Private equity secondaries have emerged from the industry's backwaters, with more than $200 billion in transaction volume last year and around the same amount of estimated dry powder.

• They're also expected to play an even more pronounced role going forward, as a liquidity lubricant for 401(k) plans.

With expansion has come evolution, as around 25% of all secondaries buyers now have an evergreen fund, according to a new report from Evercore.

• That figure really jumped out, so I had a few questions for Evercore private capital advisory boss Nigel Dawn. What follows is edited for length:

Dan: Have there been past evergreen bursts in secondaries?

Nigel: "The current wave represents a new trend in terms of scale and breadth, but it is not entirely without precedent. Platforms such as Partners Group were using evergreen-style structures in private markets, including secondaries, well before the current cycle.

• "What's different today is that evergreen secondaries are no longer confined to a small group of managers with large retail or semi-liquid distribution channels. A broader set of dedicated secondaries managers is now launching evergreen vehicles, supported by more frequent NAV reporting, improved liquidity management, and greater LP comfort with open-ended private market structures, often in partnership with banks and HNW distribution platforms.
• "Together, those factors make the current wave feel structural rather than cyclical."

How do these evergreen funds work?

"Most evergreen secondary funds raise capital through regular monthly, and in some cases quarterly, subscription cycles rather than annual fundraising. Investors are typically offered liquidity on a six- or 12-month notice basis, subject to gates and fund-level liquidity management.

• "These vehicles are not fundless sponsors. Capital is committed to a standing pool rather than raised on a deal-by-deal basis."

Does this impact sellers?

"Any differences are generally structural rather than practical. In most cases, execution speed and certainty reflect the buyer's capabilities and experience, not whether the capital sits in an evergreen or a traditional vehicle."

Might evergreen managers stop raising traditional GP/LP funds?

"Traditional closed-end funds offer greater flexibility to underwrite larger check sizes, accept higher concentration, and pursue longer-duration or more complex GP-led transactions.

• "For established platforms, running both structures is less about increasing scale and more about matching capital to opportunity. Evergreen funds tend to be well-suited for repeatable, lower-volatility transactions, while closed-end funds are better vehicles for episodic, high-conviction investments."

Uber (NYSE: UBER) has agreed to buy the Turkey food delivery business of Getir from Mubadala for $335 million.

Why it's the BFD: This is a wretched ROI for Mubadala and other Getir investors. One could even call it a turkey if they had no sense of pun shame.

• The Istanbul-based company raised around $2.4 billion in total funding, including at an $11.8 billion post-money valuation in 2022.

Zoom in: Uber also will invest $100 million for a 15% stake in Getir's grocery, retail and water delivery business in Turkey, with an acquisition of the remainder to occur within "a few years."

• This deal does not impact FreshDirect, the NYC-focused food delivery service that was acquired by Getir in late 2023 before being spun off in a restructuring just months later.

The bottom line: Uber could dominate Turkish food delivery, having previously purchased Getir rival Trendyol Go for $700 million.

• SambaNova, a Palo Alto, Calif.-based AI chipmaker, raised over $350m in Series E funding led by Vista Equity Partners, with Cambium Capital and Intel participating, per Reuters. This comes after talks to be acquired by Intel stalled. axios.link/4cdbtrK

🚑 Aerska, an Irish developer of RNA medicines for CNS diseases, raised $39m in Series A funding. EQT Dementia Fund and age1 led, joined by Iaso Ventures. axios.link/4qARfvO

• VillageSQL, an "nnovation platform for MySQL," raised $35m in seed and Series A funding from FirstMark, GV, Spark Capital, and Homebrew. axios.link/4a51OSG

• EnFi, a Boston-based developer of credit agents for banks, raised $15m. Fintop led, joined by Patriot Financial Partners, Commerce Ventures, Unusual Ventures and Boston Seed Capital. axios.link/4qmi3j6

• Modveon, a Palo Alto, Calif.-based provider of software that plugs into government identity systems, raised $10 million in seed funding from Coinbase Ventures, Firebolt Ventures, Humla Ventures, and Strategic Cyber Ventures. axios.link/3NWKvL7

• Advent International and FedEx are leading a €7.8b buyout of listed Polish parcel delivery firm InPost. axios.link/4tnwF4s

