Seamless trading of evergreen funds

HOW TITANBAY ENABLES OPERATIONAL CONTROL, AUTOMATION AND SCALE

Evergreen funds are changing how wealth managers and private banks access private markets. Their promise of continuous subscriptions, periodic liquidity and simplified investor experience makes them a powerful tool for client portfolios.

But beneath the surface, evergreen funds are operationally complex — especially when offered via nominee structures or as bespoke strategies.

Titanbay’s TradeEngine solves this. It is the first infrastructure layer purpose-built to automate the full lifecycle of evergreen fund transactions, enabling seamless trading of third-party or bespoke evergreen funds at scale.

This whitepaper explores why evergreen trading is so operationally challenging, and how Titanbay enables distributors, custodians and asset managers to meet the moment.

1. THE EVERGREEN OPPORTUNITY

Evergreen private markets funds are gaining traction across the industry. These perpetual capital vehicles are designed with features that align to the evolving needs of wealth managers, private banks and institutional platforms:

• Ongoing subscriptions and redemptions

• Lock-ups and gating rules

• Quarterly liquidity windows Daily or monthly

• NAVs

These can be:

• Third-party funds from leading GPs

• Bespoke vehicles created for platforms or institutions.

Both offer a way to deliver differentiated, long-term products while building recurring AUM and improving investor experience. But both also demand infrastructure that can manage every trade, rule and exception at scale.

2. THE OPERATIONAL CHALLENGE

Each trade in an evergreen fund must:

• Be validated against investor-level rules (lock-ups, suitability, gates)

• Be aggregated and submitted by nominee or platform

• Be routed to custodians and transfer agents

• Receive confirmation (NAV, shares, accept/reject)

• Be disaggregated back to individual clients

• Update investor records and positions

Be logged with a full audit trail

Most platforms and fund operations teams still rely on spreadsheets, batch files and manual oversight to do this. It creates friction, risk and scalability issues — particularly when handling:

• Dozens or hundreds of trades across investors and nominee structures

• Fund-specific cut-offs, gates and liquidity rules Regulatory enforcement (MiFID, COBS, AML/KYC)

• Data handoffs between systems and stakeholders

  
  

Whether it’s a third-party GP fund or a custom vehicle launched with a distribution partner, evergreen fund trading cannot scale on legacy infrastructure.

3. WHAT SEAMLESS LOOKS LIKE

Seamless evergreen fund trading requires infrastructure that is:

• Automated — no manual validation, instruction or reconciliation

• Rule-based — compliance checks are enforced consistently, pre-trade

• Integrated — systems connect via API to custodians, TAs and nominees

• Auditable — every trade has a timestamped record, with full exception logs

• Modular — infrastructure works across platforms, wrappers and operating models

  
  

Most importantly, seamless means fewer errors, faster cycles, and the ability to scale distribution without scaling headcount.

4. HOW TITANBAY ENABLES IT

The Titanbay TradeEngine is a proprietary middleware platform designed to automate the full transaction lifecycle for evergreen funds. It is already powering the infrastructure behind third-party funds.

Core capabilities:

• Real-time rule validation (lock-ups, gates, suitability, eligibility)

• Aggregation of trades at nominee or distributor level

• Instruction routing to custodians and transfer agents via API

• Response logging: NAVs, shares, accept/reject

• Disaggregation of trades back to individual clients

• Investor-level position updates, including lock-up and gating status

• Audit-ready shadow ledger for control, compliance and reconciliation

  
  

The TradeEngine connects every stakeholder in the evergreen trading process:

• Wealth managers and distributors

• Custodians and nominees

• Transfer agents

• Asset managers and administrators

  
  

It embeds compliance, standardisation and transparency into every step.

5. REAL-WORLD USE CASE: NOMINEE-BASED DISTRIBUTION

Scenario: A wealth manager distributes a bespoke evergreen fund-of-funds to clients through a nominee.

