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Real Estate Spotlight - February 2013

Feb 22, 2013
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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
February 2013 The 2013 Preqin Global Real Estate Report

February 2013 Volume 7 - Issue 2

Preqin's Real Estate Online database is the industry's leading source of intelligence on the private real estate fund industry, providing net-toinvestor fund performance, fundraising information, institutional investor profiles, and more.

2013 Preqin Global Real Estate Report

For more information, please visit: www.preqin.com/reo

ISBN: 978-1-907012-63-1 $175 / £95 / 115 www.preqin.com
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This month's Real Estate Spotlight features sample pages from the 2013 Preqin Global Real Estate Report, the most comprehensive review of the private equity real estate asset class ever undertaken, including: Table of Contents - Page 2 Private Real Estate in 2013 - Outlook for the Year Ahead - Page 3 Assets under Management and Dry Powder - Page 4 Overview of Private Real Estate Fund Managers - Page 5 Examination of Private Real Estate Performance - Page 6 Investor Appetite for Private Real Estate in 2013 - Page 8 Real Estate Debt Fund Market - Page 9 Conferences Spotlight - Page 11

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The 2013 Preqin Global Real Estate Report - Sample Pages

2013 Global Real Estate Report Contents
CEO's Foreword 3 Separate Accounts Investor League Tables Section One: The 2013 Preqin Global Real Estate Report Keynote Address ­ Carrie Coulson, Director ­ Real Estate, MVision Section Two: Overview of the Private Real Estate Industry Private Real Estate in 2013 ­ Outlook for the Year Ahead ­ Andrew Moylan, Preqin Attractive Relative Returns in a Low Return World ­ Greg MacKinnon, Director of Research, PREA Section Three: Assets under Management and Dry Powder Assets under Management and Dry Powder Section Four: Fundraising Overview of 2012 Fundraising Market Current Fundraising Market North American Fundraising European Fundraising Asian Fundraising Rest of World Fundraising Section Five: Fund Managers Overview of Private Real Estate Fund Managers Largest Fund Managers League Table Fund Manager Investment Criteria Section Six: Performance Examination of Private Real Estate Performance Consistent Performing Fund Managers Real Estates Returns for Pension Funds Target IRRs Section Seven: Investors Overview of Real Estate Investors Investor Appetite for Private Real Estate Strategies and Geographies Targeted in 2013 29 32 34 23 26 27 28 19 20 21 11 14 15 16 17 18 Section Fourteen: Preqin Products Order Forms 49 Section Thirteen: Placement Agents Review of Placement Agents 47 9 7 8 Section Ten: Real Estate Debt Fund Market Real Estate Debt Fund Market Section Eleven: Real Estate Funds of Funds Overview of the Real Estate Fund of Funds Market Section Twelve: Secondaries Investor Activity in the Real Estate Secondary Market 45 43 41 5 Section Eight: Investment Consultants Investment Consultants in Real Estate Section Nine: Fund Terms and Conditions Real Estate Fund Terms and Conditions Leading Law Firms Involved in Fund Formation 39 40 37 35 36

Section Two: Overview of Private Real Estate Industry

The 2013 Preqin Global Real Estate Report - Sample Pages

2. Overview of Private Real Estate Industry

Private Real Estate in 2013 ­ Outlook for the Year Ahead
- Andrew Moylan, Preqin
Fundraising remained challenging in 2012 as a result of economic uncertainty, a lack of new commitments being made by investors and a large number of funds on the road. Closed-end private real estate funds that held a final close during the year raised an aggregate $55bn, a small decline on the $57bn that was raised by funds that closed in 2011. There were some notable fundraising successes, with 52% of funds that closed in 2012 doing so on or above target, including the $13.3bn final close of Blackstone Real Estate Partners VII, the largest closed-end private real estate ever raised. For many firms however, securing commitments remained difficult. Fundraising is now a long process, with managers spending an average of just under 18 months marketing their funds. Raising a first-time fund is particularly difficult, with fewer investors now prepared to invest with new firms. Just 21% of investors will commit to first-time funds, compared with 41% in December 2009. More than ever, investors want to see evidence of a strong track record, and in particular that a firm performed well during the downturn, as well as in growing markets. While the number of funds in market did fall during the final quarter of 2012, with 449 funds currently on the road targeting an aggregate $147bn in capital commitments, the fundraising market remains extremely crowded. Even with improving investor sentiment, there will likely continue to be a significant number of managers falling short of their fund targets or abandoning their fundraising efforts altogether.
Investor Sentiment

