The Open-Ended Question
Demand for fund structures that facilitate dynamically managed allocations to private markets has intensified in recent years. Consequently, investment managers have sought to provide greater optionality, both in respect of portfolio customisation, but also by offering ‘evergreen’ open-ended funds in the semiliquid and illiquid asset space – structures that Fiera Capital has provided for two decades across real estate, natural capital, infrastructure, private equity and private credit asset classes.
Is an open-ended fund structure the ideal configuration in every investment scenario? Not necessarily. Dependent on the properties of a portfolio, such as the regularity of disbursements, inter-portfolio diversification, asset mix, and deal size, a closed-ended approach may be more suitable.
In the vast majority of cases, however, open-ended fund structures have a time and place, which – if understood and appreciated – offer a crucial advantage to investors in the form of flexible and easily modifiable exposure to invest (and reinvest) in a suite of asset classes where investors are underallocated.
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Global Asset Allocation Team Market Update – April 2026
