private equity real estate review 2006

© 2006 Private Equity Intelligence Ltd

The 2006 Private Equity Real Estate Review

1



Contents

5

1. Executive Summary 7 2. Data Sources 13 3. Review of Real Estate Fundraising Market 17 4. Listings of Funds Closed 2005 - 2006 29 European Funds Closed 2005 - 2006 31 North American Funds Closed 2005 - 2006 39

Rest of World Funds Closed 2005 - 2006 32

5. Listings of Funds on the Road 45 European Funds on the Road 2005 - 2006 47 North American Funds on the Road 2005 - 2006 47 Rest of World Funds on the Road 2005 - 2006 50

6. Listings of Likely New Fund Launches 53

11. Review of Real Estate Limited Partner Universe 181

12. Profiles of Leading Limited Partners in Real Estate 189 The Leading 150 Limited Partners in Private Equity Real Estate 191 Sample Investments and Contact Details for Further LPs 247 13. Index 275 Index of General Partners 277 Index of Limited Partners 281

7. Review of Real Estate Fund Terms 57 8. Review of Real Estate Fund Performance 65 9. Benchmark Performance Tables 75

10. Profiles of Real Estate General Partners 79 General Partner Investment Preferences 81 General Partner Profiles with Funds and Performance 93

Contents:


Executive Summary

9

Executive Summary Real Estate Fund Raising Market Booming

Fundraising continues unabated in 2006: by the

end of August, 46 real estate private equity funds

had achieved final closes, raising an aggregate

$32 billion between them. With a further 58 new

funds still on the road targeting an additional $27

billion, 2006 looks sure to beat the previous record

of $45 billion raised in 2005.

Not only has the total amount of money raised

been a record, but individual firms are succeeding

in raising ever-larger funds. In 2006 Blackstone

has raised the largest-ever fund, the $5.25 billion

Real Estate Partners V, and no fewer than 9 real

estate funds of over $2 billion have closed since

the start of 2005. Fund managers are also

increasingly looking further a field in order to find

opportunities. Emerging markets have been a hot

spot for real estate funds, with 23 Asian focused

funds raising $9 billion since 2004, $4 billion of this

coming in 2006 alone.

Detailed listings of all funds closed since 2005,

funds currently on the road, and funds expected to

launch in the next 12 months appear in the body of

the Review, along with detailed analysis of typical

fund terms for private equity real estate vehicles.

Real Estate Funds: Providing Strong, Stable Performance

Using data for 200 private equity real estate GPs,

with performance from 240 real estate funds we

are able to reveal a driving factor behind the

burgeoning fundraising market: strong stable

performance. The 2006 Private Equity Real Estate

Review provides full profiles for

these real estate firms, with fund

performance, firm strategies and

key contact information.

Although it may not have as high

a profile as the larger buyout

market or the venture segment,

real estate has been a star

performer in most LPs’ portfolios.

Comparing net-to-LP IRRs for

real estate funds with those for

venture, buyout and all private

equity shows a compelling picture

(please see Fig. A) Since 1995

real estate funds have been the best-performing

private equity category in six vintage years out of

nine.

Furthermore, real estate funds have combined

these excellent returns with a low risk profile. One

of the main risks faced by LPs is that of manager

choice – will the fund you commit to be one of the

better performers or one of the worse ones? The

risk of this, as measured by the standard deviation

between better- and worse-performing funds, is

lower for real estate funds than for any other class


© 2006 Private Equity Intelligence Ltd 10

of private equity funds. Put simply, the risk of

selecting a poorly-performing fund is lower in real

estate than in venture, buyout, or any other

category.

LP Real Estate Allocations Increasing

The flip side is of course that it is relatively less

likely that any given real estate fund will deliver

shoot-the-lights-out performance. Nevertheless,

this highly favourable risk-return balance has

confirmed the place of real estate in many LPs’

private equity programs. This is translating into

steadily-increasing target allocations towards real

estate funds. Private Equity Intelligence recently

completed a survey of the top 350 LP investors in

real estate funds worldwide to assess their

intentions. A remarkable 68% of all LPs intend to

increase their allocations to real estate funds, while

a miniscule 4% intend to reduce them (28% will

maintain their allocations at the current level -

please see Fig. B)

This positive balance of intended increases is even

more pronounced than for the

private equity asset class as a

whole (where the corresponding

figures are 54% increasing, 5%

decreasing and 41% staying the

same), confirming that real estate

is likely to capture a growing

share of the private equity pie.

