Antoine Garra

Hi, how are you?

Well, we first thought it was good to actually just go get numbers, right?

So we know that there's been this boom in evergreen funds, which are these sort of perpetual private funds.

And they're very popular among wealthy people.

Thank you so much for having me.

for the people who are distributing them themselves, i.e., the banks who have large wealth management operations.

So these evergreen funds, they've paid about $2 billion in just servicing fees.

That's a pretty big number for fees on funds at a time when, like, the whole world has moved into very low-cost index funds that carry almost no fees.

Well, it's really where a lot of the industry's growth has come.

These are new types of funds.

They've really cropped up over the last 10 years.

And it's been an exciting new thing.

And that can be really interesting to a lot of different types of investors, given that these are really successful firms who historically have really great track records.

And clients also are trying to diversify away from the public markets, publicly traded credit funds, publicly traded property funds.

They've been very volatile historically.

They're boom and bust cycles.

In any given year, they could be down 30%.

And so these non-traded funds can be a lot smoother of a ride.

Well, they say that the fees are all very well disclosed.

And they are also pointing out that these funds have performed very well.