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Real Estate Spotlight - June 2012

May 31, 2012
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Real Estate Spotlight is the monthly newsletter published by Preqin packed full of vital information and data, all based on our latest research into the private equity real estate industry. Real Estate Spotlight combines information from our online products Real Estate Online and Real Estate Capital Sources.

Real Estate Spotlight
June 2012
Emerging Markets-Focused Private Real Estate Fundraising Global fundraising remains depressed; however, are investors increasingly attracted to the opportunities available outside of traditional developed economies? What is the region of choice? This month's feature article analyzes the fundraising market for emerging markets-focused private real estate vehicles.

June 2012 Volume 6 - Issue 6

Page 2.

UK-Headquartered Real Estate Fund Managers FEATURED PUBLICATION:
The 2012

A rundown of all the key stats regarding UK-based real estate GPs. What are their investment preferences? Who are the biggest players currently in market? Page 6.

Preqin Sovereign Wealth Fund Review

US-Based Private Sector Pension Funds An overview of the investment preferences of US private sector pensions that allocate to real estate. Page 7. The 2012 Preqin Sovereign Wealth Fund Review Fundraising Update www.preqin.com/swf Stay on top of the market with our round-up of the latest private real estate fundraising statistics. Page 8. New York: One Grand Central Place 60 E 42nd Street Suite 2544 New York, NY 10165 +1 212 350 0100 London: Equitable House, 47 King William Street, London, EC4R 9AF +44 (0)20 7645 8888 Singapore: Asia Square Tower #07-04 8 Marina View Singapore, 018960 +65 6407 1011 w: www.preqin.com e: info@preqin.com Twitter: www.twitter.com/preqin LinkedIn: Search for Preqin
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Industry News The latest from the real estate fund of funds sector, including an update on investors seeking multi-manager opportunities and recent activity of those GPs based in the sector. Plus details of the most recent funds of funds to close. Page 10.

Conferences A look at the forthcoming industry conferences around the world. Page 11.

You can download all the data in this month's Spotlight in Excel. Wherever you see this symbol, the data is available for free download on Excel. Just click on the symbol and your download will begin automatically. You are welcome to use the data in any presentations you are preparing; please cite Preqin as the source.

Feature

Emerging Markets-Focused Private Real Estate Fundraising

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Emerging Markets-Focused Private Real Estate Fundraising
Andrew Moylan looks at trends within the emerging markets-focused private real estate market, examining which regions investors have the greatest appetite for, and which types of fund are having the most success in the current market. Fig. 1: Annual Emerging Markets-Focused Closed-End Private Real Estate Fundraising by Geographic Focus, 2005 - 2011
40

Fig. 2: Annual Closed-End Private Real Estate Fundraising, 2005 - 2011: Established vs Emerging Markets
100% 84% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2005 2006 2007 2008 2009 2010 2011 16% 16% 19% 24% 15% 14% 14% Emerging MarketsFocused Established MarketsFocused 84% 81% 76% 85% 86% 86%

Aggregate Commitments ($bn)

35 Asia 30 25 20 15 10 5 0 10.7 6.6 1.5 2.2 1.9 2005 2.5 1.8 1.7 2006 3.6 4.4 3.1 2007 2.5 1.8 3.7 2008 4.5 1.8 1.6 0.2 2009 4.8 0.9 0.9 2010 4.1 3.0 0.4 2011 Other Emerging Markets 26.3 14.7 Central & Eastern Europe Latin America

