GLOBAL - The Washington State Investment Board has approved a follow-on investment of $500m (€366.1m) into Evergreen Real Estate Partners.

Washington State has now invested $2bn with Evergreen Real Estate, in which it first made an investment in 2004.

Evergreen Real Estate makes entity-level investments in real estate operating companies and creates structured joint ventures.

It expanded its investment platform to adopt a global strategy in 2007 - prior to this, it invested only in companies or properties located in the US.

Entity-level investing allows Evergreen Real Estate to gain ownership positions in a variety of real estate companies.

Most of the investments completed by the real estate manager are with the main property types of office, industrial, retail and apartments, although it does some deals with specialised property types like self-storage, senior housing and parking garages.

Washington State is now very close to reaching its targeted allocation for real estate. It has a real estate portfolio valued at $7.6bn through the end of September.

To date, it has invested 13.5% of the pension fund's $56.3bn worth of total plan assets in real estate. The targeted allocation is 14%.