Senior secured direct lending and competitive risk-adjusted income generation.

LAGO Evergreen Credit  (“LAGO”) is a high-performance private credit BDC (Business Development Company) offered through a longstanding partnership with BIP Capital.1 By capturing pricing and structuring opportunities, LAGO makes high income-producing senior secured term loans in high-growth lower middle market companies. For Accredited Investors (AI)2 and above, LAGO is a source of durable, competitive equity-like returns.3

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LAGO Evergreen Credit Portfolio

The LAGO Evergreen Credit portfolio is composed of lower middle market companies with attractive growth profiles that meet stringent LAGO standards. These companies are growing in sectors exhibiting significant momentum and markets where capital demand exceeds available credit. The fund provides its high-performance growth stage companies with non-dilutive, advantageous deal structures through disciplined direct lending and active engagement.4

A Thematic Portfolio of Category-leading Companies5

Portfolio company products and services align with economic trends
D2C, Enterprise SaaS, Mental Health, SpaceTech, Smart Home, Education Tech
$84M Total raised inception-to-date (Q1 2025)6
500+ Investors (Q1 2025)

LAGO Evergreen Credit Structure

LAGO Evergreen Credit extends LAGO’s proven strategy with a debt fund structure designed to produce equity-like returns from the top of the capital structure. The BDC engages a disciplined credit strategy and active risk management to generate attractive downside-protected returns for investors in all market conditions.
Unlimited slots for Accredited Investors and higher
Always-open fund, with quarterly closes at which time 100% of capital is due
Share-based model that offers distributions without returning principal
Annual liquidity opportunities with options to sell partial or full positions once each year (beginning in 2027)7
SEC-registered and publicly filed but privately traded fund, ensuring transparency8
Low $10,000 investment minimum
Annual management fee based on gross assets, excluding non-deployed capital9
Income incentive fee, calculated quarterly, is subject to a 6% annualized hurdle10
Capital gains incentive fee is calculated annually, life-to-date11

The LAGO Team

The seasoned LAGO team les over 100 years of experience. Each member of the team brings a broad investment perspective and strong structuring acumen. Through continued partnership, BIP Capital is the platform supporting LAGO Evergreen Credit.12

Learn how LAGO Evergreen Credit creates advantages for investors and advisors.

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3575 Piedmont Rd
Building 15, Suite 700
Atlanta, GA 30305
404-410-6476
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BIP Capital and its innovative financial products support great investment managers and extend the impact of the innovation economy to more founders and investors.

BIP Ventures Website

BIP Ventures is a highly active venture capital firm in the Southeast purpose-built to support a durable, multi-stage investment strategy that reduces the frictions that can drag on performance while creating value for our founders and those who invest with us.*

Evergreen BDC Website

BIP Ventures Evergreen BDC is an equity BDC product that offers Accredited Investors and above continuous access to growth-stage companies through the BIP Ventures portfolio.

Lago Website

LAGO Evergreen Credit is a lower middle market-focused private market credit BDC provided in partnership with LAGO Asset Management. It seeks to deliver equity-like outcomes by investing primarily in senior secured term loans.**

Evergreen BDC Website
Privacy Policy
Lago Website
Disclosures
Lago Website
SEC Filings

  • 1. BIP Capital, LLC is the Fund Administrator and receives compensation from LAGO Asset Management, LLC, the Investment Advisor to the Fund. BIP Capital provides comprehensive fund administration services to LAGO Asset Management including finance, accounting, compliance, marketing, and investor relations services. Accordingly, this relationship creates a conflict of interest for BIP Capital and its personnel due to the economics in the Fund. LAGO Asset Management, LLC is a SEC Registered Investment Adviser, separate from BIP Capital, LLC.​

  • 2. An Accredited Investor is an individual or entity legally permitted to invest in private securities offerings based on financial qualifications. For individuals, this typically means having a net worth over $1 million (excluding primary residence) or an annual income of at least $200,000 ($300,000 jointly) for the past two years, with the expectation of maintaining that income level. Source: https://www.sec.gov/resources-small-businesses/capital-raising-building-blocks/accredited-investors

  • 3. LAGO primarily invests in senior secured loans (historically over 90%); however, it will opportunistically invest in junior debt and/or equity securities.​ Upside participation is anticipated from a combination of warrants received in certain debt financings and/or direct equity investments. There can be no guarantee that past performance is indicative of future returns.

  • 4. We define high-performance growth-stage companies as those demonstrating consistent revenue growth, profitability trends, and a strong balance sheet, based on our internal assessment methodologies. These criteria may evolve based on market conditions and investment analysis.

  • 5. Representative features reflective of LAGO’s typical investment characteristics. There can be no guarantee any such features will be present in future investments.

  • 6. Amount represents total capital raised for LAGO Evergreen Credit as of 04/01/2025.

  • 7. Beginning in 2027, the BDC intends to commence a share repurchase program in which it intends to repurchase up to 10% of outstanding Shares (by number of Shares). The repurchase program is subject to approval of the BDC’s Board of Trustees and availability of liquidity in the BDC. Accordingly, there is no guarantee that liquidity may be available.

  • 8. The LAGO Evergreen Credit ("BDC") is registered under the Securities Exchange Act of 1934 and therefore files periodic reporting with the US Securities and Exchange Commission. The shares of the BDC are not registered under the Securities Act of 1933.

  • 9. Management fee of 1.5% is based on gross assets, excluding non-deployed capital, on an annual basis. Investors considering LAGO Evergreen Credit should review the Fund’s offering documents in their entirety for additional information related to the calculation of fees.​

  • 10. Income Incentive fee is calculated as 15% of net investment income, subject to a 6% annualized hurdle. Further information on LAGO Evergreen Credit can be found in the Quarterly SEC filings.

  • 11. Capital Gains Incentive fee is calculated as realized gains minus realized and unrealized losses x 20%. Further information on LAGO Evergreen Credit can be found in the Quarterly SEC filings.

  • 12. BIP Capital is the Fund Administrator and receives compensation from LAGO Asset Management, LLC, the Investment Advisor to the Fund. BIP Capital provides comprehensive fund administration services to LAGO Asset Management including finance, accounting, compliance, marketing, and investor relations services. Accordingly, this relationship creates a conflict of interest for BIP Capital and its personnel due to the economics in the Fund. LAGO Asset Management, LLC is a SEC Registered Investment Adviser, separate from BIP Capital, LLC.​Mr. Buffington and BIP Capital, LLC are minority equity owners in LAGO Asset Management, LLC and is accordingly entitled to profits interests in LAGO.  Accordingly, this relationship creates a conflict of interest for BIP Capital and its personnel due to the ownership in LAGO. ​Mr. Knudsen also serves as CFO and CCO to LAGO Asset Management, LLC and LAGO Evergreen Credit.​

  • * BIP Capital, LLC is an investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended, doing business as “BIP Ventures.”

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