Despite its disadvantages, how can an evergreen funding model be applied to a venture studio model to satisfy LPs interested in a portfolio / liquid exposure?
Evergreen models are nearly impossible to execute well in venture capital. They are even harder to do so at the venture studio level because there are less VCs available who are comfortable investing in these studio companies. As a result it's much harder to get markups and liquidity. If you're doing this because LPs are asking you to do it, then you are misaligned on expectations and it will be highly problematic.