Austin multi-family office that buys and holds industrial real estate for ultra-high-net-worth families through separately managed accounts rather than funds. Concentrated on U.S.–Mexico border trade corridors. Founded 2021.
Not published: no IRRs, multiples or exit listsponsor site
CaveatNot a fund manager, separately managed accounts per family, so there is no fund-level return to comparejump ↓
CREsponsor scorecard
A standardized public-record assessment. Select any scored lens or profile factor to inspect the cited evidence.
Geographic concentration
01
I-35 + border corridors
Profile factor
Austin HQ, but the assets follow trade routes rather than a home market: Houston, San Antonio, Laredo and El Paso along I-35 and the border, plus Gardena in the LA basin and land in Salt Lake City.
Awards
02
35/100
Limited
One recurring recognition: Juniper Square's Top Fundraisers list, 2024 and once prior, a software vendor ranking capital raised on its own platform. No industry-body award surfaced on 2026-07-26.
Online reputation
03
Insufficient basis to score
Profile factor
Screen ran 2026-07-26 and returned too little to grade. No residents, no BBB profile, no Glassdoor page, and the firm's own Google Maps listing carries zero reviews.
Team expertise
04
79/100
Established
A founder whose MIMCO presidency and Pennybacker and YPO seats are all dated, and a bench documented at Frost Bank, Bridge Investment Group and Marcus & Millichap despite Evergen publishing no bios at all.
Risk screen
05
76/100
Monitor findings
Nothing adverse anywhere: no SEC enforcement, no federal docket, no distress. Deductions are structural: no Form ADV, no published returns, and one named principal signing essentially every filing.
Differentiator
06
Separately managed accounts
Profile factor
No commingled fund and no finite hold period. That structure is why there are 40 single-purpose vehicles instead of three funds, and why the firm could deploy nothing for 15 months without a fund clock forcing it to buy.
Sources of capital
07
UHNW family offices
Profile factor
Ultra-high-net-worth families raised entirely by word of mouth, per the founder. 479 investor slots across 40 filings, no stated minimum on any of them, and no pension, sovereign fund, insurer or endowment in any screen.
Scores are CREsponsor editorial assessments of the cited public record, not ratings by any regulator. Methodology · Report a correction.
Profile factor
Track record
Track recordNo returns published
Assembled from SEC filings, counterparty press releases and one sworn third-party appraisal. Evergen publishes no IRR, equity multiple, hold period or exit list, so nothing below is a performance claim.
Start with the structural fact that governs everything else on this page: Evergen does not run funds. It runs separately managed accounts for individual families, one vehicle at a time. There is therefore no fund vintage, no blended net IRR and no since-inception multiple, not because the firm is withholding them, but because in this structure they would not mean much. Each family’s outcome depends on which deals it took.
What that leaves an allocator with is capital formation on one side and independently verifiable transactions on the other, and Evergen has an unusual amount of both.
41Reg D vehicles on EDGARApr 2022 – May 2026
$395.01MReported sold479 investor positions
40 of 41Registered = solda filing pattern, not oversubscription
0Exits disclosedone traceable sale, price not public
Counts and dollars are the latest filing per entity from SEC EDGAR full-text search, excluding the unrelated EverGen Infrastructure Corp. Co-investment vehicles may invest into the deal-level partnerships, so the total is a gross of filings rather than a count of distinct dollars. These figures measure fundraising, not investment performance. EDGAR full-text search
Read the “40 of 41” carefully, because it is easy to misread as demand. On 40 of the 41 filings, the registered offering amount is exactly the amount reported sold, and the reported date of first sale precedes the filing date by two to three weeks: Evergen Equity 33 sold first on 2025-07-22 and filed on 2025-07-30; Evergen Equity 35 sold first on 2026-04-28 and filed on 2026-05-13. That is the signature of a deal allocated privately and then reported, filed inside the 15-day window Regulation D allows. It is not evidence that offerings were oversubscribed. It is, however, strong corroboration of what the founder says about the model: the capital is spoken for before the paperwork exists.
