Real Estate Institutional Investor Survey - Probitas...

2008 © Probitas Partners

Real Estate Institutional Investor Survey

N o v e m b e r 2 0 0 8

C o n t e n t s

Introduction ....................................................................................... 1

The Private Equity Real Estate Fund Landscape ...................... 2

Institutional Investor Survey of Real Estate Investing ......... 3

Survey Findings: Overview ....................................................... 3

Profile of Respondents ............................................................ 3

Geographies of Investor Interest ....................................... 7

Targeted Areas of Interest .................................................... 7

Structural Issues & Emerging Managers ......................... 18

Greatest Fears .......................................................................... 21

Conclusion ................................................................................ 24

Funds Currently in or Coming to Market ............................... 25

Confidential & Trade Secret © Probitas Partners 2008 Do not circulate or publish.1

I n t r o d u c t i o n

Probitas Partners is a leading independent knowledge, innovation and solutions provider to private markets clients. It has three integrated global practices that include placement of alternative investment products, portfolio management and liquidity management. These services are offered by a team of employee owners dedicated to leveraging the firm’s vast knowledge and technical resources to provide the best results for its clients.

n. [from Latin probitas: good, proper, honest.] adherence to the highest principles, ideals and character.

probity ¯ ¯˘

On an ongoing basis, Probitas Partners offers research and investment tools on the alternative investment market as aides to its institutional investor and general partner clients. Probitas Partners compiles data from various trade and other sources and then vets and enhances that data via its team’s broad knowledge of the market. Also on an ongoing basis, Probitas Partners surveys institutional investors in order to determine more directly their perceptions of various aspects of the market; and the survey of real estate investors included here is part of that process.

Included within this Real Estate Market Institutional Investor Survey is our listing of Real Estate and Hard Asset Funds In or Thought to Be Coming to Market over the Next 12 Months. (Investors more specifically interested in details on the infrastructure market should refer to our Infrastructure Market Review & Institutional Investor Survey, just released during October 2008.) A few important user notes on the funds listing:

• The list does not track funds smaller than $100 million or €75 million, as these are not often targeted by institutional investors;

• Information is collected from various data sources, but dynamically and accurately tracking when funds are launched and when they are finally closed is a difficult business. We constantly interact with investors and other industry sources in an effort to keep the data updated, and Probitas Partners appreciates receiving any corrections or updates which will help keep this listing as up to date as possible; and

• Probitas Partners relies upon its knowledge of the investment pace of previous funds, informal discussions with institutional investors and general partners, and its knowledge of emerging managers. Specifically, we do not seek confirmation of these estimates with general partners in order to avoid SEC public offering prohibitions.

For the same reason, Probitas Partners does not include in this listing information on funds it is currently offering; qualified investors seeking information on Probitas Partners’ placed funds should contact Probitas Partners directly in order to have the most complete picture of all institutional funds currently in the market.

Confidential & Trade Secret © Probitas Partners 2008 Do not circulate or publish. 2

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2003 2004 2005 2006 2007 Q3 08

The Real Estate Fundraising Landscape

The fundraising market for private equity real

estate has expanded significantly over the

last five years, as demonstrated by Chart I.

The growth of interest in fund investing

outside the U.S. is highlighted by a significant

and increasing portion of funds raised

globally being Euro-denominated (roughly

a quarter of the current year’s total). When

observed in combination with the recent rapid

fluctuations in currency values in the market,

calculating global fundraising totals in a

single currency becomes difficult. However,

the trends in the various geographic markets

are converging: there is increasing investor

interest in international markets, with a

noticeable shift in many large fund groups

from a North American to a Global focus.

The capital markets have become increasingly

turbulent with issues in the U.S. sub-prime

residential market quickly developing into

global issues of liquidity and recession.

The volatility of the public markets has

caused many institutional investors to

experience portfolio allocation problems; the

commitment pace to all areas of alternative

investment has begun to slow significantly,

though the impact of these effects will not be

fully evident until 2009.

Chart I Global Real Estate Fundraising

Source: Probitas Partners

$11.7

$24.3

$76.5

$42.3

$93.1

$76.0


Institutional Investor Survey of Real Estate Investing

During October 2008, Probitas Partners conducted an online survey to gauge investor interest,

opinions, and perspective on investing in real estate funds. We received responses from 100

senior investment executives from Public & Corporate Pension Plans, Fund-of-Funds Managers,

Family Offices, Endowments & Foundations, Consultants & Advisors, Insurance Companies and

other agencies. The survey was completed in the midst of the current turmoil in the capital

markets and therefore may not fully reflect evolving investor opinion about what has become

an increasingly difficult market.

Survey Findings: Overview

The following summarizes the top-line findings

from the survey on investor preferences,

perspectives and practices:

• The largest concern of investors by far

is that credit problems in Western or

mature markets will dramatically impact

performance globally.

• Investors are much more focused on

opportunistic and value-added funds than

they are on core strategies.

• In North America, interest in fund

managers pursuing distressed strategies

has doubled, making it the leading area

of focus.

• In Europe, interest in the United Kingdom

has increased significantly since our last

survey, with interest in Germany and the

Nordic countries decreasing.

• In Asia, interest in India has fallen

noticeably while interest in China and

pan-Asian strategies has increased.

• As far as fund structure is concerned, there

is a strongly renewed focus on the level

of general partner financial commitment

to fund vehicles, reflecting concerns over

alignment of interest.

• Investors are interested in emerging

markets; however, they are concerned

about the lack of experience of the

managers investing in these markets.

Profile of Respondents

The first series of questions in the survey

created a profile of the respondents in order

to provide context to the results.

Respondents represented a wide range of

types of institutional investors including fund-

of-funds managers, insurance companies,

state and corporate pension plans, family

offices, banks, endowments, and consultants

& advisers. Fund-of-funds managers led in

responses at 21%, followed by endowments

at 16%.

As noted in Chart III, the majority of

respondents represented firms that are

headquartered in North America, with

the balance of respondents from Western

Europe and Asia. It is important to note

that insurance companies constituted a


Chart II Respondents by Investor Type“I represent a...”


Chart III Respondents by Location of Firm’s Headquarters “My firm is headquartered in...”


25%

20%

15%

10%

5%

0%

Fund-of-Funds

Manager

Endowment Family Office

Insurance Company

State Pension

Plan

Consultant or Advisor

Corporate Pension

Plan

Foundation Bank Other

21%

16%13%

8%

5%

3%

14%

4%

12%

4%

Asia 5%Australia 5%

Middle East 2%

Western Europe 22%

North America 66%


much greater segment of the respondents

headquartered outside of North America,

along with fund-of-funds.

There was significant diversity among

respondents by size of allocation to real estate

private equity in 2009, as noted in Chart IV.

Just over 40% of respondents replied that

they would commit under $50 million dollars

to real estate private equity in 2009, while

just under 17% of respondents intended to

commit $250 million dollars or more to the

asset class. The respondents targeting the

largest amounts for 2009 commitments

were based in Western Europe and

North America.

As noted in Chart V, a substantial majority

of respondents plan to keep their 2008 real

estate allocations constant for 2009, while

over a third report that they will be increasing

allocations. And while 6% reported that they

will decrease their private equity allocations

(an increase from no investors looking to

decrease last year), private equity real estate

seems to be considered an integral segment

of investment portfolios despite the ongoing

credit crisis.

The responses vary based on the geographic

region of the respondents’ headquarters.

For Asian and Middle Eastern respondents,

64% were looking to increase allocations

to private equity real estate. On the other

hand, roughly 60% of Western European and

North American respondents were looking to

keep their allocations the same, most likely

reflecting the fact that they have been active

investors in the sector for a longer time and

currently have large, seasoned portfolios.

Chart IV Private Equity Real Estate Allocation Targets“In 2009, we are looking to commit across all areas of private equity real estate...”


45%

40%

35%

30%

25%

20%

10%

5%

$0

< $50MM $50MM-$150MM $150MM-$250MM $250MM-$500MM $500MM-$1B > $1B

40.4%

30.3%

13.1%

7.1%

4.0%5.1%


There was wide diversity among respondents

about their real estate allocations as a

percentage of their overall portfolios, and a

general upward trend is apparent. Though

last year 31% of respondents had real estate

allocations of 3% or less of their assets, only

19% this year have such allocations. On the

other hand, 22% have an allocation of 13%

and above dedicated to real estate, and

nearly 50% have allocations of 10% or more

to the sector.

Chart V 2009 Appetite for Private Equity Real Estate“In 2009, we anticipate...”



Chart VI Private Equity Real Estate Allocations“What is your private equity real estate allocation as a percentage of total assets?”

30%

25%

20%

15%

10%

5%

0%

0%-3% 4%-6% 7%-9% 10%-12% 13% and Above

18.5% 19.6%

14.1%

26.1%

21.7%

70%

60%

50%

40%

30%

20%

10%

0%

Increasing Our Targeted Private Equity Real Estate Commitments from 2008

Decreasing Our Targeted Private Equity Real Estate Commitments from 2008

Keeping the Same Private Equity Real Estate Commitments from 2008

38.4%

6.1%

55.6%


Geographies of Investor Interest

When reviewing geographic allocations,

it is important to note that generally

most investors surveyed are more heavily

committed to their local markets. As

comparatively few respondents to the survey

came from the emerging and Asian markets,

allocations to the emerging markets and

Asia are somewhat lower on an overall basis,

though these allocations also reflect that

these are newer markets for global investors.

Also, as expected, a majority of the European-

based respondents have no current allocation

to North America as a result of FIRPTA and

other tax and reporting-related issues. Tax

issues show up as a recurring theme when it

comes to vehicle structure or concerns about

the market.

The results show that a significant amount of

capital will be devoted to real estate in North

America, and to a lesser extent, Europe, Asia,

and then globally-focused real estate funds.

There is significant and growing interest in

putting smaller allocation percentages into

Latin America, Central and Eastern Europe,

and other emerging markets.

Targeted Areas of Interest

The next part of the survey was meant to

determine investor attitudes toward the

fundraising market and return expectations

for private equity real estate funds. As

expected, respondents were most heavily

focused on opportunistic real estate and

value-added funds at the higher end of the

Chart VII Geographic Focus“For 2009, what percentage of your private equity real estate allocation do you expect to place in...?”


Global North America Europe Asia Latin America Central & Eastern Europe Other Emerging Markets

60

50

40

30

20

10

0

No Allocation 1%-25% 25%-50% 50%-75% 75% and Above


Chart VIII Private Equity Real Estate: Strategies of Interest“What types of private equity real estate funds are you currently pursuing?”

risk/reward spectrum, while only 20% of

the respondents are pursuing a core/core

plus strategy. There is slightly more interest

in core strategies amongst Asian & Middle

Eastern respondents (at over 30%), though

opportunistic funds attract most interest in

all geographic markets.

The majority of respondents believe top

quartile Vintage 2009 private equity real

estate IRRs will range between 15%-20%

for funds focusing on the North American

and European markets. On the whole, the

response curve was skewed towards higher

IRRs for Vintage 2009 funds. Respondents


100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Core/Core Plus (8%-12%) Value Add (12%-16%) Opportunistic (16%+)

19.8%

69.2%

89.0%


also have expectations of higher IRR ranges

in Asia, with the majority targeting IRRs in

the 20%-25% range, and 25% and higher for

emerging market funds in light of a higher

expectation of risk.

