Moonfare tops €4bn AUM as evergreen private markets gain traction

Moonfare has surpassed €4 billion in assets under management following its strongest first-half fundraising since 2022, highlighting the growing role of evergreen private market structures and secondaries as private wealth capital becomes an increasingly important funding source for alternative asset managers.

Moonfare has exceeded €4 billion in assets under management (AUM), marking a significant milestone for the digital private markets investment platform and underlining the continued expansion of evergreen investment structures serving private wealth investors.

The company said it recorded its strongest first-half inflows since 2022, driven by growing demand for evergreen funds, secondary market opportunities and co-investment strategies. The achievement comes despite a challenging fundraising environment across the broader private capital industry, where many general partners continue to face longer fundraising cycles and subdued exit activity.

The milestone reflects a structural shift in private markets distribution. Historically dominated by institutional investors such as pension funds, insurers and sovereign wealth funds, private equity is increasingly being accessed through regulated wealth channels, with platforms like Moonfare providing eligible private investors and family offices access to institutional-quality funds.

Evergreen structures have become a central part of that evolution. Unlike traditional closed-end private equity funds, evergreen vehicles allow investors to subscribe on an ongoing basis while offering periodic liquidity, making them better suited to wealth management clients. Regulatory developments such as Europe’s revised ELTIF framework have further accelerated interest in these products, encouraging asset managers to broaden distribution beyond institutional capital.

Moonfare said investor demand has been particularly strong for diversified evergreen portfolios and secondary investments, where buyers can acquire interests in existing private equity funds at attractive valuations while potentially reducing the traditional “J-curve” associated with new commitments.
For the wider funds industry, the continued growth of wealth-focused private markets has implications extending well beyond fundraising. Asset managers, fund administrators, custodians and technology providers are investing in new operating models capable of supporting semi-liquid funds, more frequent valuations, digital investor onboarding and enhanced reporting requirements.

The company’s growth also reflects increasing competition among private market firms seeking to capture a share of the expanding wealth segment. As fundraising conditions gradually improve, evergreen funds are expected to play an increasingly important role in connecting institutional-quality private market strategies with a broader investor base.

For institutional investors, the trend represents more than simply another distribution channel. The expansion of evergreen private market products is reshaping fund structures, operational requirements and capital formation across the alternative investment ecosystem, reinforcing the convergence between traditional asset management and private capital markets.