CAPITAL WATCH – March 2007



Global funds
N/A Alpha Real Capital London Europe/Asia diversified €400
Baynorth Realty Fund VII Baynorth Capital Boston US / Europe diversified $400
Beacon Capital Strategic Partners V Beacon Capital Boston US / Europe diversified $3,000
Blackstone RE Partners VI The Blackstone Group New York Global diversified $8,000
Colony Investors VIII Colony Capital Los Angeles Global diversified $2,000
Cherokee Investment Partners IV Cherokee Investment Partners Raleigh (NC) US / Europe brownfeld $1,000
Contrarian Real Estate Fund Contrarian Capital Stamford (CT) US/Europe distressed $250
GoldenTree In Site Partners Oppty Fund Golden Tree InSite Partners New York Global diversified $500
N/A Grove International Partners London Europe / Japan diversified N/A
Lone Star Fund VI Lone Star Funds Dallas Global diversified $6,000
N/A Merrill Lynch New York Global diversified $1,000
Morgan Stanley Real Estate Fund VI International Morgan Stanley New York Global diversified $8,000
N/A Perella Weinberg Partners New York Global diversified N/A
Rockpoint Real Estate Fund III Rockpoint San Francisco Global diversified $2,000
WCP Real Estate Fund I Westport Capital Partners Westport (CT) Global diversified $500
Westbrook Real Estate Fund VII Westbrook Partners New York Global diversified $1,000
Global funds subtotal $34,404
North America funds AEW
AEW Value Investors II Boston US diversified $500
AG Realty Fund VI Angelo Gordon New York US diversified $500
Avenue Real Estate Fund Avenue Capital New York US distressed $300
Blackacre Institutional Partners Blackacre New York US distressed N/A
BPG Investment Partnership VIII BPG Properties Philadelphia US diversified $650
Brascan Real Estate Opportunity Fund Brascan New York NA diversified $1,000
Broadway Real Estate Partners III Broadway Partners New York US office $1,000
Buchanan Fund V Buchanan Street Partners Newport Beach Global diversified $400
Carlyle Realty Partners V The Carlyle Group Washington DC NA diversified $1,500
CASA Partners IV Henderson Global Investors Chicago US multi-family $300
Ceres Realty Fund II BlakelyStern Investment Advisors New York US northeast diversified $100
CIM Urban Real Estate Fund III CIM Group Los Angeles California diversified $750
CREF IV Calare Properties Hudson(MA) US northeast diversified $30
Crown Capital Opportunities Fund Crown Capital St. Louis US diversified $200
N/A Crescent Hotels and Resorts Fairfax (VA) US hospitality $350
Cronus Capital Fund I Cronus Capital New York US diversified $200
Colony Realty Partners II Colony Capital Los Angeles Global diversified $1,000
Concierge Apartment Fund Concierge Asset Managment Tiburon (CA) US multi-family $250
Cornerstone Apartment Ventures III Cornerstone Real Estate Advisors Hartford (CT) US residential $400
Crocker Partners IV Crocker Partners Boca Raton (FL) Global diversified $300
Dunmore Capital Fund Dunmore Capital Sacramento (CA) California development $200
Embarcadero Capital Partners Fund II Embarcadero Capital San Francisco US office $400
Fidelity Real Estate Growth Fund III Fidelity Boston US diversified $750
Fremont Strategic Property Partners III Fremont Realty Capital San Francisco US diversified $750
Harrison Street Real Estate Partners I Harrison Street Chicago North American diversified $150
Hampshire Partners Fund VII Hampshire Partners Morristown (NJ) US diversified $350
Hanover Real Estate Pertners III Hanover Financial Los Angeles Western US diversified $250
Hearthstone Path of Growth II Hearthstone Advisors San Rafael (CA) US development $500
Heitman Value Partners II Heitman Chicago Global diversified $800
Henderson Manager of Partners Fund Henderson Global Investors Chicago Global diversified $200
HG Capital VII HG Capital Menlo Park (CA) Western US diversified $65
Hines US Ofce Fund Hines Houston US office $650
House Investment RE Opportunities Fund IV House Investments Indianapolis US development $30
Hudson Real Estate Fund IV Hudson Realty Capital New York US diversified $300
