Private-market liquidity shifts

Azalea, a Temasek-linked private-markets investor, plans to launch an evergreen private-equity fund later in 2026 instead of a vehicle with a fixed end date. (msn.com) Azalea is a wholly owned subsidiary of Seviora and says it was set up in 2015 to broaden access to private equity. Its website says the firm develops products that make private equity accessible to a wider investor base. (azalea.com.sg) An evergreen fund keeps taking in capital and offering periodic withdrawals, while a traditional private-equity fund usually locks money up for years and then winds down. Morgan Lewis, in a 2025 note on semiliquid funds, described evergreen structures as a spectrum of vehicles with varying redemption terms and asset-transfer mechanics. (msn.com) (morganlewis.com) That shift comes as private-market investors have been waiting longer for cash. J.P. Morgan said global secondary-market volume hit a record $226 billion in 2025, up 41% from 2024, as an initial public offering slowdown pushed investors to sell stakes to other buyers instead of waiting for exits. (jpmorgan.com) Other market tallies are even higher. Jefferies said secondary volume reached $240 billion in 2025, while Ropes & Gray said the market is forecast by Jefferies to approach $300 billion annually within 12 to 24 months. (jefferies.com) (ropesgray.com) The secondary market works like a resale market for private assets. J.P. Morgan said one route is an LP-led sale, where an existing limited partner sells its fund stake, and another is a GP-led deal, where the manager moves assets into a continuation fund and lets existing investors either cash out or roll over. (jpmorgan.com) Continuation funds have moved from a niche tool to a standard exit option. Houlihan Lokey said the continuation-vehicle deals it reviewed rose about 40% from 2023 to 2024, and the sample showed managers increasingly using those vehicles across multiple funds. (hl.com) That growth has forced investors to focus on process as much as price. The Institutional Limited Partners Association said continuation deals are conflicted by nature because the general partner sits on both sides, and it called for fuller disclosure, Limited Partner Advisory Committee involvement, and conflict waivers. (ilpa.org) The group also said some investors have been asked to decide whether to sell or roll in as little as 10 days, a timetable that can push institutions toward taking cash if their investment committees cannot move fast enough. (ilpa.org) Azalea’s planned evergreen fund fits that broader rewrite of private-equity liquidity: fewer single-track exits, more resale markets, and more fund structures built to offer investors cash windows before the assets themselves are sold. (msn.com) (jpmorgan.com)