• Bain Capital agreed to sponsor a $1.28b management buyout of MCJ (Tokyo: 6670), the parent company of Japan's gaming PC maker Mouse Computer. axios.link/45XDvUi

• CVC Capital Partners agreed to buy the animal health and nutrition unit of Dutch ingredients firm DSM-Firmenich for €2.2b (including debt). axios.link/45Q22uw

• Gauge Capital invested in AAI, a Westminster, Colo.-based insurance network. axios.link/4qoGHQ7

• Haveli Investments acquired Budge Studios, a Montreal-based provider of digital interactive entertainment for children, from General Atlantic. axios.link/46Cdqu4

• Hellman & Friedman is in talks to buy business payments firm Bill Holdings (NYSE: BILL), per Bloomberg. axios.link/4qqLD70

• The Light Park, a Guideboat Capital-backed operator of large-scale drive-thru holiday light attractions, acquired walk-through holiday light park operator Holiday Supply Shop. axios.link/4aiCGXz

🔥 Ranger Fire & Security, a London-based portfolio company of Hyperion Equity Partners, acquired Yorkshire-based Centurion Fire & Security. axios.link/4kplrIs

🌍 Remsoft, a Canadian forest intelligence firm backed by Banneker Partners, acquired Brazilian peer Inflor. axios.link/3O1b3e1

• TPG agreed to pay $3.5b for a majority stake in Sabre Industries, an Alvarado, Texas-based provider of infrastructure for power utilities, telecoms and data centers, from Blackstone. axios.link/4r0kOYm

Five companies plan to price U.S. IPOs this week: Clear Street, AGI, Solv Energy, Arko Petroleum, and Jaguar Uranium.

• CPPIB and OMERS hired Morgan Stanley to sell their pair of 33% stakes in Associated British Ports, which could get a £10b enterprise value, per the FT. axios.link/4bIaLTh

🚑 Eli Lilly (NYSE: LLY) agreed to acquire Orna Therapeutics, a Watertown, Mass.-based RNA biotech focused on autoimmune diseases, for $2.4b in cash. Orna had raised around $320m from Merck, MPM Capital, BioImpact Capital, Taiho Ventures, Simcere Innovation, Alexandria Venture Investments, and BlackRock. axios.link/4qsCZ8d

• NatWest (LSE: NWG) agreed to buy U.K. wealth manager Evelyn Partners for £2.7b from Permira and Warburg Pincus. axios.link/4chpNiQ

• Nordic Capital is seeking to sell Danish cybersecurity firm Conscia for more than €2b, with Arma Partners managing the process, per Bloomberg. axios.link/45UbSeR

🚑 GBL agreed to pay €500m for a co-control stake in Rayner, a British maker of ophthalmic devices, from CVC Capital Partners. axios.link/3OeZyzD

• Ouster (Nasdaq: OUST) acquired Stereolabs, an SF-based provider of AI vision and perception solutions whose backers include Karista. axios.link/4abFO7i

• UiPath (NYSE: PATH) acquired WorkFusion, an NYC-based provider of AI agents for financial crime compliance that had raised nearly $400m from firms like Georgian and Hawk Equity. axios.link/4bAHGcg

• ETİ Gıda, a Turkish snacking company, acquired plant-based protein bar brand Trubar (TSX: TRBR) for $173m in cash. axios.link/4kgPF0g

⚡ Transocean (NYSE: RIG) agreed to buy rival deep-water oil rig owner Valaris (NYSE: VAL) for $5.8b in stock. axios.link/4kqjThD

⚡ Williams Cos. (NYSE:L WMB), a Tulsa, Okla.-based energy infrastructure firm, is considering acquisitions of U.S. natural gas producing assets, per Reuters. axios.link/4tjqJcV

• Bracket Capital, an LA-based venture firm, is raising its fifth fund, per an SEC filing.

• Layer Global, a new growth equity firm led by Anton Levy (ex-General Atlantic), is seeking to raise $1b for its debut fund. axios.link/4kyvbR2

• OpCapita, a London-based PE firm founded 20 years ago, is winding down, per PEI. axios.link/4qu3El4

• Yumee Song joined Tayeh Capital Group as a managing director. She previously was with RLH Equity Partners. axios.link/4rdVApS

SaaS warning signs were building in the private markets well ahead of the stock market's ah-ha moment, Axios' Emily Peck writes.