The strongest independent record on this page came out of a bankruptcy that has nothing to do with Evergen. In In re F-Star Socorro, L.P., a Chapter 11 case in the Southern District of Texas, Hilco Real Estate Appraisal filed a sworn declaration on 2026-01-21 supporting a cash-collateral motion. Its appraisers used, as Improved Comparable Sale #4, a transaction dated 2024-12-01 in which the buyer is Evergen Equity and the seller is Link: 487,691 square feet across three buildings in the Santa Teresa Industrial Park in Doña Ana County, New Mexico, for $44,800,000. Evergen is not a debtor, creditor or party to that case; it appears only because an appraiser needed a market comparable.
That single record tells an allocator more about how Evergen underwrites than any marketing page could. A 3.53% going-in cap rate on a 63%-leased building is not an income buy; it is a mark-to-market bet, and the appraiser’s note that in-place rents sat roughly 30% below market is the thesis stated in someone else’s words. The upside is contracted rent rolling to market on renewal. The risk is that 37% vacancy in a border-logistics submarket has to be leased before any of it happens.
Only one full round-trip is traceable, and its economics are not public. Evergen bought the 25-acre former Iron Ox site at 1205 Reed Drive in Lockhart (a 283,000-square-foot greenhouse and warehouse complex), in November 2024, marketed it for tenants, and leased the warehouse to Hill Country Foodworks. On 2025-09-10 it sold the site to Sensei Ag Holdings, the agriculture-technology company backed by Larry Ellison, per Caldwell County property records reported by the Austin Business Journal. Neither the purchase nor the sale price is disclosed. Texas is a non-disclosure state, so a ten-month hold on an industrial land play is all the public record supports: the return is unknowable from outside.
Profile factor
Geographic footprint
Geographic concentrationI-35 + border corridors
Asset locations taken from dated acquisition releases, counterparty announcements and a court-filed appraisal, not from a sponsor portfolio page, because Evergen publishes none.
Evergen is headquartered in Austin but is not an Austin investor. Its assets sit on trade routes: the I-35 corridor from San Antonio to Laredo, the border crossings at Laredo and El Paso–Santa Teresa, the Houston port complex, and the Los Angeles basin. Its own framing (“from the Port of Los Angeles to the Port of Savannah”), is a supply-chain map, not a metro list.
Named assets with a dated public source as of 2026-07-26. This is not a complete portfolio: Evergen publishes no property list, and its own release cites multifamily and retail holdings that no public record here identifies. Counts are buildings or sites, not vehicles. sponsor press index + counterparty releases
The border concentration is deliberate and is the firm’s stated house view. Marcus told Juniper Square in April 2025 that Evergen invests only domestically but expects cross-border trade to keep growing, “so we have been acquiring warehouses on the U.S. side of the U.S.–Mexico border.” The Laredo release makes the same case with numbers: Port Laredo processed more than 3 million truck crossings in 2024, and Monterrey (150 miles south), absorbs the majority of Mexico’s nearshoring activity.
The sober read is that this is one bet, expressed seven ways. Laredo, El Paso, Santa Teresa, San Antonio and Houston are not diversification; they are five expressions of North American supply-chain reconfiguration. A tariff regime that suppressed U.S.–Mexico trade would hit most of the portfolio at once. Gardena and Salt Lake City are the only holdings that do not depend on it.
Scored on public track record: the depth of verifiable history for each seat, judged against what a strong record looks like for that role. Evergen publishes no biographies for anyone, but the records exist: reading the executives' own profiles found Frost Bank, Bridge Investment Group and Marcus & Millichap behind seats this page had scored as blanks. Held below 80 by single-principal filing concentration and by one senior seat for which no record could be found at all.
Evergen publishes no biographies. Its team page carries names, photos and titles and nothing else, for all nine people. Until now this page scored four of those seats largely on that blank, which was a mistake worth naming: a sponsor’s decision not to publish is a fact about the sponsor, not evidence that the people behind the titles are unqualified. Reading each executive’s own LinkedIn on 2026-07-30 filled three of the four blanks with dated careers at institutions an allocator would recognise — Frost Bank, Bridge Investment Group, Strategy&, Marcus & Millichap, Hartman Income REIT — and every one of those cards went up.
One did not. No profile could be found for the chief operating officer, the second-ranking seat on the team page, on either Google or LinkedIn’s own people search. Before this pass that looked like part of a firm-wide pattern; it is now the exception on its own bench, and that is the more useful way for an allocator to read it.
