The funding came from an undisclosed number of investors. Kuvare Holdings, a financial service company, made what Evergreen termed a strategic investment. It joins Prosperity Asset Management, which made a seed investment in Evergreen when the company was founded in 2021.

"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," said Dhiren Jhaveri, Kuvare CEO in Evergreen's press release. "Kuvare's investment reflects our conviction in the Evergreen team and platform, and aligns well with our broader strategic objectives."

Residential asset investing, such as single-family rental, is fragmented and ready for further institutionalization, Evergreen founder and CEO Joseph Negri said in the release.

"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," Negri continued.

"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."

Single-family rental, whether it is new construction or fix-and-rent, has been a hot topic since its growth following the Great Financial Crisis. While properties have been scooped up by large institutional investors, data shows that the majority are owned by so-called mom-and-pop investors.

But as the government's statements around Invitation Homes' $48 million settlement with the Federal Trade Commission shows, institutional ownership remains a target. The topic was even broached on the campaign trail by Vice President Kamala Harris.

In addition to PAM's investment in Evergreen, several of its own clients have also deployed capital to the real estate company.

"Evergreen has established itself as a differentiated platform underpinned by assets that are the right fit for PAM's insurance company investors," said Deva Mishra, its CEO. "We look forward to working closely with the team to continue to provide our clients with exposure to this asset class."