CAPITAL WATCH – December 2005



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


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