The average current allocation to

real estate among the top 350

LPs is currently 5.7% of total

assets, compared with their

ta rge t o f a round 7 .1%,

underlining the scope for further

growth.

The 2006 Real Estate Review provides full profiles

for nearly 300 LP investors who have previously

invested in or have a preference for real estate

private equity funds.

The Future for Private Equity Real Estate

If demand from LPs is one side of the equation,

then the supply of investment opportunities is the

other side. Despite the record amounts raised by

new funds, GPs have managed to put the

committed capital to work quickly. The latest

figures available on our Performance Analyst

database (with data generally as at Dec 31 2005 to

March 31 2006) shows that the average 2004

vintage fund was 44% called up, and even the

2005 vintage funds were 24% called up. Including

the 2006 vintage funds closed to date, we estimate

the total global pool of committed but as yet

uncalled capital available to private equity real

estate funds to be around $70 billion. This is

around two years’ worth of fund raising at current

rates – hardly an excessive ‘overhang’.

In summary, the fundamentals for private equity

real estate fundraising look sound: strong and

growing LP demand; a favourable risk-reward


Executive Summary

11

balance for investors; and evidently sufficient

profitable opportunities for the funds raised. As a

result, we remain confident that 2006 will

comfortably exceed 2005’s total amount raised,

and that the next 12 months to September 2007

could see a total of $50 – 60 billion raised

worldwide.


Data Sources

15

Data Sources

The 2006 Private Equity Real Estate Review has

brought together several of Private Equity

Intelligence’s data sources to give a unique

perspective on the worldwide market for real estate

limited partnerships. These include our market-

leading online databases plus significant additional

research commissioned specially for the Review.

Performance Analyst: gives detailed financial

information for over 7,400 private equity funds

globally, including net-to-LP performance data for

3,000 funds. Performance Analyst is a unique

resource that has enabled us to analyse some of

the key drivers of the global fund raising market.

These include the aggregate net cash flow that LPs

have experienced from their private equity

programs, and how these net cash flows have

varied by fund type and geography; the ‘overhang’

of uncalled commitments by type and location of

fund; and the identities of the firms that are likely to

hit the fund raising market with new follow-on funds

during 2006.

Funds in Market: gives detailed information for

over 830 new funds currently on the road, plus 570

funds that have closed during the past year, and

516 follow-on funds likely to launch during the

coming 12 months. Complete with details on the

industry and geographic focus of each fund, and

updated daily throughout the year, the database

provides its many users with an invaluable ‘pulse’

on the global market.

Investor Intelligence: the premier source for LP

information worldwide, this unique online service

has detailed profiles for over 3,500 LPs globally,

complete with information on assets under

management, allocations to private equity, previous

fund investments and GP relationships, current

investment plans and funds available, and key

contacts. GPs, placement agents and secondary

specialists use it as a vital resource for their fund

raising, investor relations and deal sourcing

activities. Being online and updated on a regular

basis, Investor Intelligence provides the up-to-date

information that no printed directory can.

LP Interviews: in addition to the information from

Investor Intelligence, our analysts interviewed over

150 LPs during the research for the Review, and

their responses have given vital insights into their

investment intentions and hence the prospects for

new fund raising by fund type and geography

during 2006.

GP Interviews: over 130 GPs provided us with

direct feedback on their current and prospective

fund raising activities for 2006, giving the most

comprehensive analysis ever undertaken of the

supply of new real estate funds globally. An

additional 37 GPs provided data on the terms and

conditions of their real estate funds.

The Review is based upon the latest information

available as at the time of going to press in

September 2006. Private Equity Intelligence will

continue to monitor the market during the course of

the year, and to serve clients with our online

information services, publications like the Review,

and bespoke research projects. Please contact us

if you have additional information requirements that

we can assist you with.


