Beyond the pitch

Evergreen funds are reshaping the private markets. A model once seen as marginal, now propelled by the wealth industry and major global players. Origins, figures, European dynamics: a snapshot of a structural shift.

ELTIF 2 has redefined Europe’s private markets: retail access, no thresholds, evergreen models, greater flexibility. In 2025, 162 funds (+38% vs 2024). French managers lead; US subsidiaries scale a pan-European sales machine. Two speeds, one goal: industrializing private market distribution.

Geodesic opens access to the European New Space: a unique feeder enabling investors to join Expansion in backing the champions of space and defense, at the core of technological sovereignty.