As non-bank lenders continue to serve as an alternative to traditional lenders, and private credit investments remain attractive to institutional LPs, fund managers may wish to consider evergreen fund structures to reduce the costs of raising new funds and to grow LP capital invested in private credit strategies. To achieve that goal, the two most common evergreen structures adopted by fund managers are rolling vintage funds and liquidating account funds. Although both types of structures are evergreen, they offer a range of different considerations for fund managers to weigh at the fund formation stage. In a guest article, Seward & Kissel partners Jeffrey Berman and Kevin Cassidy describe alternatives for customizing the fundraising, equalization, investor liquidity and recycling terms in both types of evergreen private credit fund structures, as well as considerations when using subscription or net asset value financing facilities with either approach. See “Trends in Management Fee Base Calculations, Evergreen Structures and Tax Issues for Private Credit Funds (Part One of Two)” (Jan. 26, 2023).