Behind the 72/100: Troy Marcus has one of the better-documented founder records in this directory, a named prior presidency, a named institutional employer, a named university programme and two advisory seats that other organisations publish. Then the documentation stops. Evergen’s team page lists nine people with headshots and titles, and exactly one has a biography. For a firm holding $374 million of filed equity, an allocator can verify the founder thoroughly and everyone else not at all.
What the founder’s record actually supports. Two claims on the biography are the load-bearing ones. First, that he ran MIMCO, an owner of more than 300 properties across the southwestern United States: a genuine operating presidency, not an investment seat, and it explains the firm’s comfort with El Paso and border markets. Second, that he came from Thackeray Partners, a Dallas private-equity real estate firm, which is where the institutional underwriting habits would have been formed. Both are self-reported on Evergen’s own page; neither is contradicted by anything found, and the outside seats that other organisations control (the Pennybacker Capital advisory board, the chairmanship of the YPO International Real Estate Network, the advisory council of UT’s Real Estate Finance and Investment Center), are consistent with the standing the biography claims.
Single-principal concentration is the structural risk here, and it is unusually literal. Marcus is named as the sole natural person on essentially every one of the 41 filings, and he signs each as Manager of the General Partner. The rest of the team appears on no filing at all. That is normal for a five-year-old firm and it is also exactly the key-man exposure an allocator underwriting a decades-long hold should price, because the entire thesis of the separately managed account model is duration.
The rest of the roster, for completeness. Beyond the five cards, the team page lists Alexis O’Neil (Operations Assistant) and Josie Valdez (Senior Accountant) under Operations and Accounting, Lottie Johnson (Asset Manager) under Asset Management, and Jack Walsh (Investments Analyst) alongside Omar Hossain under Investments: nine people in total, none with a published biography. Evergen’s LinkedIn page also announced Walsh’s arrival, and a Senior Associate not shown on the team page appears there under the firm’s name, so the published roster may lag actual headcount.
One title inconsistency is worth noting rather than resolving: Evergen’s own site, the 2023 Harbor Associates release and the 2025 Partners Real Estate release all call Marcus Founder or Founder and CEO, while the July 2025 Laredo release quotes him as “president and CEO.” Both appear in sponsor-issued material two months apart.
Published contact points: the firm lists 512-515-3333 and 600 W. 5th Street #1200, Austin, Texas 78701 in its own site header: the same number and address that appear on its SEC Form D filings and its Google Maps listing.
Public-record assessment
Risk screen
Editorial score76/100
Screens run 2026-07-26 against SEC EFTS and enforcement, IAPD, SEC Action Lookup, CourtListener federal dockets and a distress sweep. Same-name entities without linking identifiers are ruled out and kept off this page.
Behind the 76/100: every adverse screen came back empty, and unusually for a private sponsor this size, third parties have independently put Evergen on the record, a bankruptcy-court appraiser, a national brokerage, two operating partners and a business journal. What holds the score below 80 is disclosure structure rather than any finding: no Form ADV, no published returns, and one signatory.
