Evergreen is our principal investment program, which was initiated in 2005 with the creation of Evergreen Investment Advisors, an SEC-registered and wholly owned subsidiary of our firm. Since inception, Evergreen has invested in 13 specialized real estate companies in the U.S., Europe, Asia, Australia and South America.
Evergreen’s strategy targets entity-level investments in and strategic joint ventures with specialized, private real estate companies that have attractive long-term prospects for outperformance. It can invest in established businesses or start-up enterprises which we create, alongside expert management teams and typically via controlling equity stakes. Evergreen targets long-term investments (10+ years) that offer attractive cash yields and risk-adjusted returns, and generally makes equity commitments of $100 million to $300 million. In addition, Evergreen can enter into strategic project-level joint ventures in Asia and, since 2012, has made investments in a Singaporean executive condominium development and an industrial / flex-office park in Shanghai, China.
Evergreen’s dedicated management team utilizes the broader M3 platform for researching, sourcing, underwriting, structuring and executing asset- and entity-level investments. Through Evergreen, we have established in-house fund management expertise and institutional quality reporting processes, including financial and investor reporting, operating reviews and platform-level annual business planning.