Fundraising Market Review

21

In terms of firm location, European managers have

historically raised the second largest in terms of

funds raised with 6% of the market, with firms

operating in the Rest of World region raising

slightly less than this with 5%.

A slightly different split of the real estate private

equity market can be seen when funds raised

during 2006 only are taken into consideration. As

Fig 4 shows, the North American dominance of the

market is less than in previous years, with the 30

funds managed by US firms accounting for 65% of

the total. The 9 funds managed by Rest of World

firms account for 20% in terms of the number of

funds raised, and 7 funds operated by European

GPs 15%.

In terms of value, 2006 has seen North American

fund managers maintain their dominance of the

global market, raising an aggregate $26.2bn, 82%

of all capital raised. Although European managers

raised fewer funds, the average size was larger,

and the $3.3bn raised accounts for 10% of the

global market. Rest of World managed funds

account for 8% of the total raised in 2006, with

$2.4bn in aggregate commitments.

Fund Focus:

There is a great disparity between the global share

of the private equity real estate market in terms of

the firm location and the fund focus, especially in

the case of funds focusing on the Rest of World.

This is due to a large proportion of funds focusing

on this region being managed by firms located in

Europe and North America. Of the funds closed in


European Funds Closed 2005 - 2006

31

EUROPEAN FUNDS

Fund Name / Firm Name Target / Final Close (mn)

Close Date

Placement Agent

Strategy Geographic Focus

Sector Focus Sample LPs

Aberdeen Indirect Property Partners Target 750 EUR Feb-06 Not Used Fund of funds Europe All Nordea Liv Aberdeen Property Investors Final 624 EUR Apollo European Real Estate II Target Feb-05 Opportunistic Europe Retail, Office Apollo Real Estate Advisors Final 600 USD Benson Elliot European Real Estate Partners

Target 300 EUR Aug-06 Probitas Partners

Value-Added Europe All

Benson Elliot Capital Management Final 335 EUR Brockton Capital I Target Apr-06 UK, West Europe Diversified Brockton Capital Final 150 GBP Capman Real Estate Fund Target 500 EUR Jun-05 Not Used Value-Added Finland, Europe Commercial Etera Mutual Pension Insurance

Company, Suomi Mutual Life Assurance Company, The Finnish State Pension Fund and Varma Mutual Pension Insurance Company

CapMan Real Estate Final 500 EUR

Carlyle Europe Real Estate Partners II Target 500 EUR Oct-05 Not Used Opportunistic Europe All Carlyle Group Final 760 EUR Curzon Capital Partners II Target Apr-06 Value-Added UK Logistics,

Office

Curzon Global Partners Final 354 EUR Doughty Hanson Euro Real Estate II

Target 500 EUR Jul-06 Presidio

Partners Opportunistic Europe All British Columbia Investment

Management Corporation, Gothaer Versicherungsbank, LGT Capital Partners and Teachers' Retirement

Doughty Hanson & Co Final 560 EUR

Europa Fund II Target 300 EUR Aug-05 Opportunistic Europe University of Michigan Endowment Europa Capital Final 450 EUR Fortress Residential Investment Deutschland Target

Jul-05

Value-Added Germany Residential California Public Employees' Retirement System (CalPERS), California State Teachers' Retirement System, GM Asset Management, Howard Hughes Medical Institute Endowment and Yale University Endowment

Fortress Investment Group Final 1500 USD


North American Funds on the Road

49

Fund Name / Firm Name Target Size (mn) / Close Date

Closings to Date Strategy Placement Agent

Geographic Focus Sector Focus

L&B Diversified Strategy Partners 400 USD Diversified Not Used US, North America Industrial, Retail, Office, Residential L&B Realty Advisors www.lbgroup.com +1 214 989 0800

L&B Medical Property Partners 67 USD Sep-07 First Close: 50 USD (Sep-2006)

Not Used US, North America Industrial, Retail, Office, Residential

L&B Realty Advisors www.lbgroup.com +1 214 989 0800 Legacy Partners Realty Fund II 325 USD First Close: 252 USD

