FUNDS IN MARKET/COMING TO MARKET
| FUND | FIRM | HEADQUARTERS | STRATEGY | TARGET ($M) |
| AEW Partners V | AEW Capital Management | Boston | US diversified | $500 |
| To be named | Alpha Real Capital | London | Europe/Asia diversified | €400 |
| Anand Rathi Realty Fund | Anand Rathi | Mumbai | India diversified | $120 |
| 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 | $1,750 |
| Behringer Harvard Strategic Opportunity Fund | Behringer Harvard Funds | Addison (TX) | US diversified | $100 |
| 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 |
| Richard Ellis | Richard Ellis | Los Angeles | US diversified | $900 |
| Citigroup Property Investments | Citigroup | New York | Global diversified | N/A |
| Colony Investors VII | Colony Capital | Los Angeles | Global diversified | $1,000 |
| Colony Asia Investors | Colony Capital | Los Angeles | Japan diversified | $500 |
| Colony China Opportunity Fund | Colony Capital | Los Angeles | China diversified | $500 |
| 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 |
| DLJ Real Estate Capital Partners III | Credit Suisse First Boston | New York | Global diversified | $1,000 |
| DB Global Opportunities Fund II | Deutsche Bank | London | Global diversified | $1,500 |
| Elgin Capital Fund | Elgin Capital | Dublin | Berlin residential | €60 |
| Embarcadero Capital Partners Fund II | Embarcadero Capital | San Fransisco | Value-added US office | $200 |
| EIP II | Equity International Partners | Chicago | International diversified | $400 |
| Stonewall Street Real Estate Fund | Faison Enterprises | Charlotte (VA) | US diversified | $325 |
| Fortress III | Fortress | New York | Global diversified | $1,500 |
| EPI Baltic I | EVLI Bank | Helsinki | Baltic states, value added | €100 – €150 |
| Gem Realty Fund III | Gem Realty Capital | Chicago | US diversified | $300 |
| Global Property Fund | Global Finance | Athens | Balkan development | $150 |
| Cypress Grove International | Grove International Partners | London | Global diversified | $1,200 |
| Hines European development fund | Hines | Houston | Europe development | $430 |
| Hines US office fund | Hines | Houston | US office | $400 |
| 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 |
| IL&FS Real Estate Fund I | IL&FS Group | Mumbai | India diversified | $300 |
| Clarion Development Ventures II | ING Clarion Partners | New York | US diversified development | $200 |
| Intercontinental Fund IV | Intercontinental | Boston | Value-added diversified | $250 |
| InvestLinc Real Estate Capital 3 Fund | Investlinc Group | Chicago (IL) | US diversified | $150 |
| JER Real Estate Partners Europe 3 | JER Partners | McLean (VA) | Europe diversified | €300 |
| 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 | New York | US healthcare | $500 |
| Mac Opportunity Fund | Macfarlan Real Estate Inv. Mgmt | Dallas | NA private residence clubs | $200 |
| To be named | Merrill Lynch | New York | Global diversified | $1,000 |
| MIL EquityPartners | EquityInvest | Boston | Bulgaria diversified | €10 |
| Morgan Stanley Real Estate Fund V Domestic | Morgan Stanley | New York | US diversified | $500 – $1,000 |
| Central European Industrial Fund | Morley Fund Mgmt/Teesland i0G | London | Central/Eastern Europe industrial | €160 |
| Urban Strategy America Fund | New Boston Fund | Boston | Value-added US urban redevelopment | $200 |
| 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 |
| Perseus Capital City Fund | Perseus Realty Capital | Washington DC | US diversified | $100 |
| 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 |
| Starwood Global Opportunity Fund VII | Starwood Capital | Greenwich (CT) | Global diversified | $1,000 |
| Stillwater Real Estate Partners Fund | 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 |
| Walton Street V | Walton Street Capital | Chicago | US diversified | $1,000 |
| To be named | West University Capital | Houston | India diversified | $300 |
| Total (1) | $28,609 |
Crowded at the topFunds in market or coming to market with $1 billion target
| Firm | Fund | Target Size (m) |
| Beacon Capital | Global diversified | $1,750 |
| Brascan | NA diversified | $1,000 |
| Colony Capital | Global diversified | $1,000 |
| Credit Suisse First Boston | Global diversified | $1,000 |
| Fortress | Global diversified | $1,500 |
| Grove International Partners | Global diversified | $1,200 |
| Merrill Lynch | Global diversified | $1,000 |
| Starwood Capital | Global diversified | $1,000 |
| Walton Street Capital | US diversified | $1,000 |
FUNDS CLOSED IN 2005
| FUND | FIRM | HEADQUARTERS | STRATEGY | CLOSE | TARGET ($M) | AMOUNT | DATE |
| Aberdeen Indirect Property Partners | Aberdeen Property Investors | Stockholm | Europe fund of funds | 1st | 460+ | $162 | Feb-05 |
| Aetos Capital Asia II | Aetos Capital | New York | Japan diversified | Final | $1,500 | $2,200 | Nov-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 |
| BPG Investment Partnership VII | BPG Properties | Philadelphia | Value-added US diversified | Final | $400 | $550 | Jan-05 |
