M3 initiated its principal investment program in 2005 with the creation of Evergreen Investment Advisors, an SEC-registered and wholly owned subsidiary of the firm. Since inception, Evergreen has invested in ten specialized real estate companies in the U.S., Europe and Australia.
Evergreen’s strategy targets entity-level 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 M3 creates, 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.
Evergreen’s dedicated management team utilizes the broader M3 platform for researching, sourcing, underwriting, structuring and executing asset- and entity-level investments. Through Evergreen, M3 has established in-house fund management expertise and institutional quality reporting processes, including financial and investor reporting, operating reviews and platform-level annual business planning.