(May-2006), Second Close: 310 USD (Jun-2006)

Value-Added Atlantic-Pacific Capital

US, Southwest US Industrial, Office, Research & Development

Legacy Partners www.legacypartners.com +1 650 571 2200 MacFarlane Urban Real Estate II Opportunistic US, North America Commercial,

Residential MacFarlane Partners www.macfarlanepartners.com +1 415 356 2500 McMillin Capital Fund 6 First Close: 14 USD

(Apr-2006) Value-Added US, North America Land, Residential

McMillin Capital mcmillincapital.com +1 619 226 6200 New Boston Real Estate Fund VII 350 USD Value-Added US New Boston Fund www.newbostonfund.com +1 617 723 7760 Onex Real Estate Partners 250 USD First Close: 200 USD

(Jan-2005) Value-Added Canada, North

America

Onex Real Estate Partners www.onex.com +1 416 362 7711 Parmenter Realty Fund III 250 USD First Close: 217 USD

(Jan-2006)

Parmenter Realty Partners www.theparmentercompany.com +1 305 379 7500 Perseus Capital City Fund 150 USD Dec-06 First Close: 40 USD

(Mar-2006), Second Close: (Sep-2006)

Diversified Not Used North America, Northeast US, Mid Atlantic

Commercial

Perseus Realty Partners perseusrealtycapital.com +1 202 741 8400 Portus Equity Builder Fund I 5 USD Mar-06 Residential Portus www.portusfunds.com +1 303 333 3773 REI Ventures 30 USD Not Used REI Ventures www.reiventures.com +1 877 734 8368 RLJ Lodging Fund II 750 USD Value-Added US, North America Hotels RLJ Development www.rljhotels.com +1 301 280 7700



outside the US tended to be significantly larger on

average than those in the US ($535 million as

compared to $293 million.)

In addition to differences in fee levels between

larger and smaller funds and across different

geographic regions, there are some differences

between funds following different strategies. Most

of the funds in our sample were pursuing either

Opportunistic or Value Added strategies, and the

differences in average fees charged between these

two strategies were actually quite modest – 1.67%

per annum for Value Added strategies compared

with 1.49% per annum for Opportunistic strategies.

(There were only a small number of Core Plus

strategy funds in our terms and conditions sample

– average fees for these funds were actually

somewhat higher than for the Opportunistic and

Value Added funds, but the sample size is too

small to draw any firm conclusions..)

Unlike most other types of private equity fund, real

estate funds generally charge a consistent

management fee throughout the life of the fund,

without any reductions to fees after the investment

period, as is generally the case with venture and

buyout funds. 84% of the funds in our sample had

no reduction in fees after the investment period.

9% of funds charge the same percentage rate fee

after the investment period, but applied this to

invested capital as opposed to commitments; and

6% of funds reduced the percentage rate charged.

(Please see fig. 15)

Relatively few real estate funds offer rebates of

monitoring and transaction fees back to LPs – only


Review of Real Estate Fund Performance

71

zero. It is still early to draw firm conclusions

regarding the mediocre minimum IRR of the

vintage year 2003, as this IRR may still improve

overtime. Maximum IRRs have consistently been

in the region of around 30% per annum.

Exceptions are for the vintage 1997, when both

maximum IRR (16.0%) and minimum IRR (-24.8%)

were at their lowest points – another exception is

for the vintage year 2002 with Fortress Investment

Group’s second fund producing an impressive IRR

of 84.5%.

Real Estate vs. Other Private Equity Segments

Fig. 26 compares median IRRs for real estate,

buyout, venture and all private equity taken as a

whole. This graph clearly confirms the strong

position of real estate among the private equity

industry. It is clear that real estate funds performed

very well, as they have produced superior returns

than both the venture and buyout categories or

even the private equity industry taken as a whole

for most vintage years. The venture segment has

experienced very difficult times in the recent past,

with a considerable drop in its performance returns

from 1995 to 1999, and is still plagued with median

IRRs below the water for vintages 1998 to 2003.

