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An evergreen fund is an open-ended fund in which there is no end date or fixed capital benchmark. The distinguishing feature of this fund type is that once a portfolio company exits the capital is permitted to be reinvested into another investment opportunity as opposed to being distributed out to investors.
Most funds are close-ended and last between 8 to 12 years. Once capital is raised from LPs the VC firm invests the money into helping a company grow, after which they are obligated to return the investment by the end date through an exit (i.e. sale or IPO of the company).
Open-ended funds have no defined start or end date and investors may come and go as they wish. Not all open-ended funds are evergreen funds, however, open-ended funds rely on the NAV (net asset value) and yield to determine by ins and by outs for investors. Additionally, if a portfolio company exits in an open-ended fund capital is distributed out to investors and not recycled as in an evergreen fund.
BioAdvance works closely with entrepreneurs to build strong companies in the mid-Atlantic region that are focused on improving human health.
JumpStart Inc. has two evergreen investment funds: one for startups in Greater Cleveland and one specifically for women and Black or Latinx-led companies in Ohio.
The firm's open-ended fund holds positions in some of its companies that have gone public. The evergreen fund structure only applies to its U.S. and Europe operations.
Kiko Ventures is an evergreen venture investor focused on cleantech/climate tech. Kiko Ventures is a highly flexible investment platform that can be a long-term partner to climate tech innovators and often tackles the most difficult and rewarding opportunities.
AENU invests in intentional, inclusive, and ambitious founders who are building impact technologies that have the potential to reduce 100Mt CO2e at scale or to significantly improve the well-being of millions of people around the world.
V3 Ventures invests in early-stage, consumer-focused businesses with strong purpose-driven, scalable brands across Europe, India, and the US.
Sutter Hill Ventures primarily invests in early and late-stage technology-based start-ups out of Silicon Valley.
The venture capital arm of Maverick Capital partners with entrepreneurs in the healthcare, software & technology sectors.