Clear SEC enforcement EDGAR full-text search across all form types returns 36 filings naming Evergen Equity, every one a Form D or D/A for the sponsor's own vehicles, and no 8-K names Evergen Equity or Troy Marcus. No enforcement matter. Control: the same unfiltered query returns 10,000+ on a common term. EDGAR full-text search
Clear SEC Action Lookup (individuals) No court or Commission order is recorded against 'Marcus, Troy' or 'Marcus, Morris', both spellings of the name as filed were run separately. SEC SALI
Finding Adviser registration / Form ADV No IAPD record exists. Evergen is neither a registered nor an exempt-reporting adviser, so it files no Form ADV, discloses no Item 11 events and publishes no fee brochure. Every vehicle claims the Section 3(c)(1) exclusion, which caps each at 100 beneficial owners: the reason there are 41 vehicles rather than a few funds. Control (2026-07-29): the same IAPD endpoint returns Cortland Investment Management (299369), so this zero is proven, not an empty index. IAPD firm search
Clear Federal civil + bankruptcy dockets No case names Evergen Equity as a party. Evergen appears in one Chapter 11 record: Hilco's appraisal declaration in In re F-Star Socorro (S.D. Tex. 25-90607): solely as the buyer in a comparable sale, not as debtor, creditor or litigant. CourtListener
Clear Same-name entities Two unrelated entities share the name and are excluded from every figure here: RTI Surgical, Inc. d/b/a Evergen, which files objections in the Exactech bankruptcy in Delaware, and EverGen Infrastructure Corp. (CIK 2072182), a Vancouver renewable-natural-gas company whose Form D lists an entirely different board. EverGen Infrastructure Form D
Finding Published performance No IRR, equity multiple, hold period or exit list is disclosed for a firm active since 2021. The one traceable disposition (Lockhart, bought Nov 2024 and sold Sept 2025), has no public price on either side. sponsor site
Finding Principal concentration Troy Marcus is the sole natural person named across essentially all 41 filings and signs each as Manager of the General Partner. No other executive appears on any filing. For a strategy whose stated premise is holding assets for decades, succession is a material unanswered question. EFTS person search
Finding Affiliate lending Evergen 14 Lender, LLC raised $7.9M from 39 investors in October 2025 to lend against an asset an Evergen equity vehicle owns, and is the only filing whose related person is Evergen Management, LLC rather than a per-deal GP. Related-party debt is common and was disclosed correctly; how the loan was priced is not public. Evergen 14 Lender Form D
Clear, partial Foreclosure (county records) Travis, the HQ county, checked 2026-07-29 and clean. All 23 Evergen records in the Travis real-estate index are ordinary transactional instruments (easement, transfer, deed of trust, memorandum, warranty deed, collateral transfer, release); no trustee sale or foreclosure instrument appears. Controls both ways: 23 records prove the sponsor is reachable, and an invented token returns nothing. Coverage limit: party name matches by PREFIX, so the 154 roster entities carrying no Evergen token are unreached, as are the California and border counties. Logged in open: and not scored. TX Comptroller entity roster
Screens as of 2026-07-28.
The 3(c)(1) point deserves a line of its own, because it explains the shape of this whole profile. Every Evergen vehicle claims the Investment Company Act’s Section 3(c)(1) exclusion, which limits a pool to 100 beneficial owners. A sponsor serving a small number of very large family offices, deal by deal, hits that structure naturally, and the consequence is 41 filings, 479 investor positions, and a median vehicle with a single-digit investor count. It is not a red flag. It is the filing footprint that a concentrated ultra-high-net-worth client base necessarily produces, and it is worth understanding before reading the vehicle count as a syndication machine.
Public-record assessment
Awards and designations
Editorial score35/100
A screen that returns almost nothing is a publishable result once run. What exists here is a service provider's list of its own best-performing clients.
Behind the 35/100: one recurring recognition exists and it is a vendor list. No NAIOP, SIOR, ULI, business-journal, Inc. or trade-press award to Evergen Equity surfaced in a 2026-07-26 screen. For a firm that says its families “prefer to fly under the radar,” a thin awards record is coherent with the strategy, but the lens measures third-party validation, and there is little of it.
Independently verifiedJuniper Square Top Fundraisers, 2024Juniper Square · 2024 · second placement in three years
Juniper Square named Evergen one of its 2024 Top Fundraisers and interviewed Troy Marcus on 2025-04-18, noting it was the firm's second appearance in three years. Read it for what it is: Juniper Square is Evergen's investor-portal vendor, and the list ranks capital raised by its own clients through its own digital-subscription product. That makes it a real, externally-measured signal of fundraising volume, and not an industry body's judgement of investment quality, deal execution or returns.
Independently verifiedNo industry-body or trade award foundsearched across trade press, business journals and industry bodies · as of 2026-07-26
No NAIOP, SIOR, ULI, NAA, Inc. 5000, Austin Business Journal or PERE recognition to the firm surfaced. Recorded so the absence is dated and the next refresh starts from here rather than from zero.
Profile factor
Online reputation
Online reputationInsufficient basis to score
The screen ran on 2026-07-26 across Google Maps, BBB, Glassdoor and LP review platforms. A five-year-old private allocator with no residents and no consumer business leaves almost no review surface.
