Permanent Capital Vehicles: The Next Evolution

Private REITs, open-ended funds, and other permanent capital structures are regaining footing after redemption pressures. Allocators are still drawn to long-term exposure, but fee structures, liquidity provisions, and governance terms are under sharper review. Managers are recalibrating how these vehicles fit into broader fundraising strategies in a more selective market.

• How attractive are PCVs compared to closed-end funds in today’s market?
• What changes are being made to reduce redemption and liquidity risks?
• Who is still allocating capital to PCVs, and in what volume?
• How do PCVs complement managers’ broader capital strategies?
• What lessons have been learned from recent redemption cycles?
• How are PCVs influencing the overall fundraising environment?