Source: Preqin Real Estate Online

Source: Preqin Real Estate Online

The private real estate fund market has undergone significant changes in the past few years and this is particularly true for emerging marketfocused funds. Many institutional investors are increasingly global in outlook, and demand for emerging markets exposure remains, but the picture of emerging markets-focused real estate fundraising is very different to the one seen before the global economic downturn. For the purposes of this article, all funds which are primarily investing in markets other than North America, Western Europe, Japan or Australasia are classified as emerging markets-focused. Fig. 1 shows emerging markets-focused private real estate fundraising from 2005 to 2011. As with all private real estate fundraising, capital raised for emerging markets-focused funds has declined in recent years, falling from a total of $34.2 billion raised by the 77 funds that closed in 2008, to just $7.5 billion raised by the 33 funds that closed in 2011. As illustrated in Fig. 2, in 2008 emerging markets-focused funds accounted for 24% of all private real estate fundraising globally, with the $3.9 billion MGPA Asia Fund III and the $3 billion LaSalle Asia Opportunity Fund III among the largest funds to close that year. Emerging markets-focused funds' share of total capital raised has declined since then, and they accounted for 14% of the capital raised globally by funds that closed in 2011. In the years leading up to 2008, many institutional investors had increasingly been looking to create geographically diversified portfolios and the result was an growing amount of capital being raised by private real estate funds investing in emerging economies. In recent years, however, a number of institutions have focused more on established, liquid real estate markets, resulting in less capital being raised for emerging marketsfocused funds.

The fundraising figures from 2011 give some interesting indications as to how investor appetite for emerging markets is changing. $3 billion was raised by the seven Latin America-focused funds that closed in 2011, including the $750 million Prosperitas Real Estate Partners III and the $550 million Ptria Brazil Real Estate Fund II. This was the second highest annual total for Latin America after 2007, when eight funds raised $3.6 billion, and accounted for 40% of all emerging markets-focused fundraising. Brazil appears to be attracting growing attention from investors, with five of the seven Latin American funds to close in 2011 focusing on Brazil. Another Brazil-focused fund, GTIS Brazil Real Estate Partners, held a final close on $810 million in Q1 2012. $4.1 billion was raised by Asia-focused funds closing in 2011, significantly less than the $26.3 billion raised in 2008. While Asiafocused funds still accounted for a sizeable 55% of emerging marketsfocused fundraising in 2011, this was less than in 2008, when over three quarters of capital raised for emerging markets funds was targeted at Asia. In particular, appetite for specifically India-focused funds has declined in recent years. 2010 and 2011 saw $0.8 billion and $0.7 billion raised respectively, compared with $5.4 billion in 2007 and $4.7 billion in 2008. In contrast, there is still a significant level of appetite for specifically China-focused funds, with $3 billion being raised in 2011. The record year for China-focused fundraising was 2008, when $5.4 billion was raised. Fig. 4 illustrates that the proportion of capital raised for emerging markets funds accounted for by domestic fund managers has increased in recent years. In 2005, 82% of capital raised for emerging markets investments was by firms headquartered outside the region. In 2010, however, 77% of capital was raised by managers 2012 Preqin Ltd. www.preqin.com

2 Real Estate Spotlight, June 2012

Proportion of Aggregate Capital Raised

Feature

Emerging Markets-Focused Private Real Estate Fundraising

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Fig. 3: Annual Emerging Markets-Focused Closed-End Private Real Estate Fundraising by Emerging Markets Focus
Proportion of Aggregate Emerging Markets Capital Raised
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 18% 12% 15% 17% 11% 16% 10% 12% 7% 5% 11% 14% 20% Central & Eastern Europe 14% 22% 40% Other Emerging Markets 54% 64% 57% 77% 55% 73% 55% Latin America Asia

Fig. 4: Annual Emerging Markets Fundraising: Emerging Markets vs. Established Market-Based Firms
Proportion of Aggregate Emerging Markets Capital Raised
100% 90% 80% 50% 70% 60% 50% 40% 30% 50% 20% 10% 0% 2005 2006 2007 2008 2009 2010 2011 18% 45% 39% 52% 77% 59% Emerging Markets-Based Managers 82% 55% 61% International Managers 48% 23% 41%

