evergreen fund has no fixed duration;

Generally, every once in a while (usually four years), a limited partner (LP) can seek to quit. The specific method is to evaluate the valuation of the project company as the basis for payment to LP, and at the same time pay dividends to the general partner (GP). (However, most LPs who invest in evergreen funds value the long-term attention of such funds to the project company rather than the short-term IRR return, so they often don't ask for cash as soon as the fourth year after the fund is established.

There are few evergreen funds in China. Becoming a capital is evergreen, and it is a US dollar fund established overseas, not a RMB fund. The investors are mainly foundations of private colleges and universities dominated by the United States, and they are more receptive to long-term fund investment. Sutter Hill Ventures, the well-known oldest fund in Silicon Valley, is evergreen, while other VCS are almost all fixed-term funds.

< Data from Zhihu >