Jeffrey Fulk
speaker
308 appearances
1 recordings
1 series
first heard Feb 2026
last heard 5 Feb
Jeffrey Fulk’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
Yeah.
And then what really warps your mind is if you do lose that 200 basis points, do you actually still get a better multiple of your money because you're fully invested that whole time and get a better outcome on a dollar perspective by being in the evergreen structure?
We're hearing that trend a lot as well.
Can you double click on that?
Yes.
For some of the reasons that we've already touched on in terms of the efficiency, the potential better return outcomes, the lack of operational stress, this idea that instead of re-upping
in a private equity buyout fund every three years because these managers will come to market every three years.
You have to fill out your commitment documents.
You have to manage the capital calls.
You have to basically start with small amounts of capital called to build up your position and then take distributions and figure out what your recycling of that capital will look like over time.
In the evergreen structure, that's all handled for you on the backend.
And if you have a really good institutional partner, they will optimize that to improve your outcome in terms of the capital efficiency of your money.
And it's very hard to kind of align your distribution since you have no idea when they're coming to capital commitments.
If you had a target allocation to private equity of 10%, it's very hard to manage that through a private closed-end fund.
And so we're seeing groups wanting to
use these evergreen structures to ensure that they're maintaining the exposure that they want to private equity or private equity buyout in this case.
As an investor, I would not rely on kind of regulatory protections on this.
I think I would rely on the trust that you have in the underlying general partner that you're investing with and alongside.
We've seen this over and over again throughout various cycles that unless you choose the best practitioners and the most honorable investors, there's always the ability to kind of
move things around, there's going to be reasons why that they move, you know, you know, there was one deal that they couldn't fit into the evergreen fund or things of that nature.
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