Willow Wealth expands retail access to $11.7 billion in evergreen private market funds from Carlyle, Goldman Sachs and StepStone

NEW YORK , According to the original report, Willow Wealth has added direct access to three evergreen private markets funds from Carlyle, Goldman Sachs Asset Management and StepStone to its platform, expanding the firm’s retail distribution of continuously offered private credit, private equity and real estate strategies.

The inaugural slate , the Carlyle Tactical Private Credit Fund, StepStone Private Markets and the Goldman Sachs Real Estate Diversified Income Fund , collectively represent more than $11.7 billion in assets under management as of 30 September 2025. The funds, which are generally structured as interval or tender-offer vehicles, are designed to deliver exposure to fully deployed portfolios while providing periodic liquidity, a feature that has helped such evergreen structures grow to more than $180 billion in AUM in recent years, industry data shows.

Willow’s chief executive, Mitchell Caplan, framed the launch as part of a broader shift in private markets distribution: “Private markets are undergoing a shift in how they’re accessed and who can access them,” he said. “Today’s announcement represents our vision for the next generation of private markets investing , one where investors can build complete portfolios combining always-on core exposure through evergreen funds with targeted, differentiated individual opportunities. These three inaugural funds from Carlyle, Stepstone, and Goldman Sachs stood out for their track records, scale, and strategic fit as core portfolio holdings.”

The move aims to make institutional-grade, continuously offered private market strategies available more broadly through a curated retail pathway. Willow already offers drawdown-style funds, individual private investments and managed portfolio solutions; adding evergreen vehicles means investors who subscribe can gain near-immediate exposure to deployed portfolios rather than waiting for multi-year capital deployment cycles typical of traditional closed-end private funds.

Representatives for the fund managers emphasised distribution and market opportunity. “We see private markets playing a larger role in long-term portfolio construction, and distribution partnerships are key to meeting that growing demand,” said Shane Clifford, Head of Global Wealth at Carlyle. Carlyle’s Tactical Private Credit Fund, established as an interval fund, focuses on private credit strategies and typically allocates at least 80% of its assets to private credit instruments, according to the fund’s prospectus and firm disclosures.

On the real estate side, Goldman Sachs Asset Management flagged valuation dynamics and transaction activity as drivers of opportunity. “The rapid rise in interest rates a few years ago precipitated a significant valuation reset in the real estate market,” said Sean Brenan, a Managing Director within Goldman Sachs Asset Management. “With rates moderating and transaction volume increasing, we believe the market is at an inflection point characterized by attractive buying opportunities.”

Evergreen funds offer an intermediary point on the liquidity spectrum: more liquid than traditional closed-end private funds but substantially less liquid than publicly traded securities. As Willow and others have noted, they are intended for long-term investors and remain inherently illiquid; suitability therefore depends on an investor’s ability to bear limited liquidity and the risks of private market exposure.

Willow has made the three funds available to accredited investors on its platform and says additional evergreen strategies will be added in the months ahead. According to the company, the platform already serves more than half a million members and seeks to broaden access to diversified private markets allocations by combining individual deal access, diversified funds and automated managed solutions.

Industry observers say the combination of big‑name managers, curated distribution and evergreen structures may broaden the investor base for private markets, but they also caution that retail access increases the need for clear disclosure around fees, liquidity schedules and valuation practices. Government figures and third‑party data providers have tracked the expansion of interval and tender-offer funds, underscoring growing investor appetite for less cyclical, always‑on private market exposures.

Willow’s announcement maintains editorial distance from manager claims: the firm states the three funds collectively represent over $11.7 billion in AUM as of 30 September 2025, based on firm-reported figures. The company also reiterates that evergreen fund structures should be viewed as long-term investments because of their limited liquidity.

For investors considering these vehicles, advisers and managers recommend reviewing fund prospectuses for redemption terms, valuation policies and fee structures, and assessing how evergreen allocations fit within overall portfolio liquidity needs and long-term return objectives.