13% 6% 3% 2005 2006 2007 2008 2009 2010 2011

Source: Preqin Real Estate Online

Source: Preqin Real Estate Online

headquartered within emerging markets. This declined to 59% in 2011, but still highlights an increased ability for firms which are based in emerging markets to raise capital for private real estate funds. It is also clear that there is increased appetite for more focused offerings within emerging markets. Funds with a focus on a single country, or a small number of countries accounted for 53% of capital raised in 2005 and just 33% in 2009. In 2011, however, the $6.5 billion raised by these funds accounted for 87% of capital raised. Global or pan-continental funds are attracting far less capital than before the downturn. These funds raised $21.7 billion in 2008 and just $1.0 billion in 2011. This reflects a shift in the attitude of investors, many of which are increasingly looking for firms who are specialists in a particular region or property sector. There are currently 87 funds with a primary focus on emerging markets seeking investor capital, targeting aggregate commitments of $28.1 billion. These funds make up 17% of the aggregate capital targeted by all private real estate funds globally. Asia-focused funds make up the largest number of these funds, with 44 Asia-focused funds in market targeting aggregate commitments of $15.7 billion. Seventeen Central and Eastern Europe-focused funds are targeting $4.9 billion in commitments, while 16 funds targeting Latin America are seeking commitments of $3.2 billion. The largest emerging markets-focused funds currently being marketed include Asia-focused offerings by ARA Asset Management, which is targeting $1 billion for ARA Asia Dragon Fund II to invest in office, retail and residential properties in Asia. Aetos Capital Asia IV and Alpha

Asia Macro Trends Fund II are also each targeting commitments of $1 billion. Brookfield Asset Management is also seeking commitments of $1 billion for its Dubai Real Estate Fund. Of the 16 Latin America-focused funds currently being marketed, Hemisferio Sul Investimentos Fund IV is the largest, with a $650 million fundraising target. The fund will focus on income-producing properties in Brazil. Another Brazil-focused offering, SDI Desenvolvimento Imobilirio's SDI Brazil FIP, is targeting $450 million to develop commercial and industrial projects in Brazil. Paladin Realty Partners' fourth Latin American fund is targeting $400 million. Within Central and Eastern Europe, VTBC-Ashmore Real Estate Partners I is targeting 500 million to make investments in commercial and residential real estate development projects in Moscow, St Petersburg and other substantial Russian metropolitan areas, while Hines recently closed its Hines Russia & Poland Fund on 390 million. The private real estate fund market in Africa remains very much in its infancy. Nine funds with a primary focus on Africa have closed since 2005, raising a combined $0.7 billion. A further five are currently being marketed and have an aggregate target of $1.2 billion. These include Ivora Africa Property Fund, which is targeting $500 million to invest in

Fig. 5: Annual Emerging Markets Fundraising: Global/Pan Continental Funds vs Country Specific/Regional Funds
100%

Proportion of Aggregate Emerging Marekets Capital Raised

90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2007 2008 2009 2010 2011 2012 47% 36% 13% 17% 63% 67% 53% 64% 87% 83% Country Specific/Regional Funds Global/Pan Continental Funds 37% 33%

Subscriber Quicklink
Subscribers to Preqin's Real Estate Online service can click here to view detailed profiles for 826 institutional investors with an appetite for real estate funds investing in emerging markets. Not yet a subscriber? To see how Real Estate Online can help you, please visit www.preqin.com/reo

Source: Preqin Real Estate Online

3 Real Estate Spotlight, June 2012

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Feature

Emerging Markets-Focused Private Real Estate Fundraising

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Fig. 6: Emerging Markets-Focused Closed-End Private Real Estate Funds in Market by Geographic Focus
50 45 40 35 30 25 20 15 10 5 0 Asia Central & Eastern Europe Latin Middle East America Africa 4.5 3.5 5 2.0 5 1.2 Aggregate Target ($bn) 16.7 16 16 No. Funds Raising 45

