The Washington State Investment Board has committed $500 million to Evergreen Real Estate, according to investment meeting notes.
It is a follow-on investment and is subject to due diligence and final negotiation of terms and conditions.
WSIB has previously committed a total of $5.2 billion to Evergreen beginning in 2004. This partnership is sponsored by Evergreen Investments Advisors (EIA), a Chicago-based Registered Investment Advisor that is a wholly-owned affiliate of M3 Capital Partners (M3). Stepstone (formerly Courtland), the WSIB’s independent real estate investment consultant, also recommended this additional commitment.
WSIB has a target allocation to real estate of 15 percent.
