WHITE PAPER
A Manager's Guide to Open and Closed-End Structures
Download now
While semi-liquid evergreen funds are on track to surpass $1 trillion in AUM in the next five years, GPs considering the evergreen model for the first time without the right operating framework run the risk of eroding margins, inviting heightened audit scrutiny, and increasing reputational risk.
This white paper, written by leaders from Juniper Square's Fund Administration team, offers a practical roadmap for GPs to evaluate open- versus closed-end structures, understand the full liquidity spectrum—including hybrids—and design the operational backbone required to support them at scale. It breaks down strategic trade-offs, cost drivers, and control frameworks so leadership teams can align structure with strategy, the investor base, and long-term growth plans.
Learn how to:
Compare open- and closed-end models across strategy, liquidity, investor access, and capital structure.
Understand the mechanics behind private open-end fund liquidity and how they affect portfolio construction and performance.
Quantify the operational and cost implications of evergreen funds, from continuous NAV calculations and DRIPs to series accounting, crystallized carry, and transfer agency requirements.
Drawing on recent market trends and real-world operational considerations, the white paper offers a concise, actionable guide for GPs structuring their first open-end fund.