Fees and Compensation — Form ADV Part 2A (3/31/2026)
[Brochure]
Item 5: Fees and Compensation
EIA has three Clients for which the Washington State Investment Board (“WSIB”) and EIA have negotiated business
plans, investment strategies, and fee/expense arrangements. EIA assesses performance-based fees. EIA is not currently
seeking additional clients or negotiating any other types of fee arrangements. To the extent new mandates from the
WSIB or new client intake were finalized, EIA’s fees would be subject to disclosure and negotiation prior to the
execution of a management agreement.
All of EIA’s operating expenses, including salaries, fees, costs, and expenses incurred in the acquisition, management,
and disposition of any REOC or JV investment, are the Client’s expense (paid from operating cash flow, financing
proceeds, disposition proceeds, additional capital contributions, or other cash available to the Client) prior to any
distributions to investors. The Client shall have the ability to make capital calls from its investors to fund ongoing
expenses, and the Client is invoiced quarterly (at quarter-end) for payment of operating expenses and fees.
Account Minimums and Types of Clients — Form ADV Part 2A (3/31/2026)
[Brochure]
Item 7: Types of Clients
EIA is the investment adviser to three pooled real estate investment vehicles: (i) EREP; (ii) EVI; and (iii) EA. Each is
organized as a private investment company excepted from registration and regulation under the Investment Company
Act of 1940 (“1940 Act”). Interests in the pools are not registered under the Securities Act of 1933 (“Securities Act”)
in reliance on the private offering exemption set forth in Section 4(a)(2) of the Securities Act. EIA manages each of
the Clients exclusively on behalf of the WSIB consistent with allocations from the WSIB effectively acting as the sole
investor representative for each investment in a Client. There are no other outside interest holders in EREP, EVI, and
EA. EIA restricts its investment and operational management to these three pooled real estate investment vehicles and
is not currently seeking to sponsor/organize any new real estate investment pools vehicles or managed account
products for new clients.
Evergreen Investment Advisors LLC
SEC Form ADV (Part 2A)