November 19, 2024 Newswires

Evergreen Residential Raises $1 Billion in Capital Commitments Underscoring Institutional Demand for Residential Real Estate Related Assets

Business Wire

Senior Leadership Brings Extensive Experience Building and Managing Residential Investment Platforms and Investment Strategies

Receives Strategic Investments from Prosperity Asset Management Affiliate and Kuvare Holdings to Support Ongoing Expansion Across Evergreen’s Equity, Lending and Property Management Businesses

DALLAS & NEW YORK--(BUSINESS WIRE)--
Evergreen Residential Holdings (“Evergreen”), an institutional real estate investment and operating platform, today announced that it has raised approximately $1 billion in capital commitments from a diverse array of sophisticated investors. Evergreen is also announcing that Kuvare Holdings (“Kuvare”), 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.

Founded in 2021, Evergreen currently offers 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 – including portfolio construction, property management and asset monetization. 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.

Joseph Negri, Founder and Chief Executive Officer of Evergreen, said, “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.”

Negri continued, “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.”

The investments from the PAM affiliate and Kuvare will enable Evergreen to continue to scale its equity, lending and property management strategies. In addition to its equity investment in Evergreen, PAM 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,” said Deva Mishra, Chief Executive Officer of PAM. “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.”

“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,” added Dhiren Jhaveri, Chief Executive Officer at Kuvare. “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.”

About Evergreen Residential

Founded in 2021, Evergreen Residential (“Evergreen”) is an institutional real estate investment and operating platform focused on equity, lending and third-party property management. Based in Dallas, Texas, Evergreen is backed by a seasoned team of executives who have decades of experience working across the full cycle of residential real estate assets, including market and asset selection; operating platform development, technology enablement, and expansion; and investment portfolio construction and monetization. Evergreen offers third-party property management services through Evergreen Live. For more information about Evergreen Residential, please visit www.evergreenresi.com.

About Prosperity Asset Management

Prosperity Asset Management (“PAM”) is an insurance-focused asset manager specializing in private and public credit opportunities and origination platforms. PAM is led by a seasoned team with the complementary, cross-functional skills required to build a differentiated asset origination network; source, structure, and manage complex credit assets; and invest within an insurance company framework. An affiliate of Prosperity Group Holdings, PAM invests on behalf of Prosperity Life Group and other insurers. As of September 30, 2024, PAM manages approximately $23 billion. For more information, please visit prosperityasset.com.

About Kuvare

Kuvare is a technology-enabled financial services platform that provides life insurance and annuity products to consumers, reinsurance solutions to institutional markets, advisory services to insurance businesses, and asset management solutions. Headquartered in the Chicago area, and founded in 2015, Kuvare has $42 billion of assets and is committed to a sustainable long-term growth strategy. The family of Kuvare companies includes Lincoln Benefit Life Company, Guaranty Income Life Insurance Company, United Life Insurance Company, Kuvare Life Re (Bermuda), and Ignite Partners. All Kuvare businesses benefit from the investment management expertise provided by its Kuvare Strategic Investments division. For more information about Kuvare, please visit https://kuvare.com.