Inside the Rise of Semi-Liquid Evergreen Funds | Stableton & Swise | fundcraft

Описание: Two founders who built semi-liquid evergreen funds from the ground up discuss liquidity, valuation, fund structuring and the fund operations that make these funds work at scale. Recorded live on 3 July 2025.

Andreas Bezner, co-founder and CEO of Stableton, and Fabrice Zosso, co-founder and CEO of Swise, join fundcraft co-founders Julien De Mayer (CEO) and Olga Porro (CPO).

Update: since this recording, Stableton has passed USD 1 billion in assets under management (September 2026). Figures quoted in the video reflect July 2025.

In this webinar:
• Why wealth managers, private banks and smaller institutions are moving from closed-ended funds to evergreen structures
• How a growth equity fund and a small and mid-cap buyout fund manage liquidity, from secondary market pricing to private debt sleeves and redemption limits
• Choosing the vehicle: Luxembourg, the SICAV-RAIF, and what makes an evergreen fund bankable (ISINs settled through Clearstream)
• How NAV is set for illiquid holdings, and why dealing in and out at NAV keeps valuations honest
• Keeping the total expense ratio low at high transaction volumes
• Lock-up periods, and how fundcraft operates semi-liquid funds: API connectivity, digital subscriptions and redemptions, and liquidity gating

Chapters
0:00 Introduction
2:47 Andreas Bezner introduces Stableton
4:46 Fabrice Zosso introduces Swise
6:31 What is driving the rise of evergreen funds
9:25 Why investors want to be fully invested
11:53 Evergreen funds vs secondaries
14:30 Stableton: growth equity and pre-IPO
17:09 Swise: small and mid-cap buyout
20:42 How evergreen funds manage liquidity
24:59 Structuring the fund: Luxembourg, RAIF and bankability
28:51 What wealth managers and banks need
32:24 Valuation and NAV
35:11 Are evergreen funds the future of private markets?
40:03 How fundcraft supports semi-liquid funds
46:46 Q&A: why Swise migrated to fundcraft
49:46 Q&A: high transaction volumes at low cost
51:32 Q&A: keeping the total expense ratio low
53:57 Q&A: how an AIFM supports fundraising
55:50 Q&A: Stableton's total expense ratio
58:03 Q&A: lock-up periods
1:00:03 Close

Learn more
Fund administration for ELTIF, semi-liquid and evergreen funds: https://www.fundcraft.lu/private-mark...

Webinar page: https://www.fundcraft.lu/events/webin...

Carry On by fundcraft, our private markets podcast: https://www.fundcraft.lu/podcast/

Disclosure: fundcraft provides AIFM and/or fund administration services to funds of Stableton and Swise.

Important information
This recording is provided for information purposes only and is intended for professional investors. It does not constitute investment, legal or tax advice, an offer or solicitation to buy or sell any fund or financial instrument, or a recommendation of any investment. Views expressed by guests are their own and do not necessarily reflect those of fundcraft. Figures, fund terms and fees mentioned were stated by the speakers on 3 July 2025, may have changed since, and are not guaranteed. Past performance is not a reliable indicator of future results. Funds discussed may be available only to professional or well-informed investors and only in certain jurisdictions. fundcraft is authorised by the CSSF in Luxembourg as a Central Administrator and Alternative Investment Fund Manager (AIFM). fundcraft France is authorised by the AMF as a portfolio management company acting as AIFM (authorisation no. GP20260008).