Hunter Chase Real Estate Opportunity Fund Hunter Chase Irving (TX) US diversified $250
ING Lion Mexico Fund ING Clarion Partners New York Mexico diversified $500
Intercontinental Fund IV Intercontinental Boston Value-added US diversified $250
InvestLinc Real Estate Capital 3 Fund Investlinc Group Chicago US diversified $150
Invesco Real Estate Fund III Invesco Real Estate Dallas US diversified $500
JBC Opportunity Fund III John Buck Co. Chicago US diversified $300
JER Real Estate Partners IV JER Partners McLean (VA) US diversified N/A
KBS Best Property Fund II KBS Realty Advisors Newport Beach (CA) US diversified $500
KMF Senior Housing Investors Fund KMF Senior Housing Investors Chicago US senior housing $250
LaSalle Canadian Income & Growth Fund II LaSalle Investment Management Chicago Canada diversified $350
LaSalle Medical Ofce Fund II LaSalle Investment Management Chicago US medical office $350
Lazard Freres Strategic Realty Investors III Lazard Freres & Co. New York US healthcare $500
LBA Realty Fund III LBA Realty Irvine (CA) US office / industrial N/A
Lexin AmTrust Real Estate Partners II Lexin Capital New York US residential $150
Macfarian Special Situations Fund Macfarian Capital Partners Dallas NA healthcare, residential, other $1,000
Macfarlane Urban Realty Partners Macfarlane Partners San Francisco US urban diversified $1,000
Madison Marquette Retail Enhancement fund Madison Marquette Washington DC NA retail $350
Market Street Capital DivcoWest San Francisco US office $650
Miller Global Fund V Miller Global Properties Denver US diversified $300
Urban Strategy America Fund New Boston Fund Boston US urban redevelopment $200
O’Conner North American Property Partners O’Conner Capital Partners New York North American diversified $750
Palisades Distressed/Value-Added Fund Palisades Financial Englewood Clifs (NJ) US diversified $200
Perry Capital Partners Perry Capital New York US diversified $150
Genesis Workforce Housing Fund Phoenix Realty New York Los Angeles residential $175
Metropolitan Workforce Housing Fund Phoenix Reality New York US residential $250
Place/Blue Vista Student Housing Fund Place Properties/Blue Vista Capital Atlanta/Chicago US student housing $200
PLA Industrial Fund II Prudential Real Estate Investors Parsippany (NJ) Mexico industrial $140
PLA Residential Fund II Prudential Real Estate Investors Parsippany (NJ) Mexico residential $400
Prudential Senior Housing Partners III Prudential Real Estate Investors Parsippany (NJ) US senior housing $300
RCG Longview Equity Fund Ramius Capital Group New York US diversified $300
Sentinel Realty Partners VII Sentinel Real Estate Corporation New York US diversified $200
Somera Realty Value Fund II Somera Capital Santa Barbara (CA) US diversified $300
Square Mile Fund I Square Mile Capital Management Greenwich (CT) US distressed $300
Sterling American Property Fund V Sterling American Property New York US diversified $600
Stillwater Real Estate Partners Fund Stillwater Capital New York US residential $50

FUNDFIRMHEADQUARTERSSTRATEGYTARGET (M)Stratford Lane Fund IIIThe Stratford CompanyTacoma (WA)US land$300TA Associates Realty Fund VIIITA AssociatesBostonUS diversified$900Thor Urban Retail Fund IIThor EquitiesNew YorkUS retailN/AUrdang Value Enhancement Fund VIUrdang Capital Mgmt.Plymouth Meeting (PA)US diversified$450North America funds subtotal$28,640Europe fundsArminius Real Estate Opportunity FundArminius AdvisorsFrankfurtGermany distressed€300Capmark UK Realty Partners FundCapmark FinancialHorsham (PA)UK diversified€250Carlyle Europe Real Estate Partners IIIThe Carlyle GroupWashington DCEuropean diversified$1,500N/ACatalyst CapitalLondonEurope diversified€500CBRE Strategic Partners Europe FundCB Richards Ellis InvestorsLos AngelesEurope diversified€600CBRE Strategic Partners UK FundCB Richards Ellis InvestorsLos AngelesUK diversified£300Colony Europe IIColony CapitalLos AngelesEurope diversified€500Elgin Capital FundElgin CapitalDublinBerlin residential€60EPI Baltic