Rolling Fund

A rolling fund accepts limited-partner commitments on a recurring (usually quarterly) basis under a public, evergreen structure, instead of a single fixed close. Each quarter functions as a mini-fund, and managers can begin investing without waiting to fill an entire traditional fund.

The model, popularized in the U.S. via Reg D 506(c), lets emerging managers market publicly and scale gradually. LPs subscribe for a number of quarters; the trade-off is less certainty about total fund size and ongoing fee commitments.