Fig. 7: Investor Appetite for Emerging Markets-Focused Funds by Region
35% 30% 33%

Proportion of Investors

25% 20% 15% 10% 5% 5% 0% Asia Latin America Central & Eastern Europe MENA Africa 5% 2% 1%

Source: Preqin Real Estate Online

Source: Preqin Real Estate Online

commercial rental properties situated in growth regions across Africa. RMB Westport Real Estate Development Fund is seeking $250 million to invest in real estate developments in sub-Saharan Africa. Fig. 7 shows the investor appetite for different emerging markets. While it shows that emerging markets exposure is not a consideration for a large proportion of investors, many others, particularly the larger and more sophisticated institutions, are interested in having a globally diversified portfolio. In terms of emerging markets, Asia has the largest private real estate fund market outside North America and Europe, and has typically been the region targeted first by investors looking for emerging markets investments. One-third of investors in private real estate funds have, or are interested in gaining, exposure to Asia. Other emerging markets are on the radar of fewer investors, with 5% stating a preference for Latin America, a similar proportion attracted to Central and Eastern Europe, 2% interested in MENA and 1% interested in Africa.

Many institutional investors see the value of including emerging markets exposure in their real estate portfolios, both for diversification purposes and because of the potential for strong returns. In the short term, with many investors not actively looking for new investments or focusing on markets closer to home, fundraising for emerging markets-focused funds is likely to remain challenging. In the medium to long term, however, it seems likely that emerging markets-focused offerings will become more important to the private real estate market as a whole.

Preqin Investor Network - Real Estate Data Coming Soon!
Preqin's new private equity online service - Preqin Investor Network - offers free performance data, fundraising intelligence and benchmarking tools for accredited investors in private equity. This powerful resource will soon include real estate data. Interested in finding out more on how Preqin Investor Network can help investors? Want to find out if you apply for a complimentary subscription? To find out more or to have a walkthrough of the service, please visit: www.preqin.com/pin

4 Real Estate Spotlight, June 2012

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2012 Preqin Global Alternatives Reports
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The 2012 Preqin Global Alternatives Reports are the most comprehensive reviews of the alternatives investment industry ever undertaken, and are a must have for anyone seeking to understand the latest developments in the private equity, real estate and infrastructure markets.
Key content includes: Interviews and articles from the most important people in the industry today; Detailed analysis on every aspect of the industry with a review of 2011, and predictions for the coming year; Comprehensive source of stats - including fundraising, performance, deals, GPs, Numerous reference guides for different aspects of the industry - Who is the biggest? Where are the centres of activity? How much has been raised? Where is the capital going? Who is investing? What are the biggest deals? What is the outlook for the industry?
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2012 Preqin Global Infrastructure Report

2012 Preqin Global Private Equity Report
ISBN: 978-1-907012-17-4 $175 / 95 / 115 www.preqin.com

2012 Preqin Global Real Estate Report

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Fund Managers

UK-Headquartered Real Estate Fund Managers

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UK-Headquartered Real Estate Fund Managers
Carla Henry looks at the key stats regarding fund managers based in the UK. Fig. 1: Key Facts: UK-Headquartered Real Estate Fund Managers
Number of UK Fund Managers Total Number of Real Estate Funds Closed 20052012 Aggregate Capital Raised ($bn) 2005-2012 Number of Funds currently on the Road 198 368 93.1 44

Subscriber Quicklink:
Subscribers to Preqin's Real Estate Online can click here to access detailed profiles for 198 real estate fund managers that are based in the UK. Not yet a subscriber? To see how Real Estate Online can help you, please visit www.preqin.com/reo

Source: Preqin Real Estate Online

Fig. 2: Primary Location Focus of Funds on the Road Managed by UK-Headquartered Firms
40 35 30 No. Funds Raising 25 20 15 10 5 0 Europe Asia and Rest of World North America 12.3 Aggregate Target ($bn) 7 2.2 3 1.2 34