It is interesting to note that endowment

and foundation respondents to our survey

have lower IRR expectations than pension

plans for opportunistic funds. A number of

respondents had no particular expectations

for returns on the various emerging markets

because they had not focused attention on

these sectors.

We decided to ask about performance

multiple expectations as well as IRR

expectations for top-quartile opportunistic

funds. The results are detailed in Chart X.

Respondents tended to be bullish, with

44% of respondents believing that Vintage

2009 opportunistic funds would generate

return multiples greater than 2x, while 48%

tended towards the 1.75x-2.0x range.

Chart IX Performance Expectations“For top quartile vintage 2009 opportunistic funds, I expect Net IRRs over their lives to be...”


45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

25% or Higher 20%-25% 15%-20% 10%-15% Less than 10% No Expectation

Global North America Europe Asia Latin America Central & Eastern Europe Other Emerging Markets


Chart XI reflects respondents’ average

commitment size to real estate funds. Over

40% of investors plan to commit between

$10 million to $25 million to each fund, while

34% typically commit $10 million or less.

Unsurprisingly, the respondents who intend

to commit $50 million or more to a single

fund are pension plans.

Chart X Performance Expectations“I would expect equity return multiples for opportunistic private equity real estate funds to range between...”

Chart XI Average Commitments“Our average commitment to any private equity real estate fund is...”



60%

50%

40%

30%

20%

10%

0%

1.5x-1.75x 1.75x-2.0x 2.0x-2.5x 2.5x-3.0x 3.0x+

7.5%

48.4%

36.6%

6.5%

1.1%

40%

35%

30%

25%

20%

15%

10%

5%

0%

$0-$10MM $10-$20MM $20-$25MM $25-$50MM $50-$100MM $100+MM

34.0%

28.7%

12.8%

16.0%

7.4%

1.1%


In the following question, we asked investors

what benchmarks they use to measure return

for their overall real estate portfolio. On the

whole, NCREIF hurdles and flat absolute rates

were used by the majority of respondents;

public market benchmarks and the Townsend

Chart XII Portfolio Benchmarks“What benchmarks do you use for the return of your overall portfolio?”


Closed-End Fund Index were used to a lesser

extent. For Western European investors, flat

absolute rates were the dominant response

used by over 70% of respondents, while

responses in the “Other” category were quite

scattered and without a dominant trend.

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

NCREIF Hurdles

Flat Absolute Rates

Other Public Market Benchmarks

Townsend Closed-End Fund Index

42.0%

35.2%

25.0%

12.5%

5.7%


In terms of selecting the most important

fund drivers for sector target focus, 72% of

respondents reported no particular internal

focus or direction aside from pursuing

the “best funds” in the market. Fifty-three

percent of survey respondents emphasize

maintaining established relationships with

fund managers returning to market.

This suggests that respondents are most

interested in maintaining relationships that

grant them specialized access to positions

in popular funds or proprietary information

about specific opportunities. A quarter of

respondents target funds that correspond

to their portfolio diversification needs, and

Chart XIII Drivers for Sector Target Focus“My sector focus in 2009 is being driven by...”


only 2% of respondents are driven by the need

to deploy significant amounts of capital.

A dramatically increased number of investors,

22% (compared to 4% from last year), feel

the need to expand outside home markets.

Access to co-investments did not seem to

play a major role in investment focus of

survey respondents. Geographically, there

was a significant emphasis on portfolio

diversification and the need to expand outside

of home markets by Asian investors, whereas

North American and European investors are

more focused on maintaining established

relationships locally.

0% 10% 20% 30% 40% 50% 60% 70% 80%

My Institution Will Pursue the Best Funds & Managers Available in the Market 71.7%

Maintaining Established Relationships with Fund Managers Returning to Market this Year 53.3%

My Institution’s Need to Diversify Its Real Estate Private Equity Portfolio 25.0%

Need to Expand Outside My Home Markets 21.7%

Investing in Emerging Markets 20.7%

Targeting Funds That Will Provide Access to Co-Investments 10.9%

Other 10.9%

My Strategic Focus on Joint Ventures & Direct Transaction 8.7%

My Need to Deploy Significant Amounts of Capital Allocated to Private Equity Real Estate 2.2%


As shown in Chart XIV, investors in North

America today are focused on Distressed

Strategies (up to 59% from 31% last year),

the only sector to garner the interest of more

than 30% of respondents. As credit and

capital market corrections continue to be

felt across the real estate market, there is

continued interest shown in debt/mezzanine,

office, industrial, and multi-family strategies,

with weaker interest in retail, hotel & leisure,

and narrowly-focused geographic strategies.

Chart XIV North American Investment Focus“In the North American market, my focii are...”


0% 10% 20% 30% 40% 50% 60% 70%

Distressed Strategies 59.1%

Debt/Mezzanine 29.5%

Office 28.4%

Industrial 14.8%

Multi-Family 13.6%

Other 9.1%

Retail 8.0%

Specific Geographic Sectors 6.8%

Hotel & Leisure 5.7%

I Don’t Invest in North America 5.7%

Environmentally Friendly Strategies 4.5%

I Only Invest in North America Through Global Funds 3.4%


Chart XV Europe Investment Focus“In the European market, my focii are...”

In the European market, the survey focused

on geographic as opposed to sector interest.

As detailed in Chart XV, the strongest area

of focus was the United Kingdom (likely as

a distressed opportunity) where 36% of

respondents are focused, a notable change

from last year’s survey where the United

Kingdom ranked only fourth. Conversely,

interest in Germany and the Nordic Region

declined significantly from last year. There

was also strong interest in Pan-European

and Eastern European funds and, as in the

previous survey, relatively little interest in

Southern Europe.

0% 5% 10% 15% 20% 25% 30% 35% 40%

United Kingdom 36.4%

I Only Invest in Europe Through Pan-European Funds 29.5%

Eastern Europe 26.1%

Germany 21.6%

Central Europe 19.3%

Nordic Region 14.8%

France 14.8%

Spain 10.2%

I Don’t Invest in Europe 8.0%

Other 4.5%

Italy 0.0%



China topped the list of most interesting

Asian markets at 40% of the respondents,

moving ahead of India which had topped

last year’s list. Certain investors felt that

too much money had been directed into

the Indian real estate market over the last

several years, and pan-Asian and Japan-

focused funds also moved up in the list to

pass India. Interest in real estate investing in

Southeast Asia, Singapore, Korea, Australia

and Vietnam trails significantly behind the

top three countries in the region. Twenty

percent of respondents invest in Asia only

through global funds, while 36% are focused

on pan-Asian funds.

Chart XVI Asian Investment Focus“In the Asian market, my focii are...”


45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

China Pan-Asian Funds

Japan India I Only Invest in Asia

Through Global Funds

I Don’t Invest in

Asia

SE Asia Singapore Korea Australia Vietnam Other

39.1%

35.9%

23.9%

13.0%10.9%

5.4%

29.3%

9.8%

20.7%

7.6%

1.1%

4.3%


Chart XVII Secondary Investment Activity“In the private equity real estate secondary market...”


Secondary transactions are relatively new to

the private equity real estate fund market,

though there are an increasing number of

real estate secondary fund specialists raising

funds to address this market as it matures.

The emergence of this secondary market is

illustrated by the fact that 17% reply that

they are in the process of assessing and/

or implementing a real estate secondary

program, while 7% actively invest in real estate

secondary funds and 4% purchase positions

directly in the market. In addition, 7% of

respondents have sold or are considering

selling positions from their own portfolios.

80%

70%

60%

50%

40%

30%

20%

10%

0%

We Are Not Active in Secondaries in Any Manner

We Are in the Process of Assessing/ Implementing a Real

Estate Secondary Investment Program

We Actively Invest in Real Estate

Secondary Funds

We Have Sold or Are Considering a Sale of Real Estate Positions

in the Secondary Market for Portfolio

Management Purposes

We Actively Purchase Real Estate Fund Positions in the

Secondary Market

71.1%

16.7%

6.7% 6.7%4.4%


While the previous numbers are not

surprising and reflect little change from

last year, Chart XVIII shows a remarkably

increased awareness in the market as 45%

of respondents indicated that they may

consider real estate secondaries at a later

date or after their programs are more fully

developed. This forecast for increased

activity mirrors the experience in the private

equity arena where the development of the

secondary market over the past five years

has been dramatic and reflects an earlier

maturity of that sector.

Chart XVIII Reason for Lack of Secondary Investment Activity“For those that do not invest in the private equity real estate secondary market...”


50%

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

We May Consider

Real Estate Secondary Investing at a Later Date

After Our Program is More Fully Developed

Our Current Portfolio Allocation Serves Our Needs

We Do Not Believe the Market is Currently Developed Enough to Warrant a

Specific Allocation

It is Not Within Our Investment

Mandate

We Find the Return Profile is

Unattractive

Other

44.9%

30.4%

13.0%

7.2%

4.3%

13.0%


Structural Issues & Emerging Managers

The next section of the survey focused on

various structural issues as well as the

interest of investors in taking on new fund

manager relationships. As summarized in

Chart XIX, survey respondents indicated

that the most crucial structural feature of a

fund is the level of general partner financial

commitment to the vehicle, with 77% of

respondents marking this as a primary area

of focus -- the only issue to be noted by more

than 50% of respondents. The issue is one

that is directly linked to alignment of interest;

it represents a much greater area of focus for

respondents than it was on last year’s survey,

where the distribution of carry between the

senior professionals was the top ranked

concern. Not surprisingly, the second ranked

area of focus on this year’s survey was the

overall level of management fees, an issue

that is also strongly linked to alignment of

interest.

There was also a concentration of concern

within the “Other” category on tax issues or

tax structures. Though not expressed in more

detail, these concerns are likely to be focused

on FIRPTA (for overseas investors) and UBTI

issues that affect investments in U.S.-based

funds and ECI issues impacting investors

investing in European opportunities.

Chart XIX Preferred Investment Structures“The issues I focus on most as far as fund terms or structures are concerned are...”


0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

Level of General Partner Financial Commitment to the Fund 76.7%

The Overall Level of Management Fees 48.9%

Distribution of Carried Interest Between the Senior Investment Professionals 42.2%

Carry Distribution Waterfalls 38.9%

Structure or Inclusion of a Key Man Provision 32.2%

Cap on Fund Size 23.3%

Sharing of Carry and/or Investment Decision Making With a Third Party Sponsor 12.2%

Other 10.0%

Structure or Inclusion of a No Fault Divorce Clause 8.9%


As detailed in Chart XX, a significant portion

of respondents are anticipating investing with

new managers in the coming year. Seventy-

six percent of respondents projected one to

four investments with new managers, with

18% responding that they would invest in

more than four new managers in the coming

year. Only 8% felt that they would not invest

in new managers at all. However, since the

survey was completed, further declines in

public stock valuations have exacerbated

the “denominator effect,” causing certain

investors to be overallocated to real estate.

As a practical matter, the amounts these

investors have to commit to both new

and existing fund manager relationships

may be restricted, and the full impact of

those restrictions may not be reflected in

the survey.

