Evergreen Residential Holdings – an institutional real estate investment and operating platform – announced that it has raised about $1 billion in capital commitments from diverse sophisticated investors. And Evergreen is also announcing that Kuvare Holdings, a financial services platform that provides insurance, reinsurance and asset management solutions, has made a strategic investment in the firm.
Evergreen previously received a strategic investment from an affiliate of Prosperity Asset Management (PAM), an insurance-focused asset manager specializing in private and public credit opportunities and origination platforms.
Launched in 2021, Evergreen currently provides institutional investors access to real estate investment opportunities and solutions through three business lines: equity, lending, and property management. Evergreen’s senior management team has extensive experience building and managing residential investment platforms – such as portfolio construction, property management and asset monetization. And the Evergreen team harnesses its expertise working across the full lifecycle of residential real estate assets to create, manage and optimize investment portfolios that meet the specific objectives and risk appetites of its institutional investors. Evergreen offers third-party property management services through Evergreen Live.
These investments from the PAM affiliate and Kuvare will enable Evergreen to continue scaling its equity, lending, and property management strategies. In addition to their equity investment in Evergreen, PAM clients deployed capital to Evergreen’s strategies.
KEY QUOTES:
“Over the last three years, we have distinguished Evergreen as an institutional investor and operator of real estate assets that seeks to generate value for our clients and create an exceptional experience for our residents. We believe the strong support we have received to date from world-class investors is a testament to what we have built.”
“In our view, the U.S. residential asset class is highly fragmented and primed for further institutionalization. The shortage of available housing units relative to the number of families needing homes nationwide is estimated to be in the millions, creating strong tailwinds for our growth. The Evergreen team is well positioned to leverage our significant experience in single-family residential strategies—including build-to-rent—to address these housing needs while seeking to create value for all stakeholders—investors, residents, employees and the communities we serve.”
- Joseph Negri, Founder and Chief Executive Officer of Evergreen
“At PAM, we develop longstanding strategic partnerships with platforms when we have a high degree of confidence in their management teams and believe we can help grow their businesses. The team and platform that Joe has cultivated at Evergreen are a great example of just that. Evergreen has established itself as a differentiated platform underpinned by assets that are the right fit for PAM’s insurance company investors. We look forward to working closely with the team to continue to provide our clients with exposure to this asset class.”
- Deva Mishra, Chief Executive Officer of PAM
“As we canvassed the market and evaluated teams with which to partner, Evergreen stood out for its deep understanding of the residential real estate market, data-driven approach, and exciting growth trajectory. Kuvare’s investment reflects our conviction in the Evergreen team and platform, and aligns well with our broader strategic objectives. We are pleased to embark on this relationship.”
- Dhiren Jhaveri, Chief Executive Officer at Kuvare