On the other hand, both buyout and real estate

have generated healthy returns during the period

under review, and have even increased their

median IRR benchmark over time. Although they

are following the same trend, the median real

estate IRRs have constantly outperformed those of

the buyout category. Benchmarking real estate

against other private equity assets clearly validates

real estate as being a top performing private equity

subclass.


General Partner Investment Preferences

85

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US

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Firm Last Fund Page AUM(mn) Chadwick, Saylor & Co. 2004 115 364 USD •

Cherokee Investment Partners 2002 115 1,000 USD • • • •

CIM Group 2001 116 • • • • • •

Citigroup Property Investors 2006 116 8,500 USD • • • • •

CMD Realty Investor 1998 116 • • •

Colonial First State Property 2004 117 15,000 AUD •

Colony Capital 2006 117 6,100 USD • • • • • •

Commonfund Capital 1994 118 34,000 USD • • • •

Concert Realty Partners 2006 118 4,700 USD • • • •

Cordea Savills 2006 119 • • •

Cornerstone Real Estate Advisers 2004 119 6,000 USD • • • • •

Corvest Realty Group 2006 119 • • • •

Covenant Capital Group 2006 120 125 USD • •

Coventry Real Estate Advisors 2004 120 • • •

Credit Suisse Cust. Fund Inv. 2005 121 14,000 USD • • • • • • • • •

Crocker Partners 2006 121 • • •

Crow Holdings 2006 121 • • • • • • • •

Curzon Global Partners 2005 122 13,200 EUR • • • • •

DaVinci Advisors KK 2005 122 • •

Doran Capital Partners 2006 122 • •

Doughty Hanson & Co 2005 123 5,250 USD • • • •

Douglas Emmett 2005 123 • • • •

DRA Advisors 2005 124 3,000 USD • • • • • •

Dubai Islamic Bank 2006 124 12,000 USD • • •

Dune Capital Management 2005 124 • • • • •


Profiles of Real Estate General Partners

107

Fund Vintage Size (mn) Called (%) Distributed (%)

Rem. Value (%) Multiple (X)

Net IRR (%)

Benchmark IRR (%)

Quartile Date Reported

Carbon Capital 2001 266 USD 92.4 123.9 5.8 1.3 15.2 18.6 3 31-Mar-06 SSR Apartment Value Fund II 2002 100 USD 100.0 4.8 112.3 1.2 18.8 19.7 3 31-Jan-05 Carbon Capital II 2004 380 USD 22.6 - - - - n/m n/m - SSR Apartment Value Fund III 2005 200 USD 51.2 5.9 111.1 1.2 - n/m n/m 30-Sep-05

Blackstone Group Established: 1985 www.blackstone.com Tel: +1 212 583 5000

345 Park Avenue, New York, NY 10154, US AUM (mn): 32,000 USD [email protected] Fax: +1 212 583 5712 Formed in 1992, the real estate department of Blackstone has emerged as one of the most active

investors in the global real estate market, having invested in 171 separate transactions comprising approximately 2,300 individual real estate assets with a total enterprise value of over $38 billion as of Q3 2006.

Mr. Gary Sumers COO [email protected] Mr. Jonathan Gray Senior MD [email protected] Mr. Chad Pike Senior MD [email protected]

All Residential Office Commercial Retail Leisure Industrial Hotel Senior Homes Opport. Value Add Core-Plus FofFs

• • • • Fund Vintage Size (mn) Called (%) Distributed

(%) Rem. Value (%) Multiple

(X) Net IRR

(%) Benchmark

IRR (%) Quartile Date

Reported

Blackstone Real Estate Partners I 1994 485 USD - - - - - 14.3 n/m - Blackstone Real Estate Partners II 1996 1300 USD 89.9 158.2 15.9 1.7 - 9.7 2 30-Jun-05 Blackstone Real Estate Partners III 1999 1500 USD 95.1 116.6 47.6 1.6 - 11.4 1 30-Jun-05 Blackstone Real Estate Partners International 2001 800 EUR - - - - - 18.6 n/m 09-Nov-05 Blackstone Real Estate Partners IV 2003 2500 USD 64.3 26.3 130.2 1.6 - 13.9 1 30-Jun-05 Blackstone Real Estate Partners International II 2005 1550 USD 0.0 0.0 0.0 0.0 - n/m n/m 31-Mar-06 Blackstone Real Estate Partners V 2005 5250 USD 34.8 17.2 - - - n/m n/m 30-Jul-06

BlakelyStern Investment Advisors www.blakelystern.com Tel: +1 212 752 4403 950 Third Ave, 23 rd Floor, New York, NY 10022, US Fax: +1 212 752 4407

BlakelyStern investment advisors is a New-York based real estate equity investor and advisor that focuses on acquiring value-added commercial real estate investments. Its target deal size is USD 10-25 million.

