Deutsche Bank's Evergreen Private Markets Fund: A New Era for Accessible, High-Return Private Market Investments

In the aftermath of the 2020–2025 global economic cycle, private markets have emerged as a critical asset class for investors seeking resilience and long-term value creation. Deutsche Bank's recent launch of its Evergreen Private Markets Fund, in collaboration with DWS and Partners Group, marks a pivotal step in addressing the dual challenges of liquidity constraints and accessibility in private markets. Structured under the European Long-Term Investment Fund (ELTIF) 2.0 framework, this fund introduces a flexible, semi-liquid vehicle tailored for qualified private clients in the European Economic Area (EEA) and Switzerland. By leveraging Partners Group's expertise in evergreen structures and Deutsche Bank's distribution capabilities, the fund aims to democratize access to private markets while enhancing risk-adjusted returns in a post-recessionary environmentDeutsche Bank launches private markets fund for private clients in collaboration with DWS and Partners Group^[1].

The Evolution of Private Market Accessibility

Private markets have historically been inaccessible to retail and smaller institutional investors due to high minimum investments, long lock-up periods, and illiquidity. However, the ELTIF 2.0 regime has transformed this landscape. By eliminating the previous €10,000 minimum investment threshold and introducing evergreen structures with periodic liquidity options, ELTIF 2.0 has enabled broader participationELTIF 2.0: Bigger and Better - Natixis Investment^[2]. Deutsche Bank's Evergreen Fund exemplifies this shift, offering a low minimum investment and regular entry/exit flexibility under normal market conditions. This structure not only aligns with investor demand for liquidity but also mitigates the J-curve effect common in traditional closed-end fundsUnlocking private markets: The rise of evergreen funds^[3].

Partners Group, a pioneer in evergreen strategies since 2001, plays a central role in this initiative. As the fund's strategic partner and portfolio manager, the firm brings a proven track record of managing diversified portfolios across private equity, credit, infrastructure, and real estate. For instance, Partners Group's Global Value Sicav fund has delivered a 10.6% annualized return since 2007, demonstrating the long-term viability of evergreen structuresEvergreen funds may return as much as the best closed-end funds^[4]. The firm's ability to scale evergreen strategies—raising $8 billion in 2024 alone—highlights growing investor confidence in these vehiclesPartners Group raises $8bn for evergreen funds in largest private wealth haul^[5].

Risk-Adjusted Returns in a Post-Recessionary Context

The post-2020 recovery has underscored the importance of risk-adjusted returns in volatile markets. Private equity, in particular, has historically outperformed public markets, with a median annualized return of 15.2% over the past decade compared to 7.0% for global public equitiesCan Private Equity Continue to Produce Excess Returns Above...^[6]. Evergreen funds, with their continuous capital deployment and compounding mechanisms, amplify this advantage. For example, a hypothetical Partners Group evergreen fund achieving an 11% annual return over 10 years would generate a 2.8x multiple, matching the performance of a closed-end fund with a 20% IRREvergreen funds may return as much as the best closed-end funds^[7].

Deutsche Bank's Evergreen Fund further enhances this dynamic by diversifying across asset classes. By allocating capital to Partners Group-led solutions and third-party managers, the fund reduces concentration risk while capturing opportunities in high-conviction sectors like infrastructure and private credit. This approach aligns with broader industry trends: private credit strategies, for instance, have consistently outperformed real estate and venture capital evergreen funds in 2025, with median returns of 13.8% versus 3.0%Evergreen Funds in 2025: Growth, Gaps & Case for...^[8].

Strategic Implications for Investors

The collaboration between Deutsche Bank and Partners Group addresses two critical investor pain points: liquidity and accessibility. Traditional private market investments often require investors to wait years for exits, but the Evergreen Fund's periodic redemption options—subject to an initial holding period—provide a buffer against market stressEvergreen Funds & Redemption Risk: The Bank Run...^[9]. This is particularly relevant in post-recessionary environments, where redemption requests can strain illiquid underlying assets. Partners Group's experience in managing redemption risk through mechanisms like notice periods and liquidity gates ensures a balanced approachPartners Group Teams Up with Deutsche Bank for Private Markets Fund^[10].

Moreover, the fund's structure under ELTIF 2.0 expands the investor base. By removing barriers for retail clients and enabling indirect access to private debt and infrastructure, the fund aligns with the democratization of private markets. This shift is supported by regulatory tailwinds: ELTIF 2.0's expanded asset scope—including green bonds and FinTech—further enhances its appealELTIF 2.0: A new passport to multi private assets...^[11].

Conclusion

Deutsche Bank's Evergreen Private Markets Fund represents a strategic evolution in private market investing. By combining Partners Group's expertise in evergreen structures with ELTIF 2.0's regulatory innovations, the fund offers a compelling solution for investors seeking liquidity, diversification, and risk-adjusted returns. As private markets continue to grow—global evergreen AUM now exceeds $430 billion—the fund's success could set a precedent for future collaborations, reshaping how investors access alternative assets in an increasingly dynamic economic landscapePitchBook Analyst Note: The Return of Evergreen Funds^[12].