IEVLI BankHelsinkiBaltic states diversified€100 – €150European Continental RE FundClearbrook Capital PartnersLondonEurope diversified£1,000Global Property FundGlobal FinanceAthensBalkan development$150Hines European Development FundHinesHoustonEurope development$430JER Real Estate Partners Europe 3JER PartnersMcLean (VA)Europe diversified€300LaSalle UK Venture FundsLaSalle Investment ManagmentChicagoUK diversified€2,200MIL Equity PartnersEquityInvestBostonEastern and Central European diversified$100Central European Industrial FundMorley Fund Mgmt/Teesland i0GLondonCentral/Eastern Europe industrial€160NIAM Nordic Investment Fund IVNewsec Incentive Asset Mgmt.StockholmNordic region diversifiedN/APatron Fund IIIPatron CapitalLondonEurope diversified€500Tishman Speyer European Real Estate Venture VITishman SpeyerNew YorkEurope office€500Europe funds subtotal$12,100Asia/RoW fundsAG Asia Realty FundAngelo GordonNew YorkAsia diversified$300Anand Rathi Realty FundAnand RathiMumbaiIndia diversified$120Appian Indian Real Estate PortfolioAppianN/AIndia Diversifed$150Horizon Realty FundCapitaland/Pantaloon RetailSingapore/MumbaiIndia retail$350Carlyle Santa Fey Real Estate FundThe Carlyle GroupWashington DCIndia diversified$300Colony Asia Investors IIColony CapitalLos AngelesAsia diversified$400N/AEAV RealtyNew YorkChina diversified$100-$500Fortune Capital HoldingsPFH Investment AdvisoryMumbaiIndia hospitality$200Forum Asian Realty Income Fund IIIForum PartnersBeiingAsia diversifiedN/AN/AGreenwich Group InternationalNew YorkIndia development$1,000HDFC Real Estate Venture Fund IIHDFCMumbaiIndia hospitality$750India Real Estate Opportunities Fund IIIREONew YorkIndia development$400Davinci Japan RE AdvisorsKK Davinci AdvisorsTokyoAsia diversified$2,800N/ANew City CapitalTokyoAsia diversified$1,000LaSalle Asia Opportunity Fund IIILasalle Investment ManagmentChicagoAsia diversified$1,000LaSalle Japan Logistics Fund IILasalle Investment ManagmentChicagoAsia logistics$400Kshiti Venture Capital FundPantaloon Retail/Dalmia GroupMumbaiIndia retail$60Prosperitas Real Estate Partners IProsperitas CapitalSao PaoloBrazil diversified$330Red Fort Real Estate India Fund IRed FortNew DelhiIndia diversified$300Tishman Speyer India FundTishman Speyer/ICICINew YorkIndia diversified$600Tishman Speyer GSC China FundTishman Speyer/GSCNew YorkChina diversified$500N/ATrikona CapitalGrand CaymanIndia development$300N/AWest University CapitalHoustonIndia diversified$300Asia/RoW funds subtotal$12,060Fund of fundsAberdeen Indirect Property Partners AsiaAberdeen Property InvestorsStockholmAsia fund of funds$600American Value Partners Fund IAmerican Value PartnersLos AngelesUS fund of funds$400Fiduciary International Real Estate Fund 2Franklin Templeton/FiduciarySan Mateo (CA)Global fund of funds$300Franklin Templeton European Fund of FundsFranklin Templeton/FiduciarySan Mateo (CA)Europe fund of funds€300Goldman Sachs Real Estate PartnersGoldman SachsNew YorkGlobal fund of funds$1,000LaSalle Investment Company IILaSalle Investment ManagementChicagoGlobal fund of funds$1,000Madison Harbor Private Real Estate PartnersMadison Harbor CapitalNew YorkGlobal fund of funds$400Newlin Realty PartnersNewlin Capital PartnersPrinceton (NJ)Global fund of funds$130Scholder Real Estate of FundsScholder Property InvestmentLondonEurope fund of fundsN/AFund of funds subtotal$4,364TOTAL$91,568FUNDS CLOSED IN 2007

Beacon Capital Strategic Partners V Beacon Capital Partners Boston US / Europe diversified First $3,000 $1,200 Feb-07
Birchmont Capital Partners I Birchmont Capital Partners Los Angeles North America diversified Final N/A $200 Feb-07
Sterling American Property V Sterling Equities New York US diversified Final $400 $610 Jan-07
Rockwood Capital Real Estate Fund VII Rockwood Capital San Francisco US diversified Final N/A $1,100 Jan-07
SUN-Apollo India Real Estate Fund SUN Group / Apollo Real Estate Mumbai / New York India diversified Final $500 $630 Jan-07
Asia / RoW funds subtotal $630
TOTAL $3,740