UOB Private Bank has become the first institution worldwide to distribute an Asia-focused private equity evergreen fund, launching the Hamilton Lane Asia Private Assets Fund to its clients from September 11, according to sources cited by the Business Times.

The bank will act as the sole distributor for several months.

The fund will invest 40% in developed Asian markets such as Japan, South Korea, Singapore, and Australia, another 40% in emerging Asia, with the balance allocated globally. The minimum investment is set at S$100,000.

Evergreen funds are increasingly popular with high-net-worth individuals seeking access to private markets but preferring greater liquidity than traditional closed-end funds, which often require 10- to 12-year lock-up periods. These semi-liquid vehicles operate indefinitely, enabling continual fundraising, investment, and distribution, with investors able to enter or exit at regular intervals.

“86% of businesses in Asia are privately held, and there is already a very sizeable Asian PE market with about $3tn in assets under management,” said Wong Meng Keet, head of managed products and alternative investments at UOB Private Bank. He added that client allocations to alternatives have risen to around one-third of portfolios, up from the low-teens three years ago.

More than 400 evergreen funds have launched globally in the last few years, taking the total to 509 by January 2025. Wong said this structure “has been a game changer for targeting the wealth space, because it dramatically reduces the administrative burden in a traditional lock-up structure.”

Hamilton Lane and its senior managers have invested in the fund, alongside a sizeable institutional investor. Wong said he expects strong fundraising, noting UOB’s clients are already active in private markets through family offices and are receptive to accessing Asian private equity through an evergreen structure.

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