Mr. Randy Stern Principal [email protected] Mr. David Godbout Fund Manager [email protected] Mr. Randolph Stern [email protected]

All Residential Office Commercial Retail Leisure Industrial Hotel Senior Homes Opport. Value Add Core-Plus FofFs

• • • • • Fund Vintage Size (mn) Called (%) Distributed

(%) Rem. Value (%) Multiple

(X) Net IRR

(%) Benchmark

IRR (%) Quartile Date

Reported

Ceres Realty Fund I 2002 100 USD 100.0 62.0 - - 33.0 19.7 1 30-Jun-06 Ceres Realty Fund II 2006 T 250 USD - - - - - n/m n/m -



to compare these figures with comparable statistics

for the private equity market taken as a whole

(54% increase, 41% remain at current allocation

and 5% decrease) to appreciate just how strong LP

interest is for real estate funds.

More specifically, increasing appetite for real

estate funds can be seen in the average current

and target allocations to private equity real estate.

Of those investors with any commitment to real

estate (excluding real estate fund of funds), the

average currently committed to the asset class is

5.7% of total assets, compared with an average

target allocation of 7.1% of total assets. The 1.4%

difference between the two could equate to an

influx of up to $115bn into the industry in the

medium-term future from the top 350 investors into

the asset class alone.

Location of LPs

Fig 30 shows that unsurprisingly North America

has the largest proportion of LPs in real estate

private equity, with 75% of all current investors in

the asset class originating from

this region. Europe has 18% of

investors, with 7% of LPs coming

from outside these regions,

principally in Asia and the Middle

East.

However, of those f i rms

examined, the region with the

h ighes t average amount

committed as a percentage of

total assets was from those

investors situated in Europe, with

an average commitment of 8.4%

of total assets. Investors in real estate private

equity in the Rest of World have committed an

average of 5.4% to real estate private equity, whilst

US investors have committed the least as a

percentage of their total assets, an average of

4.9%.

This disparity can be explained by both the

specialised nature of private equity real estate

investing, and by the relative size difference

between total assets of firms from different regions.

In North America investing in real estate funds has

become more of a common occurrence, and is

more likely to make up some part of most

investor’s portfolio than in Europe or the Rest of

World, where investing in real estate funds is less

widespread. It is therefore likely that whilst there

are fewer investors in Europe and the Rest of

World that currently invest in real estate, those that

do are more specialised than their North American

counterparts, and are therefore more likely to have

a higher allocation.

The relatively high average total assets of North

American investors when compared with

European, and to an even greater extent Rest of



Colorado Public Employees’ Retirement Association

Public Pension Fund

1300 Logan Street Tel: +1 303 832 9550 Denver Fax: +1 303 863 3727 CO 80217-5800 Web: www.copera.org US Email: No general e-mail

COPERA has invested in private real estate funds for over 30 years, dating back to the first PRISA real estate offering from Prudential in 1974. It has an allocation of 7% to private equity real estate and feels confident with regards to the asset class. It has historically made the majority of its invest-ments in North American funds, although it has also committed to a number of European funds, preferring UK managers in this respect. It has invested in all types of real estate fund and will con-sider investing in first-time funds. Total Assets (mn): 34,600 USD Committed to Real Estate (mn): 2,422 USD 7 % Target for Real Estate (mn):

Sample Fund Investments Vintage Fund Focus Firm Location Fund Size (mn) LaSalle Income and Growth IV 2005 US US 500 USD