capital to the asset class in 2013 than they did in 2012. Real estate remains an important part of many sophisticated investors' portfolios, with 93% of institutional investors active in the asset class targeting exposure to property of at least 5% of their total assets. As well as having the potential to generate strong returns, real estate portfolios can offer diversification, act as an inflation hedge, and provide a steady income stream; we have seen only a very small proportion of investors scale down their exposure to the asset class. In the longer term, just 9% of investors expect to reduce their allocations to real estate, while 39% expect their allocations to increase. While a large proportion of investors focused primarily on core investments following the downturn, many are now increasingly looking at opportunities higher up the risk/return spectrum. Investor interest in core remained strong during 2012, but there was also increased appetite for core-plus, value added and opportunistic strategies. Real estate debt is also gaining more interest from investors, with a growing proportion believing it can add value to their real estate portfolios. The use of separate accounts is also continuing to increase, with some investors viewing this as a way to invest significant amounts of capital, while retaining a greater level of control than they might have with a commitment to a blind-pool fund. These typically remain the preserve of larger, more experienced investors however, and many small- or mid-sized investors lack the additional resources required to invest through separate accounts.
Performance

nine quarters to June 2012, there was an average increase in NAV for private real estate funds and there are positive signs for private real estate funds of more recent vintages. The median IRR of 2009 vintage funds stood at 12.9% as of June 2012, with three-quarters of funds generating IRRs of 9.5% or more. This must of course be placed in context; many investors suffered significant losses in 2008 and 2009 and despite the improvements in recent quarters, many are still disappointed with the returns they have received. Forty-seven percent of investors surveyed by Preqin in December 2012 felt the performance of their private real estate portfolios had fallen short of their expectations.
Outlook for 2013

Fundraising looks certain to remain challenging in 2013. There are signs of improving investor appetite, with a growing proportion of institutions expecting to commit capital to private real estate in the coming year; however, a significant proportion still do not expect to be active. While a dramatic increase in fundraising is unlikely, 2013 may see more capital raised than was secured in 2012. Firms marketing new vehicles will need to demonstrate a strong track record, have competitive fee structures and an alignment of fund manager and investor interests, and be able to clearly differentiate themselves from the competition in order to be successful.

There are strong signs that investor confidence in private real estate funds is returning, with 53% of investors surveyed by Preqin in December 2012 planning to make new commitments to the asset class in 2013. In a similar study conducted in December 2011, just 36% of investors expected to make commitments in the following 12 months. The majority (54%) of investors also expect to commit more

Recent performance of the real estate asset class is also encouraging. Preqin's latest study of the performance of public pension funds' portfolios found that their real estate investments generated a median return of 10.0% in the 12 months to June 2012, more than any other major asset class. In each of the

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Section Three: Assets under Management and Dry Powder

The 2013 Preqin Global Real Estate Report - Sample Pages

3. Assets under Management and Dry Powder

Assets under Management and Dry Powder
The aggregate assets under management* of the private equity real estate industry have reached an alltime high as of June 2012, with $576bn invested in real estate or held as dry powder globally (Fig. 3.1). The rapid growth of the private equity real estate industry saw assets under management reach $430bn in December 2007, before declining to $418bn and then $413bn in December 2008 and December 2009 respectively following the onset of the financial crisis. From December 2009 to June 2012, the slow fundraising environment contributed to a gradual decrease in dry powder to its lowest level in six years in June 2012. However, over the same time period the industry's aggregate assets under management grew by $163bn as a result of the increase in the unrealized value of firms' portfolios, which nearly doubled from $228bn to $422bn during this period. This increase in aggregate unrealized value was caused by a combination of improving property values and investment activity by fund managers. There were positive changes to the net asset value (NAV) in every quarter from Q2 2010 to Q2 2012, with the largest percentage increase occurring in Q4 2010 (Fig. 3.2). Private real estate firms also invested $213bn of equity in real estate assets between January 2010 and June 2012 (Fig. 3.3). In particular, 2010 saw a significant amount of capital deployed, with closed-end private real estate fund managers committing $108bn during the year. The pace of investment activity slowed in 2011, with $59bn of equity being invested, but picked up again in the first half of 2012 when $46bn was deployed. Fewer assets being sold also contributed to the increase in the aggregate value of unrealized investments, with the years 2007 to 2010 seeing $254bn more capital invested than was distributed. The boom in fundraising in 2006 and 2007 *Preqin defines a firm's assets under management as the sum of its dry powder and unrealized value of portfolio assets.
Fig. 3.1: Closed-End Private Real Estate Assets under Management, December 2002 June 2012
600