Chart XX Anticipated Number of New Fund Managers“I anticipate investing with how many fund managers in 2009...”


80%

70%

60%

50%

40%

30%

20%

10%

0%0 1 to 4 5 to 9 10 and Above

7.8%

16.7%

75.6%

1.1%


with new managers are heightened. Thus, it is

not surprising that respondents interested in

new managers are looking for differentiated

niche strategies and exceptional returns that

justify undertaking the lengthy diligence

process and the increased risk.

When selecting new managers, respondents

are heavily focused on track record and team

strength as key due diligence matters. Indeed,

for any investor, the due diligence involved in

underwriting new managers is extensive given

the risks associated with investing in funds

Chart XXI Key Characteristics of New Fund Managers“The key characteristics required to invest in a new manager are...”


90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Track Record Key Man and/or Team Reputation

Niche Strategy

Terms of Fund

Established Fund

Will Not Be Investing in Any New Managers

in 2009

Other

80.0%

50.0%

32.2%

25.6%

7.4%6.7%6.7%


Finally, as far as investment vehicle structure

is concerned, although traditional investment

fund vehicles are most common in the

market, 58% of respondents would consider

investments in a “club” structure limited to a

handful of like-minded investors as opposed

to a standard fund with a broader limited

partner base. Club deals are often preferred

by larger, more mature programs seeking to

diversify or fill holes in their portfolio exposure,

or when management teams at such entities

have the experience and wherewithal to focus

energies on more concentrated strategies.

Often club deals bring the opportunity for

co-investment that again favors deeper

professional teams that can assess and act

on such opportunities.

Greatest Fears

The survey concluded by asking investors

about their greatest fears as we approach

2009. Not surprisingly, two-thirds of

respondents were worried that credit

problems in Western or mature markets

would dramatically impact performance. That

response was double that of the next greatest

fear: cap rate compression. Interestingly,

though a number of investors had expressed

interest throughout the survey in various

sectors of the emerging markets, one of the

fears that tied for the third greatest on the

list was the difficulty of finding quality and

experienced managers in emerging markets.

Chart XXII Club Deals“Would you consider investing in a club deal of 2-4 investors?”


70%

60%

50%

40%

30%

20%

10%

0%

Yes No

42.5%

57.5%


0% 10% 20% 30% 40% 50% 60% 70% 80%

29.5%

23.9%

67.0%

20.5%

12.5%

10.2%

8.0%

2.3%

Credit Problems in Western or Mature Markets Will Dramatically Impact Performance

23.9%

23.9%

20.5%

12.5%

8.0%

8.0%

2.3%

2.3%

Capitalization Rates Will Compress, Significantly Impacting Existing Portfolio Valuations

I Want Exposure to Emerging Markets But There Are Too Few Quality or Experienced Managers in These Markets

Fund Structures and Underlying Property Management Fees Are Destroying Alignment of Interest Between Investors and Fund Managers

Too Much Money Is Chasing Too Few Quality Managers/Funds

Opportunistic Real Estate Is Most Effective As a Niche Strategy and Too Much Money Is Being Raised Overall in the Sector

Mega Funds are Flooding the Market With Capital; They May Not Be Able Effectively to Put the Money to Work

Currency Risk Will Impact Valuations of My Foreign Real Estate Portfolio

Other

Access to Top Performing Managers is Becoming More Difficult

Access to Managers With Operational Capabilities is Limited

I am Overallocated to Private Equity Real Estate (Predominantly Due to the “Denominator Effect”)

My Real Estate Allocation is Too Small to Have a Significant Impact on Overall Performance

The Number of Funds I Have in My Portfolio is Too Large for My Firm Effectively to Monitor

Increased Fund Sizes Are Limiting My Access to Co-Investments

Equity is The “New Debt,” Which May Lead to a Dilution of Return Potential

Only 8% of respondents were concerned

that they were overallocated to the market

due to the “denominator effect” — a result

that would likely change if the survey were

administered today.

Lastly, a couple of interesting comments have

been reprinted from the “Other” response

section:

• The presumptuousness of fund managers

versus the value they actually add.

• I am not concerned about the above, but

concerned about what I don’t foresee.

Chart XXIII Greatest Fears“My Three Greatest Fears In the Private Equity Real Estate Market Are...”



C o n c l u s i o n

Private equity real estate continues to be a significant sector of the institutional alternative investment market even amidst the current credit crisis. Investors continue to both deal with and capitalize on an environment in turmoil vis-à-vis their portfolio exposure.

On the basis of our survey and ongoing discussions with investors, we have reached several conclusions:

• The dominant concern of investors is that performance of legacy portfolios will be hit hard by credit problems and cap rate compression.

• Investors are increasingly pursuing distressed strategies in order to take advantage of the current market.

• There is a strongly renewed focus on alignment issues, especially on the level of general partner financial commitment to fund vehicles and the overall level of management fees when negotiating terms, reflecting increased investor concerns over alignment of interest.

• Though investors are interested in emerging markets in order to increase diversification and capitalize on expected growth, they continue to be concerned about the lack of experience of the managers investing in these markets.


R e a l E s tat e F u n d s i n M a r k e t o r Th o u g h t C o m i n g t o M a r k e t O v e r t h e N e x t 1 2 M o n t h sAs of November 2008

Fund Size (MM) in $U.S. Unless Marked

Note: Does not include funds currently being placed by Probitas Partners

Fund/Parent Current Last Market Status Strategy Web Site Year

Founded Offices

Global Funds

Dune Real Estate Fund II/ Dune Capital Management

1,250 727 In Market U.S./Europe Diversified

N/A 2004 New York

DLJ Real Estate Capital Partners IV/ DLJ Real Estate Partners

2,500 1,150 In Market Global Diversified

www.credit-suisse.com 1996 New York; London; Zurich;

Tokyo

HDG Mansur International Property Fund/HDG Mansur

200 N/A In Market Europe/U.S. Diversified

www.hdgmansur.com 1982 London

Hines Global Fund/Hines 1,500 N/A Coming to Market

Global Diversified

www.hines.com 1957 Houston

ING Real Estate Global Opportunistic Fund/ING Real Estate Investment Management

1,500 N/A In Market Global Diversified

www.ingrealestate.com N/A London

Morgan Stanley Real Estate Fund VII Global/Morgan Stanley


www.morganstanley.com/realestate 1969 New York

OCM Real Estate Opportunities Fund IV/Oak Capital Management

1,000 692 In Market Global Diversified

www.oaktreecapital.com N/A Los Angeles

Starwood Global Opportunities Fund VIII/Starwood Capital Group

2,000 1,475 In Market Global Opportunistic

www.starwoodcapital.com 1991 Greenwich, CT

Starwood Hospitality Fund II/ Starwood Capital Group

2,000 900 In Market Global Hospitality

www.starwoodcapital.com 1991 Greenwich, CT

Walton Street Real Estate Fund VI/ Walton Street Capital


www.waltonst.com 1994 Chicago

WCP Real Estate Fund 2/ Westport Capital Partners

500 500 In Market Global Distressed

www.westportcp.com 2006 Westport, CT; El Segundo, CA;

Mumbai

North American Funds

AEW Partners VI/ AEW Capital Management

750 686 In Market U.S. Special Situations

www.aew.com 1981 Boston

AEW Senior Housing Investors/ AEW Capital Management

500 N/A In Market U.S. Senior Housing

www.aew.com 1981 Boston

Alcion Real Estate Partners II/ Alcion Ventures

500 152 In Market U.S. Opportunistic

www.alcionventures.com 2005 Boston

APCA Property Fund II/ Ashforth Paradigm Capital Advisors

150 52 In Market U.S. Diversified www.ashforthparadigm.com 1896 Boston





Founded Offices

AREA Investment Fund VI/AREA 1,000 700 In Market U.S. Diversified www.apollorealestate.com 1993 New York

Arden Real Estate I/Arden Group 125 N/A In Market North America Distressed Hospitality

www.ardengroup.com 1989 Philadelphia

Bay Area Smart Growth Fund II/ Kennedy Wilson

125 N/A In Market California Diversified

www.kennedywilson.com 1988 San Francisco

BCOM Ullico Southern Fund/ Union Labor Life

350 N/A In Market U.S. Sunbelt Diversified

www.ullico.com 1925 Washington, D.C.

Beacon Capital Strategic Partners VI/ Beacon Capital Partners

6,000 4,000 In Market U.S. Office www.beaconcapital.com 1998 Boston

Berkshire Multifamily Value Fund II/ Berkshire Property Advisors

600 334 In Market U.S. Multifamily www.berkshireapartments.com 1969 Boston

Berman Enterprises Opportunity Fund/ Giuliani Partners & Berman Enterprises

500 N/A In Market N.Y.C./ Washington,

D.C. Diversified

www.giulianipartners.com 2004 New York

Big Rock Partners Opportunity Fund II/ Big Rock Partners

350 N/A In Market U.S. Diversified www.bigrockpartners.com 2006 Los Angeles; Chicago; Seattle

BlueStone Real Estate Capital/ BlueStone Real Estate Capital

200 N/A In Market U.S. Opportunistic

www.bluestonecap.com 1998 Philadelphia; Palm Beach

Bond Companies Sustainability Fund/ Bond Companies

350 N/A In Market U.S. Sustainable www.bondcompanies.com 1987 Los Angeles

Brandywine Opportunities Fund/ Brandywine Financial Services

500 N/A In Market U.S. Diversified www.brandywine-financial.com 1972 Chadds Ford, PA

Bruin Fund/ Thompson National Properties

250 N/A In Market U.S. Diversified www.tnpre.com 2007 Irvine, CA

Bryanston Real Estate Opportunity Fund II/Bryanston Realty Partners

250 150 In Market U.S. Distressed www.bryanstonrp.com 2004 Chicago

Cabot Industrial Value Fund III/ Cabot Properties

700 450 In Market U.S. Industrial www.cabotprop.com 1986 Boston

Cantor Real Estate Fund/ Cantor Fitzgerald

325 N/A In Market U.S. Diversified www.cantor.com 2008 New York

Canyon Johnson Urban Communities Fund/Canyon-Johnson Urban Funds

1,250 600 In Market U.S. Diversified www.cjuf.com 2002 Beverly Hills, CA

Centerline Opportunity Partners/ Centerline Capital Group

1,000 N/A In Market U.S. Diversified www.centerline.com 1999 New York

Cerberus Institutional Real Estate Partners II/Cerberus Real Estate Capital Management

3,000 890 In Market U.S. Distressed www.cerberuscapital.com 1994 New York; Los Angeles

Ceres Urban Realty Fund/ BlakelyStern Investment Advisors

250 100 In Market U.S. Diversified www.blakelystern.com 2003 New York

CityView LA Urban Land Fund I/ American CityVista & Saybrook Capital

100 N/A In Market California Diversified

www.americancityvista.com N/A San Antonio; Santa Monica





Founded Offices

Colony Realty Partners III/ Colony Realty Partners

233 N/A In Market U.S. Diversified www.colonyrealtypartners.com 1991 Irvine, CA; Boston; New

York

Consortium 4/Bernstein Companies 100 N/A In Market Mid-Atlantic Office

www.thebernsteincompanies.com 1933 Washington, D.C.

