For a while, both LVM and EVMS were competing for inclusion in the mainline kernel. EVMS had more features and better userland tools, but the internals of LVM were more attractive to kernel developers, so in the end LVM won the battle for inclusion. In response, the EVMS team decided to concentrate on porting the EVMS userland tools to work with the LVM kernelspace.(1)
Sometime after the release of version 2.5.5 on February 26, 2006, IBM discontinued development of the project. There have been no further releases. In 2008 Novell announced that the company would be moving from EVMS to LVM in future editions of their SuSE products,(1) while continuing to fully support customers using EVMS.
(1): short lwn.net article
So it seems like
LVM2 is the more recent equivalent (although it might not be completely equivalent, I cannot say anything about that).