Data room for an evergreen fund raise
An evergreen fund raises capital continuously, so its data room is never finished. It has to show the current NAV and how it is set, the subscription and redemption terms with any gates, the pipeline and portfolio, and the documents that wealth platforms and their gatekeepers check before adding the fund to their shelf.
- 5% to 25%Range of outstanding shares an interval fund must offer to repurchase at each repurchase interval
Folder index
- 01 Current NAV and fact sheet Latest monthly fact sheet, NAV per share by class, distribution rate.
- 02 Offering documents PPM or prospectus, LPA or declaration of trust, subscription documents by share class.
- 03 Liquidity terms Subscription and redemption schedule, caps, gates, proration and suspension rules.
- 04 Valuation Valuation policy, frequency, independent valuation agent, NAV history.
- 05 Portfolio Holdings summary, sector and vintage mix, pipeline.
- 06 Fees Fee table by share class, worked examples, expense support or caps.
- 07 Platform due diligence DDQ, ODD materials, service provider details, compliance program.
How this raise works
Evergreen funds have no fixed end date. They take subscriptions monthly or quarterly at NAV and offer limited liquidity through periodic redemptions or tender offers, often capped as a share of NAV per period. Private evergreen funds rely on 3(c)(1) or 3(c)(7) and Reg D; registered versions include interval funds, which must offer to repurchase between 5 and 25 percent of shares at each interval, and tender offer funds.
Investors are increasingly individuals reached through wealth platforms, private banks and registered investment advisers, alongside institutions. Each platform runs its own due diligence on the manager, the valuation process, liquidity management and fees before allowing advisers to sell the fund. The data room serves the platform research team first, then advisers and end investors with a lighter document set.
The hard questions concern NAV and liquidity. Reviewers want to know how often assets are valued, by whom, how a gate or proration works when redemption requests exceed the cap, how the fund holds liquidity, and how the fee structure compares with a closed-end fund. Monthly fact sheets and NAV statements must be current, so version control matters more than in a closed-end raise.
Best data rooms for this raise
The 16 rooms re-ranked with this raise's weights. Investor tracking carries the most weight here.
- Investor tracking 24%
- Permission control 18%
- Raise workflow 22%
- Investor onboarding 21%
- Cost of a raise 15%
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Full deal room with AI, a listed price and a 14-day free trial.
Price $149 a month Trial 14-day free trial Features 8 of 12 listed -
Long-running M&A platform with layered permissions and fast support.
Price Priced on request Trial Free trial available Features 9 of 12 listed -
Bank-grade platform for large processes, with AI and a mobile app.
Price Priced on request Trial Demo on request Features 10 of 12 listed -
Deal room with AI and readiness tools for preparing a process.
Price Priced on request Trial Free trial available Features 8 of 12 listed -
Simple flat-rate deal room with signing and Q&A.
Price $250 a month Trial Free trial available Features 8 of 12 listed -
Easy, reliable deal room favored by mid-market advisers.
Price Priced on request Trial Free trial available Features 7 of 12 listed -
One of the oldest deal rooms, common on bank-led transactions.
Price Priced on request Trial Demo on request Features 8 of 12 listed -
Content cloud with watermarks and signing, priced per user.
Price $15 a user a month Trial Free trial available Features 9 of 12 listed -
Deal room with a listed monthly price and an open API.
Price $299 a month Trial Free trial available Features 7 of 12 listed -
European deal room strong in real estate, with AI features.
Price Priced on request Trial Demo on request Features 8 of 12 listed
Places 11 to 16: DealRoom (7.0), SmartRoom (7.0), ShareVault (6.8), Venue by DFIN (6.5), Digify (6.3), DocSend (6.1)
Folder index for the room
A starting index for this raise. Number the folders so the order survives exports and investors can cite them in questions.
- 01 Current NAV and fact sheetLatest monthly fact sheet, NAV per share by class, distribution rate.
- 02 Offering documentsPPM or prospectus, LPA or declaration of trust, subscription documents by share class.
- 03 Liquidity termsSubscription and redemption schedule, caps, gates, proration and suspension rules.
- 04 ValuationValuation policy, frequency, independent valuation agent, NAV history.
- 05 PortfolioHoldings summary, sector and vintage mix, pipeline.
- 06 FeesFee table by share class, worked examples, expense support or caps.
- 07 Platform due diligenceDDQ, ODD materials, service provider details, compliance program.
- 08 Adviser materialsApproved presentation, FAQ and product summary for financial advisers.
- 09 ReportsQuarterly and annual reports, audited financials.
- 10 Platform foldersOne folder per distribution platform for its agreements and requests.
Features this raise needs
| Feature | Why | Ellty | iDeals | Datasite | Ansarada | SecureDocs | Firmex |
|---|---|---|---|---|---|---|---|
| Investor activity log | A per-investor record of opens, pages and minutes, which tells the IR team who is in diligence and who stalled. | ||||||
| Drag-and-drop folders | An entire numbered folder tree goes up in a single drop, structure intact. | ||||||
| Q&A module | LPs and lead investors post questions on a file; the deal team routes each one, drafts a reply and decides who sees it. | ||||||
| Dynamic watermarks | Stamps the reader and a timestamp over every page, so a PPM that leaks carries its source with it. | ||||||
| SSO for your team | Staff on the issuer side log in with the company identity provider rather than a separate password. |
Setting up the room
- 01
Set a monthly update calendar
Fact sheet, NAV and portfolio summary go up on fixed dates, replacing old versions with the history kept.
- 02
Write the liquidity section plainly
Explain caps, gates and proration with a worked example of a quarter where requests exceed the limit.
- 03
Separate platform and adviser access
Platform research teams get the full DDQ and ODD pack; advisers get approved marketing materials only.
- 04
Keep approved marketing apart
Store compliance-approved adviser materials in their own folder so unapproved drafts never reach the field.
- 05
Track each platform's review
Give each platform its own folder and Q&A thread so its questions and approvals stay together.
Common mistakes
- Out-of-date NAV or fact sheets left in the room after month end.
- Liquidity described as quarterly with no mention of caps or gates.
- Draft adviser materials reaching advisers before compliance approval.
- Fee examples that ignore share class differences.
Calculators for this raise
Or take the four-question quiz and check the raise checklist.
Questions and answers
What is an evergreen fund?
A fund with no fixed term that takes new capital on a rolling basis at NAV and offers periodic, limited liquidity through redemptions or tender offers.
How do evergreen funds handle redemptions?
Usually through scheduled windows with a cap per period. If requests exceed the cap, the fund can prorate or gate redemptions under its documents.
Who reviews an evergreen fund before it is sold?
Wealth platforms, private banks and adviser networks run their own due diligence on the manager, valuation, liquidity and fees before approving the fund for their advisers.