CAPITAL WATCH

CAPITAL WATCH 2005-07-01 Staff Writer <strong>FUNDS IN MARKET/COMING TO MARKET</strong><br /> <table> <tbody> <tr> <td><strong>FUND</strong></td> <td><strong>FIRM</strong></td>

FUNDS IN MARKET/COMING TO MARKET

FUND FIRM HEADQUARTERS STRATEGY TARGET ($M)
Aetos Capital Asia II Aetos Capital New York Japan diversified $1,500
AEW Partners V AEW Capital Management Boston US diversified $500
To be named Alpha Real Capital London European/Asia diversified €400
Anand Rathi Realty Fund Anand Rathi Mumbai India diversified $120
To be named Amstar Group Denver Value-added US office $300 – $350
Apollo Real Estate Investment Fund V Apollo Real Estate Advisors New York US diversified $500
Arsenal Real Estate Funds Arsenal Real Estate Funds Morristown (NJ) US multi-family $350
Barrow Street Real Estate Fund III Barrow Street Capital New York US diversified $250
Beacon Captial Strategic Partners IV Beacon Capital Boston Value-added US multi-family $250
Behringer Harvard Strategic Opportunity Fund Behringer Harvard Funds Addison (TX) US diversified $50
Berkshire Multi-family Value Fund Berkshire Property Advisors Boston Value-added US multi-family $250
Blackstone International Fund II The Blackstone Group New York Western Europe diversified €500-€750
Brascan Real Estate Opportunity Fund Brascan New York NA diversified $1,000
Carlyle Realty Partners IV The Carlyle Group Washington DC US diversified $900
Carlyle Europe Real Estate Partners II The Carlyle Group Washington DC Europe office $650
Carlyle Asia Real Estate Partners The Carlyle Group Washington DC Asia diversified $400
Richard Ellis Richard Ellis Los Angeles US diversified $900
Citigroup Property Investments Citigroup New York Global diversified N/A
Colony Asia Investors Colony Capital Los Angeles Japan diversified $500
Colony China Opportunity Fund Colony Capital Los Angeles China diversified $500
Colyzeo Investors Colony Capital Los Angeles European diversified $400
Composition Capital Europe Fund CV Composition Capital Amsterdam Europe fund of funds €150
Composition Capital Asia Fund CV Composition Capital Amsterdam Asia fund of funds €150
Cornerstone Hotel Income Equity Fund Cornerstone Real Estate Advisors Hartford (CT) Value-added US hospitality $500
DLJ Real Estate Capital Partners III Credit Suisse First Boston N ew York Global diversified $1,000
DRA Advisors Growth & Income Fund DRA Advisors New York Value-added US diversified $500
Embarcadero Capital Partners Fund II Embarcadero Capital San Fransisco Value-added US office $200
Stonewall Street Real Estate Fund Faison Enterprises Charlotte (VA) US diversified $325
Fortress III Fortress N ew York Global diversified $1,500
EPI Baltic I EVLI Bank Helsinki Baltic states, value added €100-€150
Global Property Fund Global Finance Athens Balkan development $150
Hines European development fund Hines Houston Europe development $430
Hines US office fund Hines Houston US office $400
Gem Realty Fund III Gem Realty Capital Chicago US diversified $300
Hudson Real Estate Fund III Hudson Realty Capital New York US diversified $100
Hudson Real Estate Fund IV Hudson Realty Capital New York US diversified $300
Clarion Development Ventures II ING Clarion Partners N ew York US diversified development $200
Intercontinental Fund IV Intercontinental Boston Value-added diversified $250
InvestLincReal Estate Capital 3 Fund Investlinc Group Chicago (IL) US diversified $150
JBC Opportunity Fund III John Buck Co. Chicago US diversified $300
KBS Best Property Fund II KBS Realty Advisors Newport Beach (CA) US diversified $500
Keystone Properties Fund II Keystone Property Group Conshohocken (PA) US office/industrial $150
Davinci Japan RE Advisors KK Davinci Advisors Tokyo Asia diversified $300
Kshitij Venture Capital Fund Pantaloon Retail/Dalmia Group Mumbai India retail $60
KSL Partners II KSL Resorts La Quinta (CA) US hospitality $650
To be named Lazard Freres& Co. N ew York US healthcare $500
Lehman Brothers Real Estate Partners II Lehman Brothers New York Global diversified $1,500
Mac Opportunity Fund Macfarlan Real Estate Inv. Mgmt. Dallas NA private residence clubs $200
Macquarie Global Property Fund II Macquarie Global Property Advisors London/Hong Kong Global diversified $1,100
To be named Merrill Lynch New York Global diversified $1,000
McMillin Capital III McMillin Capital San Diego US residential/development $28
MIL Equity Partners EquityInvest Boston Bulgaria diversified €10
Morgan Stanley Real Estate Fund V Morgan Stanley N ew York International diversified $3,000- 3,500
Urban Strategy America Fund New Boston Fund Boston Value-added US urban redevelopment $200
Och-Ziff Real Estate Fund Och-Ziff Capital Management New York US diversified $400
California Urban Fund IV Pacific Coast Capital Partners El Segundo (CA) California diversified $400
Paladin Realty Latin America Investors II Paladin Realty Partners Los Angeles Latin America diversified $200
Parmenter Realty Fund III Parmenter Realty Partners Miami US office $200 – $250
Perry Capital Partners Perry Capital New York US diversified $150
Praedium Group Fund VI The Praedium Group N ew York US diversified $500
Prudential Real Estate Companies Fund II Prudential Real Estate Investors Parsippany (NJ) Global diversified $400
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 $250
RockpointReal Estate Fund II RockpointGroup San Francisco/Boston Global diversified N/A
Starwood Capital Hospitality Fund I Starwood Capital Greenwich (CT) Global hospitality $650
Starwood Global Opportunity Fund VII Starwood Capital Greenwich (CT) Global diversified $1,000
To be named Stillwater Capital New York US residential $50
Stockbridge Real Estate Fund II Stockbridge Capital Partners San Mateo (CA) US diversified $500
SV Real Estate Fund IV SV Capital Inglewood (CO) US diversified $100
Thayer Hotel Investors IV Thayer Lodging Group Annapolis (MD) US hospitality $300
Walton Street V Walton Street Capital Chicago US diversified $1,000