This lens is left unscored, and the reason is structural. The reputation method used elsewhere in this directory aggregates resident reviews across a multifamily portfolio: thousands of data points from the people who live with the operator daily. Evergen owns industrial buildings, outdoor storage yards and land. Its counterparties are corporate tenants on multi-year leases and a small number of family offices under confidentiality. There is no population to survey, and manufacturing a grade from nothing would be worse than saying so.
BBB No profile found No Better Business Bureau profile located for Evergen Equity or Evergen Management (checked 2026-07-26)
Glassdoor Not checked Glassdoor auth-walls its search and its profiles, so an absent page cannot be told from a blocked index (2026-07-29)
One indirect signal is worth recording. Reputation for a firm like this shows up as counterparty willingness to be named. Harbor Associates put Marcus in a national press release in 2023; Partners Real Estate has issued two releases naming Evergen as its client, in 2024 and 2025; Juniper Square published a full interview in 2025; and Hilco’s appraisers used an Evergen purchase as a market comparable in a sworn court filing. None of that is a review, and none of it is scored here: but four unrelated organisations choosing to put the name in writing is a different kind of evidence than a star rating, and it is the only kind available.
Profile factor
The separately managed account model
DifferentiatorSeparately managed accounts
Structural claims are easy to make; this one is visible in the filing record. Forty single-purpose vehicles with single-digit investor counts is what an SMA book looks like from the outside.
Almost every sponsor in this directory raises a fund or a syndication: a pool, a target size, a defined hold, an exit, a promote measured against it. Evergen does not. It states plainly that it operates separately managed accounts so that a family can change an asset’s or portfolio’s strategy “should your cash flow or liquidity needs change,” and that it builds partnership structures “without the conflict of investing in a structure with a finite hold period.”
The filings show the structure rather than merely describing it. Forty-one vehicles with a median of seven investors each, and 24 of the 41 in single digits: Evergen Equity 24 sold $5,915,000 to one investor; Evergen Equity 33 sold $23,000,000 to two. Each claims the 3(c)(1) exclusion. No stated minimum on any filing, because there is no offering to set one for. That is a bespoke-account book, not a fund book, and no amount of marketing language could fake the pattern.
Why an allocator should care, and this is the consequence the record actually documents. A fund manager with a five-year investment period and a seven-year hold has to buy. Marcus told Juniper Square that Evergen “essentially deployed no new dollars for a 15-month period” through 2022 and early 2023 because it could not underwrite the prices being paid, and then went aggressively acquisitive from June 2023 through 2024 when capital left the market. A blind-pool fund cannot do that: its clock and its fee base both punish waiting. The SMA structure is what made a 15-month pause survivable, and the buying that followed is visible in the filing dates: 28 of the 41 vehicles were filed on or after 1 July 2024, and the founder separately told Juniper Square that the portfolio had quadrupled in size since 2022.
Nothing in this structure benchmarks. Everything an allocator would normally use to compare managers disappears in this structure. There is no fund-level IRR, no vintage-year benchmark, no blended multiple, and no way to know whether the family in the deal before yours did well. Fees and promote are negotiated per account and disclosed to nobody; with no Form ADV, no regulator reviews them either. “No finite hold period” also cuts both ways: it removes the forced-sale risk that broke a lot of 2021 vintages, and it removes the natural moment at which performance gets measured and capital gets returned. Diligence here cannot be desk-based. It has to be a data room, a reference call to two or three existing families, and a hard conversation about what happens if the sole signatory on all 41 filings steps away.
Recent activity
2026-05Neutral
Filed Evergen Equity 35, LP: $14.3M from two investors
Fundraise
First sale 2026-04-28, filed 2026-05-13. Two investors funding a $14,300,000 vehicle is the clearest single illustration of the separately-managed-account model in the filing record.
Acquired a three-property, 254,457 SF Houston industrial portfolio
Acquisition
Empower Pharmacy's national headquarters at 7601 N. Sam Houston Pkwy W (85,797 SF), Camin Cargo Control's headquarters at 1001 Shaw Ave in Pasadena (69,140 SF, with 3.5 acres of outdoor storage), and an HD Supply / Redi-Carpet facility at 10101 Fountaingate Dr in Stafford (99,520 SF on 7.85 acres). WALT above 11 years across the portfolio, per the sponsor.