Fig. 3: Property Types Targeted by Funds on the Road Managed by UK-Headquartered Firms
45% 40% 43%

Proportion of Funds in Market

36% 35% 30% 25% 20% 15% 10% 5% 0% Retail Office Residential Industrial Hotels 14% 14% 10%

Source: Preqin Real Estate Online

Source: Preqin Real Estate Online

Fig. 4: Largest Funds Currently on the Road Managed by UK-Headquartered Firms

Fund Orion European Real Estate Fund IV MGPA Europe Fund IV The Avingstone Fund Pradera Turkish Retail Fund TransEuropean Property V Threadneedle Low-Carbon Workplace Trust

Manager Orion Capital Managers MGPA Avingstone Pradera Rockspring Property Investment Managers Threadneedle Property Investments

Target Size (mn) 1,300 EUR 750 USD 500 EUR 500 EUR 450 EUR 350 GBP

Strategy Opportunistic Opportunistic and Value Added Distressed Value Added Core, Core-Plus, Distressed and Value Added Value Added

Geographic Focus West Europe Europe Europe Turkey Europe UK
Source: Preqin Real Estate Online

6 Real Estate Spotlight, June 2012

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Investors

US-Based Private Sector Pension Funds

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US-Based Private Sector Pension Funds
Farhaz Miah takes a look at US-based private sector pension funds investing in real estate.

Fig. 1: Key Facts: US-Based Private Sector Pension Funds
Average Allocation to Real Estate (% of AUM) Average Target Allocation to Real Estate (% of AUM) 4.7 6.6

Subscriber Quicklink:
Would you like to see details of 186 US-based private sector pension funds investing in real estate, with information on their areas of interest, key contacts, future plans and more? Click here to view the full list. Not yet a subscriber? To see how Real Estate Online can help you, please visit www.preqin.com/reo

Source: Preqin Real Estate Online

Fig. 2: Breakdown of US-Based Private Sector Pension Funds That Invest In Real Estate By Assets Under Management

Fig. 3: Breakdown of US-Based Private Sector Pension Funds That Invest in Real Estate by Overall Real Estate Allocation

1%
3% 16% 20% Less than $1bn $1-4.99bn 16% $5-9.99bn

10% 7% 42% 17%

$0-99mn $100-249mn $250-499mn $500-999mn

45%

$10-49.99bn $50bn+

24%

$1-4.99bn $5bn+

Source: Preqin Real Estate Online

Source: Preqin Real Estate Online

Fig. 4: Fund Strategy Preferences of US-Based Private Sector Pension Funds
70% 60% 63% 55% 53%

Fig. 5: Real Estate Investment Preferences of US-Based Private Sector Pension Funds
100% 90% 80% No Longer Investing 1% 4% 1% 1%

Proportion of Investors

Proportion of Investors

50% 40% 30% 21% 20% 10% 0%
Opportunistic Debt Value Added Distressed Core-Plus Core

70% 60% 50% 40% 94% 80%

66% Never Invested

16%

14% 5%
Fund of Funds

Considering Investing 1%

3%
Secondaries

30% 20% 10% 0% Private Funds Direct Listed 1% 19% 33% Invest

Source: Preqin Real Estate Online

Source: Preqin Real Estate Online

7 Real Estate Spotlight, June 2012

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Fundraising

Fundraising Update

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Fundraising Update
Ee Fai Kam provides a round-up of the latest real estate fundraising statistics. Fig. 1: Closed-End Private Real Estate Funds in Market by Primary Geographic Focus
Aggregate Target Size ($bn) 96.6 38.7 29.9
Source: Preqin Real Estate Online

Fig. 2: Closed-End Private Real Estate Funds in Market by Target Size
400 350 300 No. of Funds Raising 250 200 150 341

