What are open end and evergreen private equity funds?

This probably isn’t exactly right, but the way to think of them is that they have more liquidity, a more active market, shorter (or no?) lockup, etc. You just need to understand that they are not subject to the special PE and RE provisions of GIPS due to their structure.

Open end and evergreen PE funds are subject to general provisions of GIPS due to the fact that new investors can enter these funds at any time and more capital can flow in as a consequence. SO neither the number of investors in constant with these funds nor is the committed capital a fixed amount. closed end PE funds have a fixed number of investors and a fixed closing date beyond which no new participants can invest in the fund. PE GIPS apply to these closed end funds.

Thanks level3- good reasoning.