Filed Evergen Coinvestment Vehicle III: $36M, the largest vehicle to date
Fundraise
43 investors, the third in a co-investment series that has grown $20M to $30M to $36M across 2024, 2025 and 2026. This is the one part of the platform that pools capital rather than segregating it.
Sold the Lockhart site to Larry Ellison's Sensei Farms
Disposition
Sensei Ag Holdings bought the 25-acre former Iron Ox greenhouse complex at 1205 Reed Drive on 2025-09-10, per Caldwell County records. Evergen had acquired it in November 2024 and leased the warehouse to Hill Country Foodworks. Neither price is public: the only traceable round trip on the record.
Leased a 17.14-acre San Antonio IOS site to a multi-state yard operator
Leasing
[Partners Real Estate](/sponsors/partners-real-estate/)'s Stan Nowak, Colten Courtney and David Oldham represented Evergen as landlord on a site in Southwest San Antonio's manufacturing corridor, adjacent to Toyota, Navistar and JCB.
Acquired a three-building, 362,000 SF Laredo portfolio
Acquisition
810 Nafta Boulevard, 8411 Gavin Road and 8414 El Gato Road: 20.3 acres, fully leased, four minutes from the World Trade International Bridge, with tenants in place since 2006 and 2008. Terms undisclosed. The release also claims 14 industrial buildings and 100+ acres of IOS added in the prior 18 months.
Bought 487,691 SF in Santa Teresa, NM from Link for $44.8M
Acquisition
Three buildings on 28.98 acres at $91.86/SF and a 3.53% cap rate, 63% leased with in-place rents about 30% below market: recorded by Hilco Real Estate Appraisal as a comparable sale in a sworn declaration. The El Paso Times separately reported that Evergen bought four industrial buildings in the El Paso area that month.
Acquired a ~26-acre industrial outdoor storage site near San Antonio
Acquisition
Speedway Park in Von Ormy, with a 7,500 SF truck terminal, office and service bays plus a stabilised yard. Partners Real Estate stayed on as leasing agent under the new ownership.
Bought a 126,015 SF Gardena industrial portfolio with Harbor Associates for $55M
Acquisition
Four adjacent buildings on 7.5 acres at 690–760 W. 190th Street in the Gardena/Harbor submarket, off-market, with CBRE advising the seller. Marcus called the site a future 'crown jewel' of the logistics portfolio. Covered by Commercial Observer, The Real Deal and the Los Angeles Business Journal.
Assembled 6.3 acres on Salt Lake City's 300 West corridor
Acquisition
Five parcels centred on 1500 S. 300 W. in the Ballpark neighbourhood, bought with BCG Holdings. Marcus: 'we own assets not for years but for decades and generations', the clearest public statement of the hold philosophy.
Investor composition taken from the founder's own on-the-record interview and from 40 Form D filings. Institutional screens run against US public pensions, the Canadian Maple 8, Australian supers, UK schemes and sovereign wealth funds.
Evergen’s capital is ultra-high-net-worth family offices and nothing else any screen can find: the filings report no sales commissions, no finders fees and no placement agents, and screens against US public pensions, the Canadian Maple 8, Australian supers, UK schemes and sovereign wealth funds all returned nothing as of 2026-07-26 (Form D history). There is no institution in the stack, so private families and the individuals behind them bear any loss; unlike Reserve Capital Partners and S2 Capital no feeder takes a second layer of fees, and the most recent vehicle is Evergen Equity 35, LP, filed 2026-05-13.
How Evergen Equity compares
Partners Real Estate: Evergen’s own leasing agent on the Von Ormy and San Antonio IOS assets, and the structural opposite as a sponsor: Partners raises from hundreds of accredited individuals at $100,000 a ticket through its own FINRA broker-dealer, where Evergen raises from a handful of families with no minimum and no fund.
Reserve Capital Partners: the closest structural contrast. Both are Texas GPs rotating into industrial and IOS with no Form ADV and no published returns, but Reserve raises through syndications with stated minimums and a placement agent, where Evergen raises direct into single-family accounts.