Cornerstone Hotel Income and Equity Fund II/Cornerstone Real Estate Advisors

600 300 In Market U.S. Hospitality www.cornerstoneadvisors.com 1994 Hartford

Covenant Apartment Fund VI/ Covenant Capital Group

300 159 In Market U.S. Multifamily www.covenantcapgroup.com 2001 Nashville, TN

Coventry Real Estate Fund III/ Coventry Real Estate Advisors

400 330 In Market U.S. Retail www.coventryadvisors.com 1998 New York

Crocker Partners IV/Crocker Partners 250 N/A In Market U.S. Diversified www.crockerpartners.com 2005 Boca Raton, FL

Debartolo Community Retail Fund/ Debartolo Development

400 N/A In Market U.S. Retail www.debartolodevelopment.com N/A Tampa, FL

E2M Value-Added Fund II/ E2M Partners

600 N/A In Market U.S. Diversified www.e2mpartners.com 2004 Dallas

ECM Income & Growth Fund III/ Equity Capital Management

250 100 In Market U.S. Diversified www.ecm-funds.com 1989 Chicago

Equastone Value Fund 3/Equastone 350 172 In Market U.S. Diversified www.equastone.com 1993 San Diego

Fremont Strategic Property Partners III/ Fremont Realty Capital

750 500 In Market U.S. Real Estate Operating Companies

www.fremontrealtycapital.com 1997 San Francisco

Guardian Realty Fund III/ Guardian Realty Investors

500 114 In Market Washington, D.C. Office

www.guardian-realty.com N/A Bethesda, MD

Greater Washington Life Sciences Fund/JBG Real Estate Services

300 N/A In Market Greater Washington D.C.

Area

www.jbg.com 1960 Chevy Chase, MD

Grosvenor New York Multifamily Fund/ Grosvenor Investment Management

300 N/A In Market New York Multifamily

www.grosvenor.com N/A Philadelphia

Guardian Realty Fund III/ Guardian Realty Investors

500 113 In Market U.S. Diversified www.guardianrealty.com N/A Bethesda, MD

H/2 Special Opportunities/ H/2 Capital Partners

500 N/A In Market U.S. Special Opportunities

N/A 2008 Stamford, CT

Haveland Property Investors/ Haveland Estates

200 N/A In Market U.S. Office & Multifamily

www.havelandprop.com 2005 Stamford, CT

HDG Mansur Opportunity Fund I/ HDG Mansur

350 N/A In Market SE & SW U.S. Diversified

www.hdgmansur.com 1982 London

Heitman Strategic Finance Partners/ Heitman Real Estate Investment Management

300 N/A In Market U.S. Diversified www.heitman.com 1966 Chicago

Helios Real Estate Fund I/Adler Group 100 N/A In Market U.S. Commercial www.adlergroup.com N/A Miami

High Performance Green Fund/ Thomas Properties Group

275 N/A In Market U.S. Diversified www.tpgre.com 1996 Los Angeles





Founded Offices

High Street Real Estate Fund III/ High Street Equity Advisors

350 400 In Market U.S. Diversified www.hsequity.com 2002 Boston

Hudson Realty Capital V/ Hudson Realty Capital

500 350 In Market U.S. Diversified www.hudsonrealtycapital.com 2003 New York; Portland, ME;

Miami

Hunter Chase Real Estate Opportunity Fund/Hunter Chase & Co.

250 N/A In Market U.S. Diversified www.hunterchase.com 2001 Irving, TX; Carlsbad, CA

Hutensky Capital Partners II/ Hutensky Group

150 N/A In Market U.S. Shopping Center

www.hutenskygroup.com 1979 Hartford

Integral Urban Fund I/ The Integral Group

150 N/A In Market U.S. Diversified www.integral-online.com 1993 Atlanta

Integrated Capital Hospitality Fund/ Integrated Capital

200 N/A In Market N. America Diversified

www.integrated-capital.com 2003 Buffalo, NY

JP Morgan Urban Renaissance Property Fund/JP Morgan Asset Management

500 N/A In Market U.S. Urban www.jpmorgan.com N/A New York

Kelton Real Estate/Kelton Companies 100 N/A In Market U.S. Diversified www.keltoncompanies.com 2008 Phoenix, AZ

Kennedy Wilson Property III/ Kennedy Wilson

1,000 N/A In Market U.S./Japan Diversified

www.kennedywilson.com 1988 Beverly Hills, CA

KMF Senior Generation Fund/ KMF Senior Housing Investors

300 N/A In Market U.S. Senior Housing

www.kmfseniorhousing.com N/A Chicago

L&B Diversified Strategy Partners/ L&B Realty Advisors

400 N/A In Market U.S. Diversified www.lbgroup.com 1981 Dallas

L&B Medical Properties Partners II/ L&B Realty Advisors

100 N/A In Market U.S. Medical Office

www.lbgroup.com 1981 Dallas

Lexin AmTrust Real Estate Partners II/ Lexin Capital

150 75 Coming to Market

U.S. Diversified www.lexincapital.com 2004 New York

Lincoln Multifamily Acquisition Fund/ Lincoln Property

250 N/A In Market U.S. Multifamily www.lincolnproperty.com 1965 Dallas

Lowe Hospitality Investment Partners II/ Lowe Enterprise Investors

350 266 In Market U.S. Hospitality www.loweenterprises.com 1972 Los Angeles; Denver;

Irvine, CA

Lowe Structured Investment Fund/ Lowe Enterprises Investors

150 N/A In Market U.S. Distressed www.loweenterprises.com 1972 Los Angeles; Denver;

Irvine, CA

LRG Capital Real Estate Partners Fund I/LRG Capital Real Estate Ventures

N/A N/A In Market California Commercial

www.lrgcapital.com N/A Larkspur, CA

Lubert-Adler Real Estate Fund VI/ Lubert-Adler

2,600 1,700 In Market N. America Diversified

www.lubertadler.com 1997 Philadelphia

MacFarlane Urban Real Estate Fund III/MacFarlane Partners

1,500 1,000 In Market U.S. Urban www.macfarlanepartners.com 1987 San Francisco

MacFarlane Special Situations Fund I/ MacFarlane Capital Partners

300 N/A In Market U.S. Distressed www.macfarlan.com 1984 Dallas

Metzler U.S. Real Estate Fund II/ Metzler Realty Advisors

300 N/A In Market U.S. Diversified www.metzlerna.com 1976 Seattle





Founded Offices

MGRA Genesis Value Fund II/ MayfieldGentry Realty Advisors

N/A 150 Coming to Market

Southern U.S. Diversified

www.mayfieldgentry.com 2003 Detroit

Miller Global Fund VI/ Miller Global Properties

400 290 In Market U.S. Diversified www.millerglobal.com 1996 Denver; New York

Morrison Street Fund III/ NBS Real Estate Capital

100 26 In Market U.S. Diversified www.nbsrecapital.com 2003 Portland

Next Block Medical Fund II/ Valencia Capital Management

500 N/A In Market U.S. Diversified www.valenciacm.com 2004 Dallas

Omega Opportunity Fund I/Omega Commercial Finance Corporation

1,000 N/A In Market U.S. Distressed www.omegafinancial.com N/A Miami

Onex Real Estate Partners II/ Onex Real Estate Partners

600 230 In Market U.S. Diversified www.onex.com 2005 New York

Page Mill Properties 3/ Page Mill Properties

500 N/A In Market U.S. Diversified www.pagemill.com 1993 Palo Alto

Palisades Regional Investment Fund II/ Palisades Financial

200 42 In Market U.S. Diversified www.palfi.net 1995 Fort Lee, NJ

Parmenter Realty Fund IV/ Parmenter Realty Partners

500 245 In Market Southern U.S. Office

www.parmco.com 1989 Miami

Perseus Realty Partners II/ Perseus Realty Partners

200 210 In Market U.S. Diversified www.perseusrealtypartners.com 2005 Washington, D.C.

Phillips Edison Shopping Center Fund IV/Phillips Edison & Co.

