Stephen Evans has over 35 years of experience in institutional real estate. He was Managing Director at USAA Real Estate for two decades, where he led the expansion of its institutional investment platform and grew the portfolio from US$3 billion to over US$20 billion in assets under management (AUM), working with the world's leading pension funds, insurers, and sovereign wealth funds.

Throughout his career, he has led cross-functional teams and has been instrumental in the growth and consolidation of large-scale investment platforms, with a deep focus on the industrial sector.

He currently leads Black Salmon's industrial investment strategy, bringing strategic insight and deep experience in the development, structuring, and management of industrial investment vehicles in the U.S., one of the most resilient and attractive sectors in institutional real estate.