MAG Capital Partners: the other industrial net-lease sponsor here, and the one with a verified exit; useful for seeing what a realized track record looks like when a sponsor does publish one.
Dhanani Private Equity Group: the other family-capital Texas sponsor, buying retail and mixed-use rather than border logistics.
Evergen describes a portfolio of more than 700 million dollars in assets, from the Port of Los Angeles to the Port of Savannah, in its own July 2025 acquisition release: a self-reported figure with no as-of date. The independently checkable number is different and smaller: 395,013,363 dollars of securities reported sold across 41 Reg D vehicles on SEC EDGAR between April 2022 and May 2026. Those measure different things (the first is asset value including debt, the second is equity raised), and the co-investment vehicles may invest into the deal-level partnerships, so the filing total should not be read as 40 separate pools of money.
Who founded Evergen Equity and who runs it?
Troy Marcus, who is named on the firm's SEC filings as Morris Troy Marcus and signs them as Manager of the General Partner. He founded the firm in 2021 and is its Founder and CEO. Before Evergen he was president of MIMCO, an owner of more than 300 properties in the southwestern United States, and worked at the Dallas private-equity real estate firm Thackeray Partners, per his own biography. He is the only natural person named on essentially every Evergen filing.
Where is Evergen Equity headquartered?
600 W. 5th Street, Suite 1200, Austin, Texas 78701: the same address on its SEC Form D filings, its website footer and its Google Maps listing, with the same phone number, 512-515-3333. Earlier filings were made from 501 West Avenue Unit 1704 in 2022 and 221 West 6th Street in April 2024.
Who are Evergen Equity's investors?
Ultra-high-net-worth family offices, which the firm calls Evergen Families. Founder Troy Marcus told Juniper Square in April 2025 that capital raising is still entirely word of mouth, with new families referred by families already invested. No public pension, sovereign wealth fund, insurer or endowment surfaced in any screen run on 2026-07-26. Across 41 SEC filings the vehicles report 479 investor positions in total, most of them in single digits per deal.
What is the minimum investment with Evergen Equity?
None is stated. Every one of the 41 Reg D filings reports a minimum investment accepted of zero, which means no minimum was disclosed rather than that any amount is accepted. Because the firm runs separately managed accounts negotiated per family rather than a fund with published terms, the practical entry point is set deal by deal and is not public.
Is Evergen Equity raising capital right now?
Nothing new has been filed since Evergen Equity 35, LP on 2026-05-13, as of 2026-07-26. That is weaker evidence than it looks: Evergen files its Form D two to three weeks after a deal has already been allocated privately, so an absence of filings signals no recently closed deal rather than no capacity. Because the firm runs separately managed accounts rather than funds, there is no open offering to subscribe to: a family engages the manager and deals follow.
What are Evergen Equity's fees and carried interest?
Not public. Evergen has no record in the SEC's Investment Adviser Public Disclosure system, so it files no Form ADV and publishes no fee brochure. No sales commissions or finders fees are reported on the Form D filings reviewed, which is consistent with an in-house, word-of-mouth raise and no placement agent. Fees and promote are negotiated inside each separately managed account and would only be visible in the partnership documents.
Has Evergen Equity been sued or investigated?
No. As of 2026-07-26 there is no SEC enforcement action, no accounting release, no Form ADV disclosure regime, and no federal case in CourtListener naming Evergen Equity as a party. SEC Action Lookup returns nothing for Marcus, Troy or Marcus, Morris. Two unrelated entities share the name and were ruled out: RTI Surgical, Inc. d/b/a Evergen, which appears in a Delaware bankruptcy, and EverGen Infrastructure Corp., a Vancouver renewable-gas company.
What does Evergen Equity buy?
Predominantly industrial, with a strong nearshoring thesis along the U.S.–Mexico border, plus industrial outdoor storage and large land holdings. Named acquisitions include a three-building 362,000-square-foot Laredo portfolio in July 2025, a three-property 254,457-square-foot Houston portfolio in March 2026, industrial outdoor storage in Von Ormy near San Antonio in October 2024, four buildings in the El Paso area in December 2024, a 126,015-square-foot Gardena, California portfolio bought with Harbor Associates for 55 million dollars in November 2023, and a 6.3-acre land assemblage in Salt Lake City in January 2023. Its own release also lists multifamily and retail.