Miller Global Fund V 2005 US US 290 USD RLJ Urban Lodging Fund 2005 US US 315 USD Hampshire Partners Fund VI 2004 US US 235 USD

Heitman Value Partners 2004 US US 400 USD Morgan Stanley Real Estate Fund V 2004 US US T 3000 USD

Orion European Real Estate Fund II 2004 Europe UK 500 EUR Apollo International Real Estate Fund 2003 US US 336 USD Blackstone Real Estate Partners IV 2003 US US 2500 USD

CB Richard Ellis Strategic Partners III 2003 US US 498 USD DB Real Estate Global Opportunities Funds IA

2003 US US 1200 USD

DB Real Estate Global Opportunities Funds IB

2003 US US 350 USD

DRA Growth & Income Fund IV 2003 US US 448 USD Lasalle Income and Growth III 2003 US US T 350 USD Miller Global Fund IV 2003 US US

Rockwood Capital Real Estate Partners Fund V

2003 US US 460 USD

Orion European Real Estate Fund 2002 Europe UK 476 EUR Blackstone Real Estate Partners International

2001 US US 800 EUR

CB Richard Ellis Strategic Partners II 2001 US US 301 USD

Morgan Stanley Real Estate Fund IV 2001 US US 2500 USD

Prudential Senior Housing Partners II 2001 US US CB Richard Ellis Strategic Partners I 2000 US US 324 USD

CT Mezzanine Partners I 2000 US US 200 USD DRA Growth & Income Fund III 2000 US US 250 USD Apollo Real Estate Investment Fund 1999 US US 1090 USD

Blackstone Real Estate Partners III 1999 US US 1500 USD Doughty Hanson & Co Euro Real 1999 Europe UK 632 USD

Hines Emerging Markets Real Estate 1999 ROW US 436 USD

LaSalle Income and Growth II 1999 US US 200 USD 1999 US US

Apollo Real Estate Investment Fund 1998 US US 1050 USD

Prudential Senior Housing Partners I 1998 US US Security Capital European Realty 1998 Europe Luxembourg

Walton Street Capital Fund II 1998 US US 400 USD LF Strategic Realty Investors II 1997 US US 1531 USD

Apollo Real Estate Investment Fund 1996 US US 570 USD

Blackstone Real Estate Partners II 1996 US US 1300 USD Hines Emerging Markets 1996 ROW US 410 USD

K/B Fund IV 1996 US US 311 USD LF Strategic Realty Investors 1996 US US 807 USD

Whitehall Street VII & VIII 1996 US US 323 USD Lazard Freres Real Estate Offshore II 1995 US US 292 USD Blackstone Real Estate Partners I 1994 US US 485 USD

Whitehall Street V & VI 1994 US US Whitehall Street III & IV 1992 US US Contact Name Position Email Jennifer Pacquette CIO [email protected] Chris Reilly

Director of Alternative Investments [email protected]

Miller Global Fund III

Essex Property Apartment Value 2001 US US


Profiles for 150 Leading Limited Partners

239

Sample Fund Investments Vintage Fund Focus Firm Location Fund Size (mn) Capman Real Estate Fund 2005 Europe Finland 500 EUR Contact Name Position Email Ilkka Tomperi Investments Manager

and Real Estate [email protected]

The Rockefeller Foundation Family Office / Foundation 420 Fifth Avenue Tel: +1 212 869 8500 New York Fax: +1 212 764-3468 NY 10018 Web: www.rockfound.org US Email: [email protected]

The Rockefeller Foundation is very active in investing in real estate funds and continually makes investments into the asset class. It has a very diverse strategy and will invest in all fund types and in all geographic areas. Fund investments include Aetos Capital Asia II, an opportunistic fund investing in Japanese real estate. It is anticipated that the foundation will continue to invest in the asset class as it is seen as a major part of its investment portfolio.