500 N/A In Market U.S. Shopping Center

www.phillipsedison.com 1990 Baltimore

Prescott GNLP Corporate Partners/ Prescott GNLP Capital

200 N/A In Market U.S. Office www.prescott-gnlp.com 2007 New York

Prudential Senior Housing Partners IV/ Prudential Real Estate Investors

500 300 In Market U.S. Senior Housing

www.prudential.com/prei N/A Parsippany, NJ

Ram Realty Partners II/ Ram Development Company

350 N/A In Market SE U.S. Diversified

www.ramrealestate.com N/A Palm Beach Gardens, FL

Residential Income and Value-Added Fund II/Tuckerman Group

375 150 In Market U.S. Residential www.thetuckermangroup.com 1998 Rye Brook, NY

Rockwood Capital Real Estate Partners Fund VIII/Rockwood Capital

1,000 1,094 In Market U.S. Diversified www.rockwoodcap.com 1995 San Francisco

RP Retail Entrepreneurial Fund III/ RP Realty Partners

400 50 In Market U.S. Retail www.rprp.com N/A Beverly Hills, CA

RXR RexCorp Real Estate Opportunity Fund II/RXR Rexcorp Realty

800 N/A In Market New York Area Diversified

www.rexcorprealty.com N/A Uniondale, NY

Schuster Realty Partners I/ Schuster Group

100 N/A In Market U.S. Diversified www.theschustergroup.com 1989 Seattle

Sentinel Multifamily Value-Added Fund/Sentinel Real Estate Corporation

350 N/A In Market Southern U.S. Multifamily

www.sentinelcorp.com 1969 New York

Sentinel Realty Partners VII/ Sentinel Real Estate Corporation


U.S. Diversified www.sentinelcorp.com 1969 New York

SKB Real Estate Investors 2/ ScanlanKemperBard Companies

500 161 In Market U.S. Diversified www.skbcos.com 1993 Portland





Founded Offices

Southwest Next Fund I/ Southwest Next Capital Management

500 N/A In Market SW U.S. Distressed Residential

www.southwestnext.com 2008 Phoenix, AZ

Square Mile Partners III/ Square Mile Partners

850 561 In Market U.S. Distressed www.squaremilecapital.com 2006 Greenwich, CT

STAG Investments V/ STAG Capital Partners

400 50 In Market U.S. Diversified www.stagcapital.com 2003 Boston

Stockbridge Real Estate Fund III/ Stockbridge Capital Partners

2,500 1,000 In Market U.S. Diversified www.sbfund.com 2003 San Francisco

Strategic Partners Urban Fund/ Strategic Capital Partners

100 N/A In Market U.S. inner city www.strategiccapitalpartners.net 2005 Chicago

Strategic Partners Value Enhancement Fund II/Strategic Capital Partners

500 250 In Market U.S. Diversified www.strategiccapitalpartners.net 2005 Chicago

Sunbelt Residential Distress Fund/ Askenazy & Agus Ventures

250 N/A In Market U.S. Distressed www.aaventures.com 1991 Boca Raton, FL

TA Associates Realty Fund IX/ TA Associates Realty

1,750 1,500 In Market U.S. Diversified www.tarealty.com N/A Boston

TIAA-CREF U.S. Real Estate Fund I/ TIAA-CREF

300 N/A In Market U.S. Diversified www.tcasset.com 2004 New York

TriContinental Fund X/ Tricon Capital Group

CAD 200 N/A In Market Canadian Diversified

www.triconcapital.com 1988 Toronto

TriGate Property Partners/ TriGate Capital

350 N/A In Market U.S. Diversified www.trigatecapital.com N/A Dallas

Trinity Restoration Fund/ Trinity Investment Partners

300 N/A In Market U.S. Environmentally

Responsible

www.trinity-ip.com 2007 Stockton, CA

Western National Realty Fund II/ Western National Realty Advisors

300 50 In Market U.S. Diversified www.wng.com 1981 Irvine, CA

European Funds

Aberdeen European Shopping Property Fund/Aberdeen Property Investors

€ 525 N/A In Market Europe Retail www.aberdeenpropertyinvestors.com

1986 London

Aberdeen Property Fund France & Southern Europe/ Aberdeen Property Investors

€ 500 N/A In Market S. Europe Retail www.aberdeenpropertyinvestors.com

1986 London

Aerium Fairfield Special Opportunities Fund/Aerium & Fairfield Greenwich Group

€ 500 N/A In Market Europe Diversified

www.aerium.com 2003 London

AIG European Real Estate Partners II/ AIG Global Real Estate

€ 500 € 180 In Market Europe Diversified

www.aiginvestments.com 1987 London; Moscow

Alternative Property Income Venture/ AXA Real Estate Investment Managers

€ 400 N/A In Market France Diversified

www.axaprivateequity.com 1996 Paris

Ariosto/Aedes Real Estate € 375 N/A In Market Italy Diversified www.aedes-immobilaire.com N/A Milan; Rome

Blackstone RE Partners Europe III/ Blackstone Group

€ 3,000 € 1,550 In Market Europe Diversified

www.blackstone.com 1992 London; Paris





Founded Offices

Bluehouse Accession Property III/ Bluehouse Capital

€ 250 € 150 In Market SE & E. Europe Diversified

www.bluehousecapital.com 2005 Athens

Bouwfonds Germany Residential Fund/ Bouwfonds Asset Management

€ 300 N/A In Market Germany Residential

www.bouwfonds.com 1946 Netherlands

BPT Hansa Lux/Baltic Property Trust € 300 N/A In Market Germany Commercial

www.balticpropertytrust.com 2001 Copenhagen

CA Immo New Europe/ CA Immo International

€ 400 N/A In Market C. & E. Europe Commercial

www.caimmointernational.com 1999 Vienna

CapMan Hotels RE/ CapMan Real Estate

€ 400 N/A In Market Scandinavia Hospitality

www.capman.fi 2005 Helsinki

CEE Residential Fund/ Realkapital Partners

€ 200 N/A In Market C. & E. Europe Residential

www.realkapital.no N/A Oslo

Central and Eastern Europe Real Estate Fund/Faisal Private Bank Real Estate

€ 150 N/A In Market C. & E. Europe Diversified

www.faisalfinance.com 1982 Geneva

Cordea Savills German Retail Fund/ Cordea Savills

€ 1,000 N/A In Market German Retail www.cordeasavills.com 2005 London

Cordea Savills UK Property Ventures I Fund/Cordea Savills

€ 400 N/A In Market U.K. Property www.cordeasavills.com 2005 London

Core Italian Property Fund/ AXA Real Estate Investment Managers

€ 200 N/A In Market Italy Diversified www.axaprivateequity.com 1996 Paris

Corestate German Commercial/ Corestate Capital

€ 500 N/A In Market German Commercial

www.corestate-capital.ch 2006 Zurich

DIB Real Estate Fund/ Dubai Islamic Bank

500 N/A In Market Europe Diversified

www.dib.ae 1975 Dubai

Domani Sereno Real Estate Fund/ Fondamenta

€ 150 N/A In Market Italy Senior Housing

www.fondamentasgr.com 1998 Milan

ECM International Real Estate Fund/ Equity Capital Management

250 N/A In Market Europe Diversified

www.ecm-funds.com 1989 Chicago; Bern

Endurance Health Care/ Orco Property Group

€ 200 N/A In Market Germany Healthcare

www.endurancefund.com 2005 Luxembourg; Prague; Paris

Endurance Logistics and Light Industrial/Orco Property Group

€ 200 N/A In Market C. & E. Europe Industrial

www.endurancefund.com 2005 Luxembourg; Prague; Paris

Endurance Office II/ Orco Property Group

€ 200 € 150 In Market C. Europe Office www.endurancefund.com 2005 Luxembourg; Prague; Paris

European Hotel Ventures/ AXA Real Estate Investment Managers

€ 450 N/A In Market European Hospitality

www.axa-reim.com 1999 Paris

European Logistics Income Venture/ AXA Real Estate Investment Managers

€ 300 N/A In Market Europe Warehouses

www.axa-reim.com 1999 Paris

European Retail Income Venture 2/ AXA Real Estate Investment Managers

€ 500 € 700 In Market Europe Retail www.axa-reim.com 1999 Paris

Evans Randall Opportunity Fund/ Evans Randall

£1,000 N/A In Market U.K. Commercial www.evansrandall.com 1993 London

Fondo Azzurro/ Henderson Global Investors

€ 250 N/A In Market Italy Retail www.henderson.com 1934 London





Founded Offices

Forum European Realty Income III/ Forum Partners

€ 500 € 251 In Market European Opportunistic

www.forumpartners.com 2002 London

Frogmore Real Estate Partners II/ Frogmore Real Estate Partners

£400 £330 In Market U.K. Diversified www.frogmorefund.com 2001 London

German Aktiv Property Fund/ Teesland iOG

€ 370 N/A In Market Germany Diversified

www.teesland.com N/A London; Berlin; Frankfurt

German Retail Investment Property Fund/Morley Fund Management

€ 300 N/A In Market Germany Diversified

www.morleyfm.com 2004 London

German Shopping Centre Fund/ Henderson Global Investors

€ 1,200 N/A In Market German Retail www.henderson.com/property 1934 London; Frankfurt

Global Emerging Property Fund II/ Global Finance

€ 350 € 150 In Market S. Europe Diversified

www.globalfinance.gr 1991 Athens

Griffin Property Finance Fund/ Griffin Property Finance

€ 250 N/A Coming to Market

Poland Diversified

N/A N/A Warsaw

Gulf Atlantic Real Estate II/ Gulf Finance House

N/A N/A In Market U.K. Commercial,

Sha'riah Compliant

www.v2.gfhouse.com 1999 Bahrain

H1 Hotelfund/H1 Hotelentwicklungs € 275 N/A In Market C. & E. Europe Hospitality

www.h1hotelfund.com 2007 Vienna

Heitman European Industrial Property Partners/Heitman

€ 200 N/A In Market Europe Industrial www.heitman.com 1966 Chicago

Heitman European Property Partners VI/Heitman


www.heitman.com 1966 Chicago

Hexagone/Aviva Morley Property Funds Management


www.avivainvestors.co.uk 1968 London

Iberia/Norfin € 200 N/A In Market Iberia Diversified www.norfin.eu 1999 Lisbon

IMO Pan-Iberian Retail/ Imorendimento

€ 200 N/A In Market Iberia Diversified www.imorendimento.com 1992 Porto, Portugal

ING Property Fund Eastern and Central Europe/ ING Investment Advisors


www.ingim.com N/A The Hague

IVG European Core+Office/ IVG Immobilien

€ 250 N/A In Market W. Europe Office www.ivg.de 1916 Bonn

JP Morgan Greater Europe Opportunistic Fund/ JP Morgan Asset Management


www.jpmorgan.com 1895 London

Kenmore Europe Fund/ Kenmore Property Group

£400 N/A In Market Europe Diversified

www.kenmore.co.uk 1986 Glasgow; Edinburgh

Kenmore French Regional Office Fund/ Kenmore Property Group

€ 100 N/A In Market French Office www.kenmore.co.uk 1986 Glasgow; Edinburgh

LaSalle European Ventures III/ LaSalle Investment Management

€ 1,250 € 335 In Market Europe Diversified

www.lasalle.com 1978 Chicago; Paris

LaSalle UK Ventures II/ LaSalle Investment Management

£400 £240 In Market U.K. Diversified www.lasalle.com 1978 Chicago; Paris





Founded Offices

LogAxes/ Morley Fund Management Property


www.morleyfm.com 2004 London

Logistis III/AEW Europe € 350 € 218 In Market Europe Logistics www.aeweurope.com N/A Paris; London

Mesa West Real Estate Income II/ Mesa West Capital

400 150 In Market U.S. Mezzanine www.mesawestcapital.com N/A Los Angeles

Meyer Bergman Eastern Europe Retail Fund/Meyer Bergman


www.meyerbergman.com 1970 London; Paris; Berlin

Moor Park Real Estate Fund III/ Moor Park Capital

€ 1,500 N/A In Market W. Europe Diversified

www.moorparkcapital.com 2005 London; Oststeinbek,

Germany

Mosaic Central and Eastern European II/Mosaic Property

€ 200 € 100 In Market C. & E. Europe Diversified

www.mosaicpropertyllp.com 2005 London; Budapest

NIBC European Real Estate Fund I/ NIBC

N/A N/A Coming to Market

W. Europe Diversified

www.nibcapital.com N/A The Hague

Nordic Aktiv Fund II/Teesland IOG € 150 € 300 In Market Nordic Region Retail

www.teesland.com 2004 London; Copenhagen; Stockholm;

Malmo

Orion European Real Estate Fund III/ Orion Capital Managers

€ 650 € 476 In Market Europe Diversified

www.orioncapman.com 1999 London

Parc d'Activites/Valad Property Group € 500 N/A In Market France Industrial www.valad.com.au 1995 Sydney; London

Poteza Real Estate Fund/ Poteza Equity Management

€ 150 N/A In Market Eastern/Central Europe

Diversified

www.poteza.si N/A Lubljana, Slovenia

Pradera Central & Eastern Fund/ Pradera - AM

€ 400 N/A In Market Central/Eastern Europe

Diversified

www.pradera.com 1999 London; Madrid; Milan; Athens

Pradera European Retail Fund II/ Pradera - AM

€ 400 € 500 In Market S. Europe Retail www.pradera.com 1999 London; Madrid; Milan; Athens

