CAPITAL WATCH

CAPITAL WATCH 2006-03-01 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)
AEW Partners V AEW Capital Management Boston US diversified Europe/Asia diversified $500
To be named Alpha Real Capital London €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 US and Europe office $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
Blacktone REPartnersV The Blackstone Group New York US diversified $4,000
Brascan Real Estate Opportunity Fund Brascan New York NA diversified $1,000
CIM Urban Real Estate Fund III CIM Group Los Angeles California diversified $1,000
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
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 New York Global diversified $1,000
DB GlobalOpportunitiesFund II Deutsche Bank London Global diversified $1,500
To be named EAV Realty New York China diversified $100-$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
Fortress III Fortress New York Global diversified $1,500
EPI Baltic I EVLI Bank Helsinki Value added, Baltic states €100 – €150
Gem Realty Fund III Gem Realty Capital Chicago US diversified $300
GI Partners Fund II GI Partners Menlo Park(CA) Global diversified $1,000
Global Property Fund Global Finance Athens Balkan development $150
To be named Greenwich Group International New York India development $1,000
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
Intercontinental Fund IV Intercontinental Boston Value-added US diversified $250
InvestLinc Real Estate Capital 3 Fund Investlinc Group Chicago US diversified $150
JER Real Estate Partners Europe 3 JER Partners McLean (VA) Europe diversified €300
JBC Opportunity Fund III John BuckCo. 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 KKDavinci 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
Lazard Senior Housing Partners Lazard Freres & Co. New York US senior housing $200
Lexin AmTrust Real Estate Partners II Lexin Capital New York US residential $150
Lubert-Adler Fund V Lubert-Adler Philadelphia US diversified $1,700
To be named Lazard Freres & Co. New York US healthcare $500
Special Situations Fund I Macfarlan Real Estate Dallas NA healthcare, residential + other $300
To be named Madison Marquette Washington DC NA retail $350
To be named Merrill Lynch New York Global diversified $1,000
MIL Equity Partners EquityInvest Boston Bulgaria diversified €10
MGP Europe Fund II Macquarie Global Property Advisors London Europe diversified $400
Morgan Stanley Real Estate Fund V Domestic Macquarie Global Property Advisors Morgan Stanley London New York Europe diversified US diversified $400 $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 Smart Growth 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
Palisades Distressed/Value-added Fund Palisades FInancial Englewood Cliffs (NJ) US 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 $150
Place/Blue Vista Student Housing Fund Place Properties/Blue Vista Capital Atlanta/Chicago US student housing $200
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
Rockwood Capital Real Estate Partners 6 Rockwood Capital Greenwich (CT) US diversified $650
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
Tishman Speyer European Real Estate Venture VI Tishman Speyer New York Europe value-added diversified €500
Tishman Speyer India Fund Tishman Speyer/ICICI New York India diversified $350 – $400
Tishman Speyer GSC China Fund Tishman Speyer/GSC New York China diversified $500
Walton StreetV Walton Street Capital Chicago US diversified $1,000
To be named West University Capital Houston India diversified $300

FUNDS CLOSED IN 2005/2006

FUND FIRM HEADQUARTERS STRATEGY CLOSE fARGET ($M) CLOSED CLOSED
Aberdeen Indirect Property Partners Aberdeen Property Investors Stockholm Europe fund of funds Final €460+ €623.5 Feb-06
AetosCapitalAsia 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-Europe 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 ShortTerm 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 Fund II 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 Japanese retail Final N/A $400 Nov-05
CapitaRetail Japan Fund CapitaLand Singapore Japnes 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
Richard Ellis 4 Richard Ellis Los Angeles US diversified Final $900 $1,200 Dec-05
Charter Hall Opportunity Fund IV Charter Hall Limited Sydney Australia diversified development Final A$100 A$165 Jul-05
Colony Investors VII Colony Capital Los Angeles Global diversified Final $1,000 $1,200 Jan-06
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
Europa Fund II 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 Germany 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
HEI Hospitality Fund II HEI Hospitality Norwalk (CT) US hospitality FInal N/A $425 Feb-06
Heitman European Property Partners III Heitman LLC Chicago Central Europe 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 Bankof India Mumbai Indian diversified Final N/A $230 Apr-05
Clarion Development Ventures II ING Clarion Partners New York US diversified development Final $200 $205 Jan-06
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 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 Capital New York US Residential Final N/A $70 Jul-05
Lubert-Adler Real Estate Fund V Lubert-Adler Partners Philadelphia US diversified Final N/A $1,700 Jan-06
Macquarie Global Property Fund II Macquarie Global Property Advisors London/Hong Kong Globaldiversified 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 CargillValue 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-Europe diversified Final € 400 € 500 Mar-05
Palmer Noble LP Palmer Capital Parners 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 Rockpoint Group San Fransisco/Boston Globaldiversified Final $1,000 $1,700 Nov-05
Genesis LA Real Estate Fund II Shamrock Capital 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 Fund Pacific CoastCapital El Segundo (CA) Southern CA diversified Final N/A $154 Mar-05
Starwood Capital Hospitality Fund I Starwood Capital Greenwich (CT) Global hospitality Final $800 $900 Jul-05
Starwood Global Opportunity Fund VII Starwood Capital Greenwich (CT) Global diversified Final $1,000 $1,475 Feb-06
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 Globaldiversified Final $600 $750 Apr-05
Westplan Bridge Equity Fund II Westplan Investors Lisse (Holland) US Residential Final $23 $24 Jul-05
William Realty Fund I Williams Realty Advisors Atlanta US diversified Final $50 $100 Dec-05
Total (1) $43,934