MutualFundWire.com: An NYL-Backed PE Interval Fund Reaches 5 Years
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Thursday, June 26, 2025

An NYL-Backed PE Interval Fund Reaches 5 Years


The team at a 22-year-old, $2.74-billion-AUM*, alternative asset manager in Colorado is celebrating a key anniversary for their '40 Act private equity offering. Watch for the team to expand further after a pair of recent additions, too.

Jeremy David Held
 Bow River Capital
Managing Director, Evergreen Platform
On June 17, Jeremy Held, managing director of the Evergreen platform at Denver-based Bow River Asset Management, LLC (dba Bow River Capital), highlighted the recent fifth birthday of the Bow River Capital Evergreen Fund, a diversified, closed-end interval fund in a 1940 Act Delaware statutory trust. The semiliquid fund's investment advisor** is Bow River Advisers, LLC, which is majority-owned by Bow River Capital.

Reaching a five-year track record can be an important fund milestone. It's a potential distribution boost, as many investment due diligence tools, advisors, and consultants often automatically exclude that haven't yet lasted this long.

The inception date of the Evergreen Fund's predecessor Fund, the Bow River Capital Evergreen Private Equity Fund, LP, was May 22, 2020. The predecessor fund reorganized on December 31, 2020, before relaunching as the Bow River Capital Evergreen Fund on January 4, 2021.

The Evergreen Fund has grown to $850 million in AUM***. That's up by $298 million (54 percent) year-over-year**** and up by $485 million (132.9 percent) over the last two years*****.

The Evergreen Fund comes in two flavors:
  • I shares (EVERX), with an expense ratio of 175 basis points and a minimum investment of $250,000; and
  • II shares (BREVX), with an expense ratio of 200bps and a minimum investment of $50,000.

    • Both share classes of the Evergreen Fund are purchasable by accredited investors on a monthly basis, at the NAV price of the last business day of the month. The share classes also offer limited liquidity on a semi-annual basis, and sometimes on a quarterly basis. Fund investors who exit in less than a year can be charged a 200bps early repurchase fee.

    The five-year-old fund's PM team includes:
  • Joe Stork, vice president and associate portfolio manager on Bow River Capital's Evergreen team;
  • Mike Trihy, lead portfolio manager and director on the Evergreen team; and
  • Held, who is also founder and president of the fund.

    • Held describes the Evergreen Fund as a PE portfolio "focused on the middle market."

    "The last five years have highlighted the importance of finding investments with differentiated sources of return, particularly in periods of heightened volatility," Held states. "We have seen significant interest from investors who are seeking to either diversify portfolios away from stocks and bonds or add middle market private equity exposure to existing investments from large-cap private equity managers."

    Looking ahead, Held hints that he plans to further expand Bow River's Evergreen team this year, after making a pair of recent additions. Teague Towner joined Bow River's Evergreen last August as a senior associate, and Amanda Krakauer joined in March 2025 as vice president.

    "Teague and Amanda each bring a unique skill set, and we couldn't be happier to have them join our growing team," Held states.

    The Bow River Capital Evergreen Fund's other service providers include:
  • Aksia CA (fka Aksia TorreyCove Partners, LLC), part of $377-billion-AUS****** Aksia, as investment consultant to Bow River Advisers;
  • Cohen & Company, Ltd. as independent accounting firm;
  • Faegre Drinker Biddle & Reath LLP as counsel;
  • ACA's Foreside Financial Services, LLC as distributor and principal underwriter;
  • New York Life Investment Management (NYLIM, which took a significant minority stake in Bow River Advisers in December 2023 as part of a strategic partnership) as provider of distribution and marketing support;
  • UMB Bank, N.A. as custodian; and
  • UMB Fund Services, Inc. as administrator and transfer agent.

    • *As of December 31, 2024, per Bow River Capital's most recent form ADV, filed on March 28, 2025.
    **Since March 31, 2023.
    ***As of June 1, 2025.
    ****Since June 1, 2024.
    *****Since June 1, 2023.
    ******As of March 31, 2025.


    Printed from: MFWire.com/story.asp?s=70079

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