The partnership expansion touches on the phenomenon of the "evergreen" fund continuing to become more familiar in the wealth management landscape.

iCapital, the New York-headquartered fintech platform for alternative investments, has widened its partnership with $840 billion AuM (end-June 2025) asset management house Apollo. It is making a series of evergreen private markets solutions available to eligible investors.

Apollo has listed five Luxembourg-domiciled evergreen – aka perpetual – private markets products on iCapital Marketplace. Apollo uses iCapital Marketplace for reporting and investor lifecycle management for its structures.

Evergreen funds, which are typically fully funded and made available at investment minimums starting from $25,000, offer opportunities for liquidity on a periodic basis. (Evergreen funds are open-ended, contrasting with closed-ended private market funds that have fixed exit points, capital calls and other features. Evergreen funds have been developed to make it easier for investors to enter what is typically an illiquid and complicated field.)

This collaboration follows the recent announcement of the launch of Apollo Allocation Pro, a portfolio construction tool powered by iCapital Architect and designed to help financial advisors integrate alternative investments, particularly private markets, into client portfolios.

In January, iCapital agreed to acquire Parallel Markets, which provides an investor onboarding, verification and monitoring solution.