a niche wrapper to a mainstream vehicle for private credit, real estate, secondaries and infrastructure. The operational model is fundamentally different from a closed-ended fund: LPs come and go, NAV is struck on a defined cadence rather than at exits, and liquidity gates need to be enforced consistently. Reuben AI operates the evergreen as a live system rather than a series of one-off events, so subscriptions, redemptions, NAV and reporting all reconcile to the same underlying position data.
Why this vehicle needs purpose-built infrastructure
Evergreens are operationally continuous. There is no clean fund life to hide behind. Subscriptions, redemptions and NAV happen on a defined cadence and every LP needs a consistent capital account across cycles. Manual processes break down at scale.
Liquidity gates must be enforced. Most evergreens use redemption gates, notice periods and hold-back mechanisms to protect remaining LPs. Applying these consistently under LP pressure requires an operating layer with rules baked in, not spreadsheets and side letters.
Periodic NAV is a hard deadline. Whether NAV is struck monthly or quarterly, the pipeline of valuation inputs, fees, expenses and accruals must land before the strike. A late input means the whole strike slips, which erodes LP trust.
Regulators treat evergreens as their own category. Structures such as the UK Long-Term Asset Fund (LTAF) under FCA rules, the EU ELTIF 2.0 under Regulation (EU) 2023/606 and Luxembourg RAIFs configured as open-ended have their own disclosure and eligibility regimes. Getting reporting right at the vehicle level is non-negotiable.
How Reuben AI handles it
Subscription and redemption workbench
Every subscription and redemption request is captured, KYC-verified, gated and executed against the applicable NAV cycle, with a full audit trail per LP.
Periodic NAV strike orchestration
The NAV pipeline, valuation inputs, fee accruals, expense recognition and reconciliations, is tracked to a defined cutoff with every input timestamped and its source recorded.
Gate and hold-back logic
Redemption gates, notice periods, side pockets and hold-backs are configured once at the vehicle level and applied consistently across every LP request.
LP-level capital accounts across cycles
Each LP has a continuous capital account that survives subscriptions and redemptions with fee, performance and expense allocations calculated per cycle.
Pass-through position reporting
LP reports show the underlying holdings, cash and receivables, not just a headline NAV. The look-through is generated from the same data layer as the vehicle's own operating records.
Related solutions
Common questions
Which evergreen wrappers does Reuben AI support?
Any open-ended private capital wrapper: LTAF under FCA rules, ELTIF 2.0 under Regulation (EU) 2023/606, Luxembourg RAIFs configured as open-ended, Cayman open-ended partnerships, Singapore VCCs configured as open-ended and BDC-style structures. The vehicle configuration captures the specific gate, notice and reporting rules.
How is NAV struck?
On a defined cadence chosen at vehicle setup (monthly, quarterly or bespoke). The NAV pipeline enforces cutoffs on valuation inputs, fee accruals and expenses so every LP sees the same reconciled NAV for that cycle.
Does this replace the fund administrator?
No. The administrator continues to strike official NAV. Reuben AI operates the vehicle end to end (subscriptions, redemptions, gates, LP reporting) and reconciles to the administrator on every cycle.
Can we run a closed-ended sleeve alongside the evergreen?
Yes. Many managers run a closed-ended flagship and an evergreen against the same strategy. Both live in the same workspace and share deal and portfolio data.
See Evergreen Fund in Reuben AI
Walk through this vehicle structure on a live demo with your own deal mix.