Total Assets (mn): 3,200 USD Committed to Real Estate (mn): Target for Real Estate (mn):

Sample Fund Investments Vintage Fund Focus Firm Location Fund Size (mn) Aetos Capital Asia II 2005 ROW US 2200 USD Contact Name Position Email Donna Dean CIO Michelle Pak Head of Real Estate [email protected]

Edwin Postin Head of Private Equity [email protected]

TIAA-CREF Corporate Pension Fund 730 Third Ave Tel: +1 212 916 5000 New York Fax: +1 212 916 4840 NY 10017 Web: www.tiaa-cref.org US Email:

TIAA-CREF is one of the largest real estate investors in the world. The vast majority of its investments are direct, however it does also invest in private equity real estate funds. TIAA-CREF aims for a fully diversified portfolio. As of early 2006, it had invested in two private equity real estate funds. Its latest investment was in Aetos Capital Asia II, which is an opportunistic real estate fund focusing on Asia (with a primary focus on Japan).

Total Assets (mn): 367,000 USD Committed to Real Estate (mn): Target for Real Estate (mn):

Sample Fund Investments Vintage Fund Focus Firm Location Fund Size (mn)

Aetos Capital Asia II 2005 ROW US 2200 USD Contact Name Position Email Scott Evans CIO [email protected]

Tom Garbutt Head of Real Estate

United Nations Joint Staff Pension Fund

Corporate Pension Fund

c/o United Nations Tel: +1 212 963 6931 P.O. Box 5036 Fax: +1 212 963 3146 New York Web: pengva1.unjspf.org/UNJSPF_Web/ NY 10017 US Email: [email protected]

United Nations Joint Staff Pension Fund invests 1.35% of its assets to private equity real estate funds. From mid 2006 to mid 2007, it will commit USD 500-800 million to 4-8 funds. It tries to have a completely diversified portfolio, therefore it considers any geography (including emerging markets), industry and fund type. Approximately 60% of its investments have been in the US. It will consider first-time funds, but only if the individuals have a strong track record. It expects a return of 10-12% from its US investments and 18-20% for non-US investments. United Nations Joint Staff Pension Fund uses the Townsend Group as an external advisor for its private equity real estate fund investments. Total Assets (mn): 33,100 USD Committed to Real Estate (mn): 450 USD 1.4 % Target for Real Estate (mn):

Sample Fund Investments Vintage Fund Focus Firm Location Fund Size (mn)

Aetos Capital Asia II 2005 ROW US 2200 USD Aetos Capital Asia 2003 ROW US 739 USD Contact Name Position Email Fernando Torres-Torija

Investment Manager - Real Estate and Equities

[email protected]


Further LP Profiles

251

Investor Sample Fund Investments Vintage Fund Focus Fund Size (mn) Bush Foundation Walton Street Capital Fund II 1998 US 400 USD 332 Minnesota Street, East 900, St. Paul, MN 55101, US Tel: +1 651 227 0891 www.bushfoundation.org Family Office / Foundation Capita Trust Company The Third Special Land Opportunities Fund 2003 US 7th Floor, Phoenix House, 18 King William Street, London EC4N 7HE, UK Tel: +44 (0)207 800 4100 www.capitatrust.co.uk Private Equity Firm - also makes partnership investments Capitaland Horizon 2005 India 263 USD 168 Robinson Road, 30-01 Capital Tower, Singapore 068912 Tel: +65 6823 3200 www.capitaland.com Real Estate Firm CapMan Capital Management Capman Real Estate Fund 2005 Finland 500 EUR Korkeavuorenkatu 32, Helsinki 00130, Finland Tel: +358 9 6155 800 www.capman.fi Private Equity Firm CDC Group Actis India Real Estate Fund 2 2006 India 6, Duke Street, St James's, London SW1Y 6BN, UK Tel: +44 (0)207 484 7700 www.cdcgroup.com Government Agency CDP Capital - Private Equity Group Lone Star Fund III 2000 Asia 2300 USD 1000, Place Jean-Paul-Riopelle, Montreal, Quebec H2Z 2B3, Canada Blackstone Real Estate Partners III 1999 US 1500 USD Tel: +1 514 842 3261 Carlyle Realty Partners II 1999 US 252 USD www.cdpcapital.com Cherokee Investment Partners II 1999 US 259 USD Asset Manager Lone Star Fund II 1998 Asia 1200 USD Blackstone Real Estate Partners II 1996 US 1300 USD

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