Dallas-based institutional real estate investment and operating platform Evergreen Residential Holdings has raised roughly $1 billion in capital commitments from a diverse array of sophisticated investors, the company announced.

Evergreen also announced that Des Moines, Iowa-based 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 New York City-based Prosperity Asset Management (PAM), an insurance-focused asset manager specializing in private and public credit opportunities and origination platforms.

“Over the last three years, we’ e 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,” Evergreen Founder and CEO Joseph Negri said in a statement. “We believe the strong support we’ve received to date from world-class investors is a testament to what we have built,”

Targeting full lifecycle of residential real estate

Founded in 2021, Evergreen offers institutional investors access to real estate investment opportunities and solutions via three business lines: equity, lending, and property management.

Evergreen said its senior management team has extensive experience building and managing residential investment platforms—including portfolio construction, property management, and asset monetization.

The Evergreen team works 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, the company said. Evergreen offers third-party property management services through Evergreen Live.

“In our view, the U.S. residential asset class is highly fragmented and primed for further institutionalization,” Negri said. “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.”

What investors say

Evergreen said the investments from the PAM affiliate and Kuvare will allow it to continue to scale its equity, lending, and property management strategies.

In addition to PAM’s equity investment in Evergreen, the company said its clients have deployed capital to Evergreen’s strategies.

“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,” PAM CEO Deva Mishra said in a statement. “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.”

Dhiren Jhaveri, CEO at Kuvare, called the new relationship with Evergreen is a good fit.

“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,” Jhaveri said in a statement. “Kuvare’s investment reflects our conviction in the Evergreen team and platform and aligns well with our broader strategic objectives.”

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