Evergreen fund is a term we use to describe private markets funds that offer periodic liquidity without a defined end date. More specifically, evergreen funds are generally structured as interval or tender funds.
Because evergreen funds are designed to exist in perpetuity, they are generally making and realizing investments on a continuous basis. As a result, when investors allocate to an evergreen fund, their capital is immediately deployed to a live fund, providing exposure to all the current active investments in the fund.
For more on how evergreen funds work, view this article.