No. of Funds North America Europe Asia and Rest of World 255 105 90

Aggregate Target ($bn) 80 64.5 47.1 29 53.7

Data Source:
Preqin's Real Estate Online features detailed profiles for all 450 private real estate funds currently in market, including strategy, geographic focus, property focus, target size, anticipated closings and more. www.preqin.com/reo

100 50 0 Less than $500mn

$500-999mn

$1bn+

Source: Preqin Real Estate Online

Fig. 3: Largest Europe-Focused Funds on the Road
Fund
European Diversified Property Orion European Real Estate Fund IV Perella Weinberg Real Estate Fund II UBS (D) European Mega Core Property Fund RREEF Real Estate Partners III CBRE European Shopping Centre Fund MGPA Europe Fund IV UII Shopping Nr. 1 The Avingstone Fund VTBC-Ashmore Real Estate Partners I CVI Europe Real Estate Partners Global Hospitality Recovery Fund II

Manager
AXA Real Estate Orion Capital Managers Perella Weinberg Partners UBS Global Real Estate RREEF Real Estate CBRE Global Investors MGPA Union Investment Real Estate Avingstone VTB Capital Infrastructure and Real Estate Investment Funds CarVal Investors Waldeck Capital

Target Size (mn)
1,500 EUR 1,300 EUR 1,200 EUR 1,000 EUR 1,000 EUR 750 EUR 750 USD 500 EUR 500 EUR 500 EUR 500 EUR 500 EUR

Strategy
Core and Core-Plus Opportunistic Opportunistic Core Opportunistic Core-Plus Opportunistic and Value Added Core Distressed Opportunistic Distressed, Opportunistic and Value Added Distressed, Opportunistic and Value Added

Property Focus
Any, Industrial, Logistics, Office, Retail Any Office, Retail Shopping Centre Office, Retail Retail, Shopping Centre Hotels Commercial, Hotels, Office, Residential Industrial, Mixed Use, MultiFamily, Office Hotels Source: Preqin Real Estate Online

Fig. 4: Recently Closed Funds
Niam Nordic V Manager Strategy Target IRR (Gross) Property Focus Geographic Focus Final Close Sample Investors Placement Agent Forum Asian Realty Income III Manager Forum Partners Strategy Opportunistic Target IRR (Net) 18-20% Property Focus Operating Companies Geographic Focus Asia, Australia $374mn (April 2012) Final Close Church Pension Group, Teacher Retirement Sample Investors System of Texas, PGGM Placement Agent Atlantic-Pacific Capital
Source: Preqin Real Estate Online

Niam Opportunistic 20% Any, Commercial, Residential Nordic 719mn (May 2012) Nestle USA Pension Plan, Al-Ahleia Insurance Company and Teachers' Retirement System of the State of Illinois Greenhill Fund Placement Advisory Group

8 Real Estate Spotlight, June 2012

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2012 Preqin Sovereign Wealth Fund Review

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The 2012 Preqin Sovereign Wealth Fund Review has been completely updated and expanded to include new information on every area of sovereign wealth fund investment portfolios. It represents a vital purchase for all fund managers, consultants, advisors and other finance professionals seeking to gather intelligence on this reclusive group of investors. Now in its fifth edition, this year's publication is the most comprehensive yet, featuring full profiles for 63 sovereign wealth funds worldwide.
Highlights of this year's edition include: Overview of the sovereign wealth fund market. Separate analysis sections identifying all key trends and patterns for sovereign wealth fund activity in each asset class. League table of top sovereign wealth funds by total assets. Full profiles for all sovereign wealth funds.