Without TradeEngine:

• Ops team manually checks client eligibility and lock-ups

• Instructions are submitted to the custodian in a spreadsheet

• Responses are received days later and matched manually to clients

• Errors are resolved reactively; audit trail is fragmented

  
  

With TradeEngine:

• Orders are validated pre-trade against investor-level rules

• Trades are grouped by nominee and routed automatically to the TA

• Responses are tracked, disaggregated, and positions updated

• Exceptions are flagged and resolved systemically

• Every step is logged with a full audit trail

  
  

The result: faster, safer, more scalable trading.

6. WHY IT MATTERS

Titanbay enables wealth managers and platforms to:

• Expand evergreen offerings (third-party or bespoke) without operational overhead

• Meet compliance standards with confidence

• Improve investor experience with timely updates and clean execution

• Scale fund access without spreadsheet risk

• Build credibility with fund managers and institutional partners

  
  

And for GPs and asset managers:

• Reach new distribution channels with operational assurance

• Launch custom vehicles for strategic partners with confidence

• Reduce risk across the value chain

CONCLUSION

Third-party and bespoke evergreen funds are unlocking a new chapter in private markets access. But scaling them requires infrastructure that goes beyond fund selection.

Titanbay’s TradeEngine is the missing piece: a purpose-built system that makes evergreen fund trading seamless, compliant and scalable across every stakeholder and structure.

Whether you ' re distributing a flagship GP fund or launching a bespoke institutional vehicle,

Titanbay helps you trade with confidence. Book a demo or learn more at titanbay.com

📄 Download the full whitepaper: SEAMLESS TRADING OF EVERGREEN FUNDS

Seamless_Trading_of_Evergreen_Funds.pdf

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Footnotes & Important Disclosures

This material has been prepared by Titanbay Ltd and its affiliates (together, “Titanbay”) for informational purposes only, for sophisticated and eligible investors only. It is not and may not be relied on in any manner as legal, tax or investment advice, any recommendation or opinion regarding the appropriateness or suitability of any investment strategy, or as an offer to sell or a solicitation of an offer to buy any financial instrument. Titanbay does not provide investment advice or make recommendations. All information and any statements presented herein are considered to be accurate at the time of production unless otherwise stated and have been prepared from sources we believe to be reliable. No representation or warranty or guarantee, expressed or implied, is given as to the truth, accuracy or completeness of the information or opinions contained herein. No reliance may be placed for any purposes on the information or opinions contained in this communication and material aspects of descriptions contained in the communication and supporting materials are subject to change without notice. Non-affiliated entities mentioned are for informational purposes only and should not be construed as an endorsement by or sponsorship of Titanbay. Any forecasts, figures, investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. Any views, opinions and estimates expressed herein constitute personal judgments of the presenters, are based on current market conditions and are subject to change without notice. This communication in no way constitutes Titanbay research and should not be treated as such. Investment in private placements, and private equity via feeder funds in particular are complex, highly illiquid, and speculative in nature and involve a high degree of risk. The value of an investment may go down as well as up, and investors may not get back their money originally invested. Investors who cannot afford to lose their entire investment should not invest. Past performance is not indicative of future performance. There can be no assurance that any current or future investments will achieve results comparable to historic results or that any investment objectives or return targets will be met. For private equity investments via feeder funds, investors will typically receive illiquid and/or restricted membership interests that may be subject to holding period requirements and/or liquidity concerns. Investments in private equity are highly illiquid and those investors who cannot hold an investment for the long term (at least 10 years) should not invest. This material is strictly confidential and may not be disclosed, reproduced, copied, distributed, or published (in whole or in part) by the recipient without the prior written consent of Titanbay unless required by law or a regulatory authority. This material is not for distribution in any jurisdiction or country where such distribution would be contrary to local law or regulation. Titanbay is not responsible for any error or omission in this material, nor do they accept liability (including in negligence) for any losses arising out of or in connection with the use of or reliance on this material. Titanbay Ltd is an appointed representative of Brooklands Fund Management Limited, which is authorised and regulated by the Financial Conduct Authority in the UK (FRN: 757575).