FUNDS CLOSED IN 2005

FUND FIRM HEADQU ARTERS STRATEGY CLOSE TARGET ($M) AMOUNT DATE
Aberdeen Indirect Property Partners Aberdeen Property Investors Stockholm European fund of funds 1st € 460+ $162 Feb-05
AMB Japan Fund I AMB Property San Fransisco Japan Industrial Final $350 $558 Jun-05
Apollo European Real Estate Fund II Apollo Real Estate Advisors New York Pan-European commercial Final N/A $600 Mar-05
AvalonBay Valued Added Fund AvalonBay/Morgan Stanley Alexandria (VA) Value-added US multifamily Final N/A $330 Mar-05
Baynorth Fund VI Baynorth Capital Boston US diversified Final $400 $430 Jan-05
Behringer Harvard Short Term Opportunity Fund Behringer Harvard Funds Addison (TX) US diversified Final $100 $100 Jan-05
BlackRockIncome and Growth Property Fund BlackRock New York Value-added US diversified 1st N/A $150 Feb-05
BPG Investment Partnership VII BPG Properties Philadelphia Value-added US diversified Final $400 $550 Jan-05
Canyon-Johnson Urban Fund II Canyon Capital Realty Los Angeles US urban development 1st $600 $470 Mar-05
CapMan Real Estate I CapMan Helsinki European diversified Final N/A € 100 May-05
CapitaRetail Japan Fund CapitaLand Singapore Japanese Retail Final N/A $412 Apr-05
Carmel Partners Investment Fund II Carmel Partners San Francisco US multi-family Final N/A $400 May-05
Cornerstone Rotational Fund Cornerstone Real Estate Hartford Value-added US office/apt. Final $160 $160 Feb-05
Develica I Develica London UK development 1st £25 £20 Jan-05
EPI Baltic I EVLI Bank Helsinki Value-added Baltic states 1st € 100-€ 150 € 46 May-05
Fortress Residential investment Deutschland Fortress New York German residential Final $2000 $2,000 Apr-05
FremontStrategic Property Partners II Fremont Realty Partners San Francisco US diversified Final $400 $500 Jan-05
Whitehall 2005 Goldman Sachs New York Global diversified Final N/A $3,200 May-05
Halcyon Real Estate Partners Halcyon Ventures Boston NA diversified Final N/A $152 May-05
Heitman European Property Partners III Heitman LLC Chicago Central European diversified 1st $225 N/A Feb-05
Heitman Value Partners LP Heitman LLC Chicago Value-added US diversified Final $250 $400 Jan-05
HDFC Property Fund HDFC/State Bank of India Mumbai Indian diversified Final N/A $230 Apr-05
Kimpton Hospitality Partners Kimpton Group Holdings San Francisco US hospitality Final N/A $157 May-05
La Salle Growth & Income IV La Salle Chicago US diversified Final $300 $500 Apr-05
La Salle Asia Opportunity Fund II La Salle Investment Mgmt. Chicago Asia diversified Final $750 $1000 Jun-05
Legacy Partners Office and R&D Fund I Legacy Partners Foster City (CA) West Coast office/R&D 3rd $250 $160 Mar-05
Moorfield Real Estate Fund Moorfield London UK diversified Final $250 £265 Jun-05
NIAM Nordic Investment Fund III Newsec Stockholm Nordic and Baltic countries Final N/A $275 Mar-05
North America Real Estate Partners Cargill Value Investment Minneapolis Value-added NA diversified Final N/A $550 Mar-05
Och-Ziff Real Estate Fund Och-Ziff New York US diversified 1st $500 $400 Mar-05
Onex Real Estate Partners LP Onex Corporation Toronto NA diversified 1st N/A $200 Jan-05
Orion European Real Estate Fund Orion Capital Managers Paris Pan-European diversified Final € 400 € 500 Mar-05
Southern California Smart Growth Pacific Coast Capital El Segundo (CA) Southern CA diversified Final N/A $154 Mar-05
Palmer Noble LP Palmer Capital Parners London UK commercial development Final £7.5-£15 £10 May-05
Primary Real Estate Advisors Fund I Primary Real Estate Advisors Mumbai India development Final N/A $30 May-05
Pyramid Hotel Opportunity Venture Pyramid Advisors/Morgan Stanley Boston US Hospitality Final N/A $205 Jan-05
RLJ Urban Lodging Fund RLJ Development Bethesda (MD) NA urban hospitality Final N/A $315 Apr-05
Somera Realty Value Fund Somera Capital Santa Barbara (CA) Value-added US diversified Final N/A $132 Mar-05
Tri-Continental Capital VI and VII Tri-Continental Capital Toronto NA residential Final $300 $330 Mar-05
Westbrook Real Estate Partners VI Westbrook Partners New York Global diversified Final $600 $750 Apr-05
Total (1) $17,315