Washington State Investment Board (WSIB) has strengthened its relationship with M3 Capital Partners, committing an additional $500m (€440.8m) into Evergreen Real Estate Partners.
The $128.8bn pension fund said in a meeting document that it has approved the amount into the partnership managed by Evergreen Investment Advisors, an investment manager formed by M3.
WSIB began worked with Evergreen in 2004 and has made previous commitments totalling $5.2bn.
The vehicle has so far invested in 14 real estate companies in the US, Europe, Asia, Australia and South America.
Evergreen’s investment strategy is to make entity-level investments in real estate operating companies. Evergreen’s assets include self-storage, apartments, retail and student housing properties.
Investments made by Evergreen are typically in the range of $300m to $500m.
M3 did not respond to a request for comment.