| Cabot Industrial FundII | Cabot Properties | Boston | US Industrial | Final | N/A | $450 | Aug-05 |
| Canyon-Johnson Urban Fund II | Canyon Capital Realty | Los Angeles | US urban development | 1st | $600 | $470 | Mar-05 |
| CapitaLand China Development | CapitaLand | Singapore | China diversified | Final | N/A | $400 | Nov-05 |
| CapitaRetail Japan Fund | CapitaLand | Singapore | Japanese retail | Final | N/A | $412 | Apr-05 |
| CapMan Real Estate I | CapMan | Helsinki | Europe diversified | Final | N/A | € 100 | May-05 |
| Carlyle Realty Partners IV | The Carlyle Group | Washington DC | US diversified | Final | $900 | $950 | Jul-05 |
| Carlyle Europe Real Estate Partners II | The Carlyle Group | Washington DC | Europe office | Final | $650 | $930 | Oct-05 |
| Carlyle Asia Real Estate Partners | The Carlyle Group | Washington DC | Asia diversified | Final | $400 | $410 | Jul-05 |
| Carmel Partners Investment Fund II | Carmel Partners | San Francisco | US multi-family | Final | N/A | $400 | May-05 |
| Charter Hall Opportunity Fund IV | Charter Hall Limited | Sydney | Australia diversified development | Final | A$100 | A$165 | Jul-05 |
| Cornerstone Rotational Fund | Cornerstone Real Estate | Hartford | Value-added US office/apt. | Final | $160 | $160 | Feb-05 |
| Curzon Capital Partners II | Curzon Global Partners | London | Value-added Eurozone logistics | 2nd | € 300 | €300 | Nov-05 |
| Develica I | Develica | London | UK development | 1st | £25 | £20 | Jan-05 |
| Doughty Hanson European Real Estate II | Doughty Hanson | London | Europe diversified | 1st | € 500 | € 166.5 | Nov-05 |
| EuropaFundII | Europa Capital Partners | London | Europe diversified | Final | € 350 | € 450 | Aug-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 | $2,000 | $2,000 | Apr-05 |
| Fremont Strategic 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 | Final | $225 | $230 | Feb-05 |
| Heitman Value Partners LP | Heitman LLC | Chicago | Value-added US diversified | Final | $250 | $400 | Jan-05 |
| European Outlet Mall Fund | Henderson Private Capital | London | Europe retail | 2nd | N/A | € 216 | Oct-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 | $1,000 | Jun-05 |
| Legacy Partners Office and R&D Fund I | Legacy Partners | Foster City (CA) | West Coast office/R&D | Final | $250 | $330 | Mar-05 |
| Lehman Brothers Real Estate Partners II | Lehman Brothers | New York | Global diversified | Final | $1,500 | $2,400 | Sep-05 |
| Lexin AmTrust Real Estate Partners | Lexin Capita | New York | US Residential | Final | N/A | $70 | Jul-05 |
| Macquarie Global Property Fund II | Macquire Global Property Advisors | London/Hong Kong | Global diversified | Final | $1,100 | $1,300 | Sep-05 |
| McMillin Capital III | McMillin Capital | San Diego | US residential/development | Final | $28 | $48 | Nov-05 |
| Moorfield Real Estate Fund | Moorfield | London | UK diversified | Final | $250 | £265 | Jun-05 |
| Morgan Stanley Real Estate Fund V | Morgan Stanley | New York | International diversified | Final | $3,000 | $4,300 | Sep-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 |
| Palmer Noble LP | Palmer CapitalParners | London | UK commercial development | Final | £7.5-£15 | £10 | May-05 |
| Perseus Retail Partners | Perseus Realty Partners | Washington DC | US retail | Final | $250 | $250 | Oct-05 |
| Praedium Group Fund VI | The Praedium Group | New York | US diversified | Final | $500 | $700 | Aug-05 |
| Primary Real Estate Advisors Fund I | Primary Real Estate Advisors | Mumbai | India development | Final | N/A | $30 | May-05 |
| ProLogis Japan Properties Fund II | Prologis | Denver | Japan distribution | Final | N/A | $750 | Aug-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 |
| RockpointReal Estate Fund II | RockpointGroup | San Fransisco/Boston | Global diversified | Final | $1,000 | $1,700 | Nov-05 |
| Genesis LA Real Estate Fund II | ShamrockCapita | Burbank (CA) | Southern CA diversified | Final | N/A | $104 | Oct-05 |
| Somera Realty Value Fund | Somera Capital | Santa Barbara (CA) | Value-added US diversified | Final | N/A | $132 | Mar-05 |
| Southern California Smart Growth | Pacific Coast Capital | El Segundo (CA) | Southern CA diversified | Final | N/A | $154 | Mar-05 |
| Starwood Capital Hospitality Fund I | Starwood Capita | Greenwich (CT) | Global hospitality | Final | $800 | $800 | Jul-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 |
| Westplan Bridge Equity Fund II | Westplan Investors | Lisse (Holland) | US Residential | Final | $23 | $24 | Jul-05 |
| Total (1) | $36,904 |
The big boysFunds closed in 2005 with totals of at least $1 billion
| Firm | Fund | Target Size (m) |
| Morgan Stanley | International diversified | $4,300 |
| Goldman Sachs | Global diversified | $3,200 |
| Lehman Brothers | Global diversified | $2,400 |
| Aetos Capital | Japan diversified | $2,200 |
| Fortress | German residential | $2,000 |
| Rockpoint Group | Global diversified | $1,700 |
| Macquarie Global Property Advisors | Global diversified | $1,300 |
| La Salle Investment Management | Asia diversified | $1,000 |
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