Key Takeaways
- • Van Lanschot Kempen launches "Private Equity Secondaries Evergreen Solution," securing over €150 million in commitments during the launch period from private banking clients with a minimum €250,000 investment threshold.
- • The open-ended fund structure enables quarterly subscriptions and redemptions (after a three-year lock-up period), addressing liquidity constraints that typically characterize traditional closed-end private equity funds with fixed 10-12 year terms.
- • Private equity secondaries investing allows high-net-worth individuals and entrepreneurs to gain exposure to existing fund interests and portfolios rather than primary market investments, providing portfolio diversification with shorter investment cycles.
- • The fund targets expansion to a €100,000 minimum investment threshold in the future, broadening accessibility within Van Lanschot Kempen's private banking client base and positioning the strategy within a $457 billion global evergreen fund market as of year-end 2025.
- • Management emphasis on liquidity and flexibility reflects market demand for semi-liquid private markets vehicles, particularly among institutional and ultra-high-net-worth investors seeking capital deployment efficiency without the illiquidity constraints of traditional closed-end structures.
Summary
Van Lanschot Kempen Investment Management announced on January 29, 2026, the successful launch of its "Private Equity Secondaries Evergreen Solution," a fund targeting high-net-worth individuals and entrepreneurs seeking diversified exposure to private equity secondaries. The fund achieved over €150 million in commitments during its launch period, demonstrating significant client demand for the strategy among Van Lanschot Kempen's private banking clientele.
The evergreen fund structure represents a strategic shift in private equity access design. Unlike traditional closed-end private equity funds with fixed 10-12 year lifecycles, this open-ended vehicle permits quarterly subscriptions and redemptions, subject to a three-year lock-up period following initial investment. Current minimum investment stands at €250,000, with management targeting reduction to €100,000 to expand accessibility. The quarterly redemption feature addresses a persistent pain point in private equity investing—illiquidity—by offering investors periodic exit opportunities after the lock-up period expires.
The secondaries strategy itself focuses on purchasing and selling existing interests in private equity funds and portfolios rather than making new primary market investments. This approach typically generates shorter investment cycles compared to traditional buyout funds, while maintaining exposure to professional-grade private equity management and underlying portfolio companies. Wendy Winkelhuijzen, Member of the Management Board responsible for Private Banking Netherlands, characterized the launch as validation of client enthusiasm for expanded private markets access, emphasizing that the combination of diversification, flexibility, and liquidity characteristics addresses evolving institutional and individual investor preferences.
The fund's launch occurs within a broader market context: $457 billion in assets were deployed across 486 semi-liquid evergreen funds globally as of year-end 2025, with more than half launched within the preceding four years. This expansion reflects institutional appetite for private markets vehicles offering continuous capital deployment and periodic liquidity, distinguishing them from traditional closed-end structures. Van Lanschot Kempen's entry into the secondaries evergreen segment positions the firm to capture demand from clients requiring both performance exposure and operational flexibility.
The evergreen fund structure represents a strategic shift in private equity access design. Unlike traditional closed-end private equity funds with fixed 10-12 year lifecycles, this open-ended vehicle permits quarterly subscriptions and redemptions, subject to a three-year lock-up period following initial investment. Current minimum investment stands at €250,000, with management targeting reduction to €100,000 to expand accessibility. The quarterly redemption feature addresses a persistent pain point in private equity investing—illiquidity—by offering investors periodic exit opportunities after the lock-up period expires.
The secondaries strategy itself focuses on purchasing and selling existing interests in private equity funds and portfolios rather than making new primary market investments. This approach typically generates shorter investment cycles compared to traditional buyout funds, while maintaining exposure to professional-grade private equity management and underlying portfolio companies. Wendy Winkelhuijzen, Member of the Management Board responsible for Private Banking Netherlands, characterized the launch as validation of client enthusiasm for expanded private markets access, emphasizing that the combination of diversification, flexibility, and liquidity characteristics addresses evolving institutional and individual investor preferences.
The fund's launch occurs within a broader market context: $457 billion in assets were deployed across 486 semi-liquid evergreen funds globally as of year-end 2025, with more than half launched within the preceding four years. This expansion reflects institutional appetite for private markets vehicles offering continuous capital deployment and periodic liquidity, distinguishing them from traditional closed-end structures. Van Lanschot Kempen's entry into the secondaries evergreen segment positions the firm to capture demand from clients requiring both performance exposure and operational flexibility.
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