Realkapital European Opportunity II/ Realkapital Partners


www.realkapital.no N/A Oslo

Realstar European Capital I/ Realstar Group


www.realstargroup.com 1974 Toronto

Rynda en Primeur II/ Rynda Property Investors

N/A € 140 Coming to Market

France Diversified

www.ryndaproperty.com 2005 Paris

SGAM AI France Property Fund/ SGAM Real Estate


www.sgam-ai.com 1999 Paris

Sierra Portugal Fund/Sonae Sierra € 300 N/A In Market Portugal Shopping Center

www.sonaesierra.com 1989 Lisbon

St Wenceslas Property Fund/ Hunter Property Fund Management

€ 350 N/A In Market C. Europe Diversified

www.hunterpropertymanagement.co.uk

1999 Edinburgh

Symmetry II Fund/aAim Group £200 £200 In Market Europe Commercial

www.aaim.com 2008 London

Tellesma Fund/Tellesma £1,000 N/A In Market U.K. Sustainability

N/A 2008 London





Founded Offices

The Sava Fund/Chayton Capital € 150 € 115 Coming to Market

S.E. Europe Diversified

www.chaytoncapital.com N/A Bucharest; Sofia; London

Tritax Polska No. 1 Fund/Tritax Group € 92 N/A In Market Poland Diversified

www.tritax.co.uk 1995 London

UK Actively Managed Property Shopping Fund/ Protego Real Estate Investors

€ 250 N/A In Market U.K. Diversified www.protegorealestate.com 2004 London

Valartis Real Estate Opportunities Income Fund/Valartis Group


www.valartis.ch 2006 Zurich

Valartis Residential Healthcare Fund/ Valartis Group

€ 125 N/A In Market Europe Medical www.valartis.ch 2006 Zurich

Weinberg Real Estate Partners I/ Weinberg Capital Partners


www.weinbergcapital.com 2005 Paris

West Balkan Real Estate Fund/ Illyria Capital

N/A N/A In Market E. Europe Diversified

www.illyriacapital.com 2007 Kastel Novi, Croatia

Asia Funds

aAIM India Real Estate Fund/ aAIM Group

2000 N/A In Market India Diversified www.aaim.com 2003 London

Actis India Real Estate Fund/ Actis International

300 N/A In Market India Diversified www.act.is 1948 London; Cairo; Beijing; Mumbai

Aetos Capital Asia III/Aetos Capital 2,500 2,200 In Market Asia Diversified www.aetoscapital.com 1999 New York; Tokyo; Hong Kong

AMP Select Property Portfolio III/ AMP Capital Investors

AUD 300 200 AUD In Market Australia www.ampcapital.com.au N/A Sydney

Ashington Development Fund III/ Ashington Capital

AUD 200 80 AUD In Market Australia Diversified

www.ashingtongroup.com.au 1999 Sydney

Asia Pacific Property Fund/ Morley Fund Management Property

£105 N/A In Market Asia/Australia Diversified

www.morleyfm.co.uk N/A London

Australia Opportunity Business Space Fund/Ascendas

SGD 500 N/A In market Australia Office www.ascendas.com 2001 Singapore

Banyan Tree Fund Indochina/ Banyan Tree Holdings

400 N/A In Market Vietnam Diversified

www.banyantree.com 1984 Singapore

Banyan Tree Fund China/ Banyan Tree Holdings

700 N/A Coming to Market

China Diversified www.banyantree.com 1984 Singapore

Capital Asia Partners Real Estate Fund/Capital Realty

JPY 150,000

N/A In Market Asia Diversified www.capserv.com 1998 Tokyo

Capmark Asia Real Estate Partners/ Capmark Financial Group

750 N/A In Market Asia Diversified www.capmark.com 1999 San Mateo, CA; Shanghai; Hyderabad; Tokyo; Taipei

Carlyle Asia Real Estate Fund II/ The Carlyle Group

1,000 410 In Market Asia Diversified www.carlyle.com 1987 Washington, D.C.; Beijing

CholaLand Fund I/CholaLand Advisers 100 N/A In Market Malaysia Diversified

N/A 2008 Malaysia





Founded Offices

CITIC Capital China Real Estate Investment Fund III/ CITIC Capital Holdings - Real Estate

500 N/A In Market China Diversified www.citiccapital.com 2002 Hong Kong

Colony Asia Investors II/ Colony Capital


Asia Diversified www.colonyinc.com 1991 Los Angeles; Seoul; Shanghai;

Hong Kong; Taipei; Tokyo

Cordea Nichani Indian Opportunities I/ Cordea Savills & Nichani Group

200 N/A In Market India Diversified www.cordeasavills.com N/A Maharastra

CPI Capital Partners Asia Pacific II/ Citi Property Investors

1,500 1,291 In Market Asia Diversified www.citigrouppropertyinvestors.com N/A New York

CR Al Rajhi China Real Estate Growth Fund I/Harvest Capital Partners

500 N/A In Market China Diversified www.harvestcapital.com.hk N/A Hong Kong

DaVinci Japan Real Estate Partners V/ KK DaVinci Advisors

3,500 N/A In Market Japan Diversified www.davinci-advisors.com N/A Tokyo

DHFL Venture Capital Fund/ Dewan Housing Finance

250 N/A In Market India Residential www.dhfl.com 1984 Mumbai

Duet India Hotels/Duet Private Equity 200 N/A In Market India Hospitality www.duetgroup.com 2005 London

Duet Japan Special Situations Fund/ Duet Private Equity

300 N/A In Market Japan Diversified www.duetgroup.net 2002 London

Enterprise Fund/Pacific Star Group 1,000 N/A In Market Asia Diversified www.pacificstargrp.com 2000 Singapore

Fortress Asia Realty Fund/ Fortress Investment Group

1,000 N/A In Market Asia Diversified www.fortressinv.com 1998 Hong Kong; Shanghai; Tokyo;

New York

Forum Asia Realty Income Fund III/ Forum Partners

1,000 792 Coming to Market

Asia Diversified www.forumpartners.com 2002 Beijing

Fudo Capital II/ CLSA Capital Partners - Fudo Capital

750 430 In Market Asia Diversified www.clsacapital.com/fudo 2004 Hong Kong

IL&FS Milestone Fund/IL&FS 255 N/A In Market India Diversified www.ilfsindia.com N/A Mumbai

Indiareit Offshore Fund II/ Indiareit Fund Advisors

600 200 In Market India Diversified www.indiareit.com 2006 Mumbai

Indochina Land Holdings 3/ Indochina Capital

500 265 In Market Vietnam Diversified

www.indochinacapital.com 1999 Ho Chi Minh City; Hanoi;

Danang

Indospace Logistics Parks/RealTerm Global & Future Capital Holdings

385 N/A In Market India Industrial www.realterm.com 1990 Mumbai

ING Real Estate Asia Retail Fund/ING Real Estate Investment Management


Asia Supermarkets

www.ingrealestate.com 1996 Hong Kong; Beijing; Seoul

ING Real Estate China Opportunity Fund II/ING Real Estate Investment Management


China Diversified www.ingrealestate.com 1996 Hong Kong; Beijing; Seoul

ING Real Estate China Residential Fund II/ING Real Estate Investment Management


China Residential

www.ingrealestate.com 1996 Hong Kong; Beijing; Seoul





Founded Offices

ING Real Estate Japan Property Fund/ING Real Estate Investment Management

910 N/A Open-Ended

Japan Diversified www.ingrealestate.com 1996 Hong Kong; Beijing; Seoul;

ISG China Real Estate Fund/ ISG Capital Management

100 N/A In Market China Diversified www.isgfn.com 2002 Shanghai; New York

Japan Value Added Fund III/ RREEF Real Estate

JPY 30,000

N/A In Market Japan Diversified www.rreef.com N/A New York

KBC Japan Property Fund/ KBC Asset Management

€ 350 N/A In Market Japan Diversified www.bkbcam.com 2000 Dublin; London; New York

Kotak India Real Estate Fund II/ Kotak Mahindra Investments

350 160 In Market India Diversified www.kotak.com 2005 Mumbai

Limetree Capital Partners II/ LimeTree Capital Partners

500 200 In Market Emerging Beachfront

www.limetreecapital.com 2007 Hong Kong

Mapletree India-China Fund/ Mapletree Investments

1,500 N/A In Market Asia Diversified www.mapletree.com.sg N/A Singapore; Shanghai

Mekong Brahmaputra Clean Development Fund/Dragon Capital

100 N/A In Market Asia Environmentally

Responsible

www.dragoncapital.com 1994 Ho Chi Minh; Hanoi; Bath,

U.K.

Milestone Domestic Scheme II/ Milestone Capital

INR 5,000

N/A In Market India Diversified www.milestonecapital.in 2007 Mumbai

Millennium Spire Fund II/ Millennium Spire Asset Management

300 N/A In Market India Diversified www.millenniumglobal.com 1994 New Delhi; Singapore; New York

Ostara China Fund/ Ajia Partners

400 N/A In Market China Shopping Centers

www.ajiapartners.com 2002 Hong Kong; Tokyo; Seoul;

Beijing

Pacific Alliance China Land Fund/ Pacific Alliance Group

1,000 N/A Coming to Market

China Diversified www.pacific-alliance.com 2002 Hong Kong

Pacific Star Arrow Vietnam Fund/ Pacific Star Holdings

340 N/A In Market Vietnam Diversified

www.pacificstargrp.com 2000 Singapore

Pacific Star Asia Fund Select Concept/ Pacific Star Holdings

2,000 N/A In Market Asia Value-add www.pacificstargrp.com 2000 Singapore

Pradera China Retail Fund/ Pradera AM

250 N/A In Market China Retail www.pradera.com 1999 London; Athens; Istanbul; Milan;

Prague

Protego Qudos Vietnam Property Fund/Protego Real Estate Investors

200 N/A In Market Vietnam Residential

www.protegorealestate.com 2004 London; Singapore

Raffles City China Fund/ Capitaland

1,000 N/A In Market China Hospitality

www.capitaland.com 2000 Singapore; Hong Kong; London

Real Estate Capital Partners Asia II/ Real Estate Capital Partners Asia

400 221 In Market Asia Diversified N/A 2008 Singapore

Red Fort Real Estate India Fund II/ Red Fort Capital

550 350 In Market India Diversified www.redfortcapital.com 2006 New Delhi; Mumbai

Rutley Indian Property/ Rutley Capital Partners

500 N/A In Market India Diversified www.rutleycapitalpartners.com 2005 London; Mumbai

Saffron Real Estate India Fund/ Saffron Asset Advisors

500 N/A In Market India Diversified www.saffronadvisors.com 2005 Mumbai





Founded Offices

Secured Capital Japan Residential Fund IV/Secured Capital Japan

1,250 758 In Market Asia Diversified www.securedcapitalco.jp 2006 Tokyo

SGAM AI Japan Property Fund/SGAM Alternative Investments Real Estate

€ 200 N/A In Market Japan Diversified www.sgam-ai.com N/A Paris

Standard Chartered Istithmar Asia RE Opportunities Fund/Standard Chartered Istithmar RE Management

750 N/A In Market Asia Diversified www.standardchartered.com 1969 Singapore

Tishman Speyer GSC China Fund/ Tishman Speyer

500 N/A In Market China Diversified www.tishmanspeyer.com 1978 New York; Beijing;

Shanghai

Tishman Speyer India Fund/ Tishman Speyer

1,000 350 In Market India Diversified www.tishmanspeyer.com 1978 New York; Chennai

Triangle Real Estate India Fund/ Old Mutual Investment Group Property Investments