Revision history5entries
The SEC-enforcement screen was re-run and its citation corrected. The previous screen cited an EDGAR full-text query filtered to `forms=AAER`, which cannot return a result for any term: AAER releases are SEC administrative publications, not EDGAR filings, so the filter selects a form type that does not exist. Verified by control: `the`, `fraud` and `securities` each return 0 under `forms=AAER` while the same terms unfiltered return 10,000+. The 36 filings naming Evergen Equity are all Form D or D/A vehicle filings, and no 8-K names Evergen Equity or Troy Marcus; no enforcement matter.
Sources of capital condensed to a two-sentence statement with inline sources. The section had grown to 11-131 lines per page of LP cards, fund cards and audit trail; the facts that decide an allocation (who the capital comes from, and who absorbs a loss) were being carried by a slab most readers skip. Every claim and link in the short version is carried over from the long one, and the per-vehicle detail remains in git history, in the FAQ entries for minimums and fees, and in `sources[].gave:`. No score changed: the lens is value-mode and carries no weight in the hero grade.
Foreclosure query set built, county screen not yet run. The Texas Comptroller dataset returns 349 entities registered at Evergen's Austin suite, and 154 of them carry no Evergen token, so every earlier brand-based search was structurally incapable of finding them. The fund vehicles in particular are numbered rather than named, running EE16 through EE39 with an ECIV suffix, and a separate line of deal entities is named for border-industrial sites (Airport Road, Avenida Ascension, Bi-National Avenue, El Gato, NAFTA) that reads as a nearshoring strategy distinct from the Austin book. Two corrections came out of the pull. The address previously carried for Evergen, 501 West Ave, is a residential condo tower whose registered entities are unrelated; the operating address is 600 W 5th St Unit 1200. And roughly 70 SEAMLESS-prefixed entities are registered at that same suite, which is either a shared back office, a co-tenant or a related sponsor. Which one it is has not been established and is logged in open, because it decides whether those 70 names belong in the query set. The roster is recorded in entity_pattern so the next pass starts from it; Travis County is the first index to run and sits on tccsearch.org rather than publicsearch.
Same-day correction after re-deriving the vehicle universe from the principal's name rather than the brand name. A 41st vehicle surfaced that the brand search had missed because it is prefixed 'EE' rather than 'Evergen': EE BSI Nearshoring, LP (CIK 2029330), $21,000,000 fully subscribed from 3 investors, first sale 2024-06-19, filed from the same 600 W. 5th Street address and signed by Morris Troy Marcus as Manager of the General Partner. Restated accordingly: 41 vehicles (was 40), $395,013,363 reported sold (was $374,013,363), 479 investor positions (was 476), 40 of 41 registering an offering equal to the amount sold (was 39 of 40), and 28 of 41 filed on or after 1 July 2024 (was 27 of 40). It is also now the fourth-largest vehicle on the page, and 'BSI' is logged as an unidentified counterparty.
Initial publish. Government spine: 41 Evergen-affiliated Reg D vehicles on EDGAR reporting $395,013,363 sold across 479 investor positions between April 2022 and May 2026, with Morris Troy Marcus the sole natural person named on essentially every filing. The structural finding is that 40 of the 41 register an offering amount identical to the amount sold, and first-sale dates precede filing by two to three weeks: the signature of a deal allocated privately and then reported, not of an offering marketed and oversubscribed. That is consistent with the founder's own statement that capital raising is word of mouth only. Best independent corroboration on the page is not trade press: Hilco Real Estate Appraisal recorded Evergen's December 2024 purchase of 487,691 square feet in Santa Teresa, New Mexico from Link for $44,800,000 at a 3.53% cap as a comparable sale in a sworn declaration filed in an unrelated Chapter 11 case, and Evergen is not a party to it. Risk screen 76/100: nothing adverse in SEC enforcement, IAPD, CourtListener or SEC Action Lookup, with deductions for the absence of any Form ADV, no published returns and single-principal concentration. Awards 35/100: the only recurring recognition is a software vendor's fundraising list. Reputation left unscored: no residents, no BBB, no Glassdoor and zero reviews on the firm's own Maps listing. Two same-name entities ruled out and logged.