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News

Industry News

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Industry News
The inside scoop from the world of private real estate gathered by Preqin's team of researchers.
As shown in the chart of the month, opportunistic real estate strategies are most favoured amongst real estate fund of funds managers; however, the firms currently in market are willing to consider a variety of underlying fund types. As a result, real estate fund managers across the spectrum of fund types can benefit from keeping an eye on the multi-managers looking to allocate capital in the near future. Interested in finding out more about the latest trends in real estate fund of funds industry? Please click to view our new special report: Real Estate Fund of Funds. Several Europe-based funds of funds are planning on making new investments in the next 12 months. Dutch-based real estate multi-manager Syntrus Achmea Vastgoed, which operates three real estate fund of funds vehicles targeting investment in Europe, North America and Asia respectively, intends to commit across all of its platforms. The fund of funds manager is opportunistic in its approach and assesses each opportunity on a case-by-case basis; however it is likely to commit larger amounts of capital than before. Elsewhere, German-based HCI Capital intends to commit 20mn to a single emerging markets-focused, country-specific opportunistic private real estate fund by Q3 2012. The firm will favour funds managed by GPs that can demonstrate a strong track record, entrepreneurial spirit, and an ability to utilize localized knowledge complemented by demonstrable skin in the game. It could, however, also consider first-time fund managers. Still in Europe, 4IP Management AG the Switzerland-based real estate fund of funds manager is considering launching a new platform to invest in Europe-focused funds that target core, coreplus and value added opportunities. At present, 4IP is looking to get one or two cornerstone investors on board and is hoping to attract at least 100mn in AUM for the new fund of funds. The firm closed its last Europe-focused vehicle, 4IP European Real Estate Fund of Funds, in April 2008 and is currently full committed, having invested in eight underlying real estate funds. Approximately 20% was committed to core vehicles, 20% to value added vehicles, and 60% to core-plus vehicles. Over in the US, Versus Capital is hoping to commit $750mn across 10-11 real estate funds over the coming year, through its Versus Capital Multi-Manager Real Estate Income Fund. This vehicle is sub-advised by Callan Advisors and targets core and core-plus funds in North America (80%), Europe (10%) and Asia (10%). At present, the fund has already committed $750mn to eight underlying investments. Also looking for new investments is Portfolio Advisors, which intends to make three or four commitments over the next 12 months, via its Portfolio Advisors Real Estate Fund IV vehicle. It has already made five commitments in the past year and will continue to target global opportunistic and value added funds, but could also acquire private real estate fund interests on the secondary market. Finally, Investors Diversified Realty, the Cleveland-based real estate fund of funds manager, intends to remain active in the coming year having made four fund commitments through its Investors Diversified Realty Fund over the past 12 months. While it is unsure as to how much capital it will deploy for new investments, it is likely to commit to two US debt funds going forwards and anticipates this process will begin in Q2 2012.

Chart of the Month: Targeted Strategies of Real Estate Funds of Funds
100% 90% 80% 88% 75%

Proportion of Funds

72% 70% 60% 50% 40% 30% 20% 10% 0%
Opportunistic

56% 50% 39% 38% 39% Funds of Funds Closed 2010 - May 2012 Funds of Funds in Market

22% 19%

17% 6%

Value Added

Distressed

Debt

Source: Preqin Real Estate Online

What's New?
Do you have any news you would like to share with the readers of Spotlight? Perhaps you're about to launch a new fund, have implemented a new investment strategy, or are considering investments beyond your usual geographic focus? Send your updates to spotlight@preqin.com and we will endeavour to publish them in the next issue. All of Preqin's exclusive intelligence is available on Real Estate Online, the industry's leading source of information on private real estate funds, managers and investors in the asset class. Subscribers can click here to view more industry news and information.

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Core-Plus

Core

Conferences

Forthcoming Events

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Conferences Spotlight
Conference China GRI 2012 Real Estate Investment World Asia Opportunities and Challenges with Private Equity Real Estate (PERE) GRI Europe Summit 2012 Dates 6 - 7 June 2012 26 - 28 June 2012 04 July 2012 11 - 12 September 2012 Location Shanghai Singapore Zurich Paris Organizer Global Real Estate Institute Terrapinn Lucerne University Global Real Estate Institute

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11 Real Estate Spotlight, June 2012

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