500 N/A In Market India Retail www.omigpi.com 1845 Cape Town

Trikona India Real Estate Fund/ Trikona Capital

500 N/A In Market India Diversified www.trikonacapital.com 2006 New York

Triseas Korea Property Fund II/ Doran Capital Partners

600 210 In Market Korea Diversified www.dorancapital.com 2002 Seoul

Trump Organization India Fund/ Trump Organization

1,000 N/A In Market India Luxury www.trump.com 1980 New York

UBS Gemdale China Real Estate Fund/ UBS Realty Investors

300 N/A In Market China Diversified www.ubs.com/realestate N/A Beijing; Guangzhou;

Shanghai

UBS K Rajeha Corp. India Real Estate Fund/UBS Realty Investors

500 N/A In Market India Diversified www.ubs.com/realestate N/A Mumbai

Unitech International Realty/ Unitech Realty

500 N/A In Market India Diversified www.unitechgroup.com 1974 Haryana, India

Urban Infrastructure Opportunity Fund II/Reliance Industries

1,000 50,000 INR

In Market India Diversified www.ril.com 1993 Mumbai

Vietnam Property Fund/PRUPIM 500 N/A In Market Vietnam Diversified

www.prupim.com N/A London

Vinaland Fund I/Vinacapital N/A N/A Coming to Market

Vietnam Diversified

www.vinacapital.com 2003 Ho Chi Minh City; Hanoi; Hong Kong

Walton Street Capital India Fund I/ Walton Street Capital

1,000 N/A In Market India Diversified www.waltonst.com 1994 Chicago

Latin America

Americas Real Estate Opportunity Fund/Falcon Real Estate

500 N/A In Market Latin America Diversified

www.falconreal.com 1991 New York

Carlyle Latin America Real Estate Partners/The Carlyle Group

425 N/A In Market Latin America Diversified

www.carlyle.com 1987 Washington, D.C.;

Mexico City; Sao Paolo





Founded Offices

JER Latin America I/JER Partners 750 N/A In Market Latin America Diversified

www.jer.com 1980 Maclean, VA; Sao Paolo

LaSalle Mexico Fund/ LaSalle Investment Management

500 N/A In Market Mexico Diversified

www.lasalle.com 1978 Chicago; Mexico City

Latam Residential Fund/ Pramerica Real Estate Investors

1,000 N/A In Market Mexico Hospitality

www.pramericarei.com N/A Parsippany, NJ

Paladin Realty Latin America Investors III/Paladin Realty

500 200 In Market Latin America Diversified

www.paladinreit.com 1995 Los Angeles

Patria Brazil Real Estate Fund II/ Patria Investimentos

400 N/A In Market Brazil Diversified ww.patriainvestimentos.com.br 1988 Sao Paolo

PLA Retail Fund I/ Prudential Real Estate Investors

425 N/A In Market Mexico Retail www.prudential.com/prei 1970 Parsippany, NJ

Vision Brazil Real Estate Opportunities I/Brazil Real Estate Opportunities Manager and Moore Capital Management

250 N/A In Market Brazil Diversified www.visionbrazil.com N/A Sao Paolo

Walton Street Mexico Fund I/ Walton Street Capital


www.waltonst.com 1995 Chicago

Middle East/North Africa

DIB Real Estate Fund/ Dubai Islamic Bank

500 N/A In Market Middle East Region

www.dib.ae 1975 Dubai

Easy Property Investment Fund/ Easy Property Group

100 N/A In Market Middle East Region

www.easypropertygroup.com N/A Dubai

Global GCC Real Estate Fund II/ Global Investment House

500 100 In Market GCC Diversified www.globalinv.net N/A Safat, Kuwait

Hospitality Development Fund/ Abu Dhabi Investment House, Ithmaar Bank & Gulf Finance House

300 N/A In Market GCC Hospitality www.adih.ae 2005 Abu Dhabi

Lewis Charles Abu Dhabi Property Fund/Lewis Charles

100 N/A In Market Abu Dhabi/ Dubai Diversified

www.lewischarles.com N/A London

Markaz Real Estate Opportunities Fund/Kuwait Financial Centre Real Estate

200 N/A In Market MENA Region www.markaz.com 1974 Safat, Kuwait

Nauerz & Noell Advanced Property Fund/Nauerz & Noell

€ 2,000 N/A In Market Abu Dhabi/ Dubai Diversified

www.nauerz-noell.de 2000 Frankfurt

SGAM Almak Development/SGAM Real Estate Investment Management


Morocco Diversified

www.sgam-ai.com N/A Paris

SHUAA Hospitality Fund I/ Shuaa Capital

500 N/A In Market Saudi Arabia Hospitality

www.shuaacapital.com 1979 Dubai

Siraj Hospitality & Tourism Fund/ Siraj Capital

SAR 1,000

N/A In Market GCC Diversified www.sirajcapital.com 2006 Dubai; Riyadh

TNI Real Estate Development Fund/ The National Investor

200 100 In Market GCC Diversified www.tni.ae 1995 Abu Dhabi; Dubai





Founded Offices

Other Emerging Markets

Amstar Global Property Fund II/ Amstar Global Partners

350 340 In Market Emerging Markets

Diversified

www.amstarglobal.com 2007 Hamilton, Bermuda

Aberdeen Property Fund Russia/ Aberdeen Property Investors

€ 500 N/A In Market Russia Diversified

www.aberdeenpropertyinvestors.com

1986 Copenhagen; St. Petersburg

ACCEPT B.V./AKRON Group 300 N/A In Market E. Europe Diversified

www.akron-group.com N/A Vienna

Amstar Ukraine Property Fund I/ Amstar Europe

€ 250 N/A In Market Ukraine Diversified

www.amstareurope.com 2007 Kiev

Capital Alliance Property Investment Company/Capital Alliance Real Estate

479 N/A In Market W. Africa Diversified

www.aca-web.com 1997 Lagos

Capitalworks Real Estate Fund/ Capitalworks Investment Partners

500 N/A In Market South Africa www.capitalworksip.com 2008 Benmore, South Africa

Duet Golden Horn/Duet Private Equity 150 N/A In Market Turkey Diversified

www.duetgroup.net N/A London, UK

East Capital Russian Property Fund/ East Capital

€ 200 N/A In Market Russia Retail www.eastcapital.com N/A Stockholm; Moscow; Paris

EPG East Euro Asia Property Fund/ ACTEEUM Group

300 N/A In Market E. Europe Diversified

www.acteeum.com 2006 Netherlands

Hansa Baltic Real Estate Fund/ Hansa Investment Funds

€ 100 N/A In Market Baltic Region Diversified

www.hansa.ee/funds 1994 Riga, Latvia

Jensen Russian Real Estate Fund 2/ Jensen Group

350 101 In Market Russia Diversified

www.jensen.ru 1991 St. Petersburg

Kenmore/Watan Real Estate Fund/ Kenmore Property Group & Watan Investments

N/A N/A Coming to Market

GCC Diversifed www.kenmore.co.uk 1986 Dubai; London

MIL Equity Partners Eastern Europe/ EquityInvest

250 N/A In Market C. & E. Europe Diversified

www.eifunds.com N/A Boston; Budapest

Paladin Realty Eurasia Investors/ Paladin Realty

300 N/A In Market Turkey Diversified

www.paladinreit.com 1995 Los Angeles

PIK Real Estate Fund/ PIK Capital Partners

1,000 N/A In Market Russia Diversified

www.pik-capital.ru N/A Moscow

Rutley Capital East African Property Fund/Knight Frank & ICEA Asset Management

300 N/A In Market E. Africa Diversified

www.rutleycapitalpartners.com 2005 Nairobi

South Africa Workforce Housing Fund/ International Housing Solutions

280 N/A In Market S. Africa Residential

www.intlhousingsolutions.com N/A Johannesburg; Baltimore;

London; Boston

UFG Real Estate Fund II/ UFG Asset Management

300 130 In Market Russia Diversified

www.ufgam.com 1997 Moscow





Founded Offices

Mezzanine and Debt Funds

AREA European Commercial Property Debt Fund/AREA

1,000 N/A In Market Europe Debt www.apollorealestate.com 1993 New York

Basalt Capital CMBS Fund/ Basalt Capital

500 N/A In Market U.S. Debt www.basaltcapital.com 2008 Chicago

BlackRock Carbon Capital III/ BlackRock Realty

750 380 In Market U.S. Mezzanine www.blackrock.com 1998 New York

BlackRock Mortgage Investors Fund/ BlackRock Realty

2,000 N/A In Market U.S. Debt www.blackrock.com 1998 New York

Blackstone Real Estate Special Situations Fund/Blackstone Real Estate Advisors

1,000 N/A In Market U.S. Mezzanine www.blackstone.com 1992 New York; Chicago;

Los Angeles

Duet European Real Estate Debt Fund/ Duet Private Equity

€ 300 N/A In Market Europe Debt www.duetgroup.net 2002 London

Fillmore West Fund/ Fillmore Capital Partners

1,000 420 In Market U.S. Debt and Mezzanine

www.fillmorecap.com 2004 San Francisco; Worthington,

OH

FSI Credit Opportunity Fund/ Capitaline Hill Partners

1,000 N/A In Market U.S. Distressed www.fsicapital.com 1995 New York; Cincinnati

Goldman Sachs Real Estate Mezzanine Partners/Goldman Sachs

2,500 N/A In Market U.S. Debt www.goldmansachs.com 1996 New York

Guggenheim Structured Real Estate Fund IV/Guggenheim Real Estate

1,500 875 In Market U.S. Debt www.guggenheimrealestate.com 2001 New York

Hillenbrand Global Mortgage Fund/ Hillenbrand Partners

750 N/A In Market Global Debt www.hillenbrandpartners.com 1995 Chicago; Auburn, AL

ING Clarion Debt Opportunity Fund III/ING Clarion

1,000 500 In Market U.S. Debt www.ingclarion.com N/A New York

Investcorp Real Estate Credit Fund/ Investcorp

1,000 N/A In Market U.S. Debt www.investcorp.com 1982 Bahrain

LoanCore Capital Fund I/LoanCore Capital & DivcoWest Properties

3,000 N/A In Market U.S. Debt N/A 2008 Greenwich, CT

Lowe Real Estate Income and Growth Partners II/Lowe Enterprises Investors

200 201 In Market U.S. Mezzanine www.loweenterprises.com 1972 Los Angeles; Denver;

Irvine, CA

LNR Archetype Real Estate Debt Fund/ LNR Commercial Property Group

N/A N/A In Market U.S. Debt www.lnrcpg.com 1997 Newport Beach; Miami Beach

NYLIM Real Estate Mezzanine III/ NY Life Investment Real Estate

500 N/A In Market U.S. Debt www.nylimrealestate.com N/A New York

OWS Mortgage Opportunity Master Fund/One William Street Capital

500 N/A In Market U.S. Debt N/A 2008 New York

Ponte Capital/Infinity Funding Group 1,000 N/A In Market U.S. Debt www.infinityfundsgroup.com 1993 Bohemia, NY

PREI Mezzanine Fund/ Pramerica Real Estate Investors

500 N/A In Market U.S. Mezzanine www.pramericarei.com N/A Parsippany, NJ





Founded Offices

RCG Longview Debt Fund IV/ Ramius Capital Group

700 N/A In Market U.S. Debt www.rcglongview.com 1999 New York

Selene Residential Mortgage Opportunity Fund/ Selene Investment Partners

1,000 N/A In Market U.S. Debt N/A 2008 Uniondale, NY

Starwood Debt Fund II/ Starwood Capital Group

1,000 N/A In Market U.S. Diversified www.starwoodcapital.com 1991 Greenwich, CT

Sterling American Property VI/ Sterling American Property

700 610 In Market U.S. Debt www.sterlingamerican.com 1991 New York

TCW Credit Opportunities Fund/ TCW Real Estate

3,000 N/A In Market U.S. Debt www.tcw.com 1971 Los Angeles

Transwestern Mezzanine Realty Partners III/Transwestern Investment Company

500 300 In Market U.S. Mezzanine www.transinvestco.com 1996 Chicago

Tremont Special Opportunity Debt Fund/Tremont Realty Capital

300 N/A In Market U.S. Debt www.tremontcapital.com 2000 Boston; Hartford; New York; Chicago;

Annapolis; Newport Beach

True North High Yield Investment Fund II/True North Management Group

500 110 In Market U.S. Distressed and Mezzanine

www.tninvestors.com 2004 White Plains, NY

Wilshire Income Fund/Wilshire Finance Partners

100 N/A In Market California Bridge Loans

www.wilshirefp.com 2008 Los Angeles

Secondaries

Belveron Real Estate Partners Fund/ Belveron Real Estate Partners

200 N/A In Market Real Estate Secondaries

www.belveronpartners.com 2006 San Francisco

CS Strategic Partners IV RE/ Credit Suisse

420 300 In Market Real Estate Secondaries

www.credit-suisse.com N/A New York

Landmark Real Estate Fund VI/ Landmark Partners


Real Estate Secondaries

www.landmarkpartners.com 1989 Simsbury, CT; Boston

Madison Harbor Secondary Real Estate Fund of Funds/Madison Harbor

150 N/A In Market Real Estate Secondaries

www.madison-harbor.com N/A New York

Infrastructure

aAIM Infrastructure Fund/ aAIM Infrastructure

£2,000 N/A In Market United Kingdom www.aaim.com 2004 London

ABN AMRO Global Infrastructure Fund II/ABN Amro

€ 2,000 € 1,100 In Market Global Diversified

www.capital.abnamro.com 1994 Amsterdam; London

Actis Infrastructure Fund II/Actis 1,000 N/A In Market Asia and Africa www.act.is 2004 London

ADIC IL&FS Middle East Infrastructure/Abu Dhabi Investment Company

1,000 N/A In Market MENA www.adic.ae 2006 Abu Dhabi





Founded Offices

ADIC-UBS Infrastructure Fund/ UBS Global Asset Management

600 N/A In Market MENA www.ubs.com 2002 Zurich

Alterna Core Capital Asset Fund/ Alterna Capital

1,000 N/A In Market U.S. Diversified www.alternacapital.com 2007 Westport, CT

AmKonzen Water Infrastructure Fund/AmKonzen Water Investments Management

320 N/A In Market Asia Water www.konzengroup.com 2008 Singapore

Ampere Equity Fund/Evelop € 500 N/A In Market W. Europe Diversified

www.evelop.com N/A Utrecht

Antin Infrastructure Partenrs Fund I/Antin Infrastructure Partners & BNP PAM Group


N/A 2007 Paris

Asian Giants Infrastructure Fund/ AMP Capital Investors

750 N/A In Market Asia Diversified www.ampcapital.com.au 1998 Sydney

Atherstone India Invest Infrastructure Fund/Atherstone India invest


India Diversified www.aii-group.com N/A Geneva

Axis Infrastructure Fund/Axis Bank 500 N/A In Market India Diversified www.axisbank.com 1994 Mumbai

Baer Capital Infrastructure and Real Estate/Baer Capital Partners


India Diversified www.baercapital.com 2006 Dubai

Bunyah GCC Infrastructure Fund 150 N/A In Market MENA www.instratacapital.com 2007 Manama

Challenger Mitsui Emerging Markets Infrastructure Fund/Challenger Financial Services & Mitsui & Co.

1,200 N/A In Market Global Diversified

www.challenger.com.au 2008 Sydney; Tokyo

Citi Infrastructure Investors/Citigroup 3,000 N/A In Market U.S./Europe Diversified

www.citigroupai.com 2007 New York

Central American Mezzanine Infrastructure Fund/EMP Global

150 N/A In Market C. American Diversified

www.empglobal.com 2005 Washington, D.C.

CVC/Vineburg Infrastructure Fund/ CVC Capital Partners

€ 2,000 N/A Coming to Market

Europe Diversified

www.cvc.com 1981 London; Paris; Luxembourg;

Brussels; Milan

Darby Mexico Infrastructure Fund/ Darby Overseas Investments


www.darbyoverseas.com 1994 Washington, D.C.

DIF Infrastructure Fund/ Dubai Investment Bank

500 N/A In Market Middle East Diversified

www.dif.eu 2005 Schipol, the Netherlands

Emerald Infrastructure Development Fund/Emerald Development Managers

€ 750 N/A In Market U.S. and U.K. N/A 1994 Belfast

Equiitx Fund I/Equitix £125 N/A In Market United Kingdom www.equitix.co.uk 2007 London

Eredene Capital India Infrastructure Fund/Eredene Capital

400 N/A In Market India www.eredene.com 2005 London

Fondi Italiani Per Le Infrastrutture/ F2i SGR

€ 2,000 N/A In Market Italy Focused www.f2isgr.it 2007 Milan

GS European Infrastructure Fund/ Goldman Sachs

€ 3,000 N/A Coming to Market

Europe Diversified

www.gs.com/pe 2006 New York; London





Founded Offices

GS Infrastructure Partners II/ Goldman Sachs

7,500 N/A In Market N. America, Europe

Diversified

www.gs.com/pe 2006 New York; London

Gulf One Infrastructure Fund I/ Gulf One Bank

2,000 N/A In Market GCC Diversified www.gulf1bank.com 2006 Bahrain

HBG Infrastructure/HBG Holdings 200 N/A In Market India/Pakistan Diversified

www.hbgholdings.com N/A Dubai

Henderson Infrastructure III/ Henderson Equity Partners

£600 £584 Coming to Market

Europe Diversified

www.hendersonprivatecapital.com 1985 London

India Infrastructure Advantage Fund/ ICICI Bank

1,000 N/A In Market India Diversified www.icicibank.com N/A Mumbai

IDFC Private Equity Fund II/ IDFC Private Equity

1,250 440 In Market India Diversified www.idfc.com 2004 Mumbai

IFC InfraVentures/International Finance Corporation

100 N/A In Market Emerging Diversified

www.ifc.org/funds 1956 Washington, D.C.

Indochina Infrastructure Holdings/ Indochina Capital Corporation

500 N/A In Market Asia Diversified www.indochinacapita.com 1999 Ho Chi Minh City

ING Atlas European Infrastructure Fund/ING Real Estate Investment Management

€1,000 N/A In Market Europe Diversified

www.ing.com N/A London

Israel Infrastructure Fund II/ Israel Infrastructure Fund

£200 N/A In Market Global Diversified

www.iif.co.il 2006 Tel Aviv

JP Morgan Asia Infrastructure Fund/ JP Morgan

1,500 N/A In Market Asia Diversified www.jpmorgan.com/infrastructure 2006 Hong Kong; Singapore; Mumbai

KKR Infrastructure Fund/KKR 4,000 N/A Coming to Market

Global Diversified

www.kkr.com 1976 New York; Menlo Park; London;

Tokyo

LODH Macquarie Infrastructure Fund CHF 1,500

N/A In Market Europe Diversified

www.macquarie.com.au 2000 Sydney; London

Macquarie European Infrastructure Fund III/Macquarie

€ 5,500 € 4,600 In Market Europe Diversified

www.macquarie.com.au 2000 Sydney; London

Macquarie Global Infrastructure Fund III/Macquarie

500 AUD 490 In Market OECD www.macquarie.com.au 2000 Sydney

Macquarie India Infrastructure Opportunities Fund/Macquarie


India Diversified www.macquarie.com.au 2000 Sydney; Mumbai

Macquarie Infrastructure Partners II/ Macquarie

6,000 4,000 In Market North America Diversified

www.macquarie.com.au 2000 New York; Sydney

Macquarie Renaissance Infrastructure Fund/Macquarie & Renaissance Capital

1,500 N/A In Market Russia & Central Asia

www.macquarie.com.au 2000 Sydney; Moscow

MENA Infrastructure Fund/Dubai International Capital & HSBC Bank

500 N/A In Market MENA Region www.dubaiic.com 2005 Dubai

Millenium Private Equity Infrastructure Fund/Milennium Private Equity

500 N/A In Market Middle East Diversified

www.mpefunds.com 2006 Dubai





Founded Offices

Mubadala Infrastructure Partners/ Mubadala Development Company, GE & Credit Suisse

N/A N/A In Market MENA Region www.mubadala.com.ae 2007 Abu Dhabi

Pan African Infrastructure Development Fund/South Africa Public Investment Commission

1,000 N/A In Market Africa Diversified N/A 2005 Pretoria

Perpetual Diversified Infrastructure Fund/Palisades Investment Partners

AUD 250 N/A In Market Australia Diversified

www.palisadespartners.com.au 2007 Sydney

Q India Fund/Quantum Equity Advisors

500 N/A In Market India Diversified www.qindiafund.com 1993 Mumbai

Rabo Bouwfunds Communication Infrastructure Fund/Bouwfunds Asset Management

€ 375 N/A In Market Netherlands Communications

www.bouwfunds.com 1946 Hoevelaken

RREEF North American Infrastructure Fund/Deutsche-RREEF

500 N/A In Market N. America Diversified

www.rreef.com N/A New York; Sydney; London

Santander Infrastructure II/ Capital Grupo Santander

€ 1,500 € 185 In Market Global Diversified

www.santanderprivateequity.com N/A Madrid

Saratoga Asia Fund II/ Saratoga Investama Sedaya

330 N/A In Market Asia Diversified www.saratoga.co.id 1998 Jakarta

Saudi-Spanish Infrastructure/ Arox Infrastructure

1,000 N/A In Market Saudi Arabia & Spain Diversified

N/A 2008 Zurich

SC IL&FS Asia Infrastructure Growth Fund/Standard Chartered and IL&FS

1,000 N/A In Market China & India Diversified

www.standardchartered.com 2008 Singapore; Mumbai

Transport Infrastructure Investment Company Fund/Transport Infrastructure Investment Company

€500 N/A In Market North America, South America,

Europe

N/A 2008 Lisbon

Troika Infrastructure Fund/ Troika Capital Partners

1,000 N/A In Market Russia Diversified

www.troika.ru 2006 Moscow

Vision Global India Infrastructure Fund/Vision Global Investments

1,000 N/A In Market India Diversified www.globalvisioninvestments.net N/A Financial Harbour, Bahrain

S a n F r a n c i s c o 425 California Street

Suite 2300

San Francisco, CA 94104

Tel 1.415.402.0700

Fax 1.415.402.0052

N e w Yo r k 1251 Avenue of the Americas

Suite 2390

New York, NY 10020

Tel 1.212.403.3662

Fax 1.212.403.3537

L o n d o n

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Real Estate Institutional Investor Survey - Probitas...

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Transcript of Real Estate Institutional Investor Survey - Probitas...