500

400 403 300 156 98 100 40 0 41 Dec-02 61 40 Dec-03 72 57 Dec-04 99 Dec-05 136 173 177 185 158 167 154 257 241 228 319 422 Unrealized Value ($bn)

200

Dry Powder ($bn)

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Source: Preqin Real Estate Online

Fig. 3.2: Closed-End Private Real Estate Quarterly Change in NAV, Q3 2011 - Q2 2012
9%

Average Change in NAV from Previous Quarter

7.3% 7% 5% 3% 1% Q1 2008 -1% -3% 1.0% Q2 2008 Q3 2008 Q4 2008 Q1 2009 1.1% 1.4% Q2 2009 Q3 2009 Q4 2009 4.0% 4.5% 1.5% -0.4% 0.2% Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 2.5% 2.6% 2.3% 5.6%

-5% -4.0% -7% -9% -11% -13% -15% -17% -15.7% -7.4% -8.0%

-3.9%

Source: Preqin Real Estate Online

Data Source:
This is an extract from the 2013 Preqin Global Real Estate Report. The full report contains information on dry powder by strategy and region, capital invested and distributed, and much more. For more information, please visit: www.preqin.com/grer Want to know the latest dry powder and AUM figures? Preqin's Real Estate Online provides extensive details for over 1,680 fund managers.

Dec-11

Jun-12

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For more information, please visit: www.preqin.com/reo

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Section Five: Fund Managers

The 2013 Preqin Global Real Estate Report - Sample Pages

5. Fund Managers

Overview of Private Real Estate Fund Managers
There has been considerable growth in the number of private real estate fund managers that are active in recent years, despite the tough fundraising environment. Preqin tracks more than 1,600 private real estate firms, including managers of both closed- and openended funds, which between them manage over 3,800 vehicles. Globally, the private real estate industry employs an estimated 14,500 people. The closed-end fund model is the model most widely used by private real estate fund managers. In terms of fund types managed, 83% of firms only manage closed-end funds, and 10% manage only open- or semi-open-ended funds. The remaining 8% are managers of both closed- and open/semi-open-ended funds. North America remains the base for the majority of private real estate firms, accounting for 55%, as Fig. 5.1 shows. Europe is the second most significant region for such firms, with 29% headquartered in the region; this is a one percentage point increase from a year ago. Of the remaining firms, 8% are based in Asia-Pacific, and 3% are in each of the Middle East and Israel, and Australasia. The final 2% is made up of Africa- and Latin America-based private real estate firms.
Fig. 5.1: Breakdown of Private Real Estate Firms by Location of Headquarters

1% 1% 8% 3% 3% North America Europe Asia-Pacific Middle East & Israel Australasia Latin America Africa

29%

55%

Source: Preqin Real Estate Online

Data Source:
This is an extract from the 2013 Preqin Global Real Estate Report. The report contains detailed fund manager information, including league tables and investment criteria. For more information, please visit: www.preqin.com/grer Real Estate Online features detailed profiles of over 1,680 fund managers from around the world. For more information, please visit: www.preqin.com/reo

Fig. 5.2: Top 10 Metropolitan Areas for Private Real Estate Firms (Based on Headquarters)

Fig. 5.3: Breakdown of Private Real Estate Fund Managers by Number of Funds Managed
40% 39%

Metropolitan Area New York London Los Angeles Chicago San Francisco Boston Dallas Sydney Mumbai Toronto

No. of Firms 183 171 69 56 42 38 36 29 24 19
Source: Preqin Real Estate Online
Proportion of Private Real Estate Firms

35% 32% 30%

25% 21% 20%

15%

10% 7% 5%

0% 1 Fund 2-3 Funds 4-7 Funds 10 or More Funds

No. of Funds Managed

Source: Preqin Real Estate Online

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Section Six: Performance

The 2013 Preqin Global Real Estate Report - Sample Pages

6. Performance

Examination of Private Real Estate Performance
While private equity real estate funds suffered significant declines as a result of the economic downturn and did not experience a rebound as quickly as other private equity strategies, the more recent performance of the asset class shows signs of improvement. Preqin holds individual net-to-investor fund returns, i.e. after management fees and carried interest, for over 1,000 closed-end private real estate funds, and Fig. 7.1 displays the median IRRs, net of fees and carry, for closed-end private real estate funds by vintage year, alongside the top and bottom quartile IRR boundaries. Vintage 2002 funds have generated strong IRRs, with the median fund achieving a 19.2% return. Top quartile funds with a 2002 vintage have generated net IRRs of 27.2% and above, while the bottom quartile threshold is 9.5%. Top quartile returns exceeded 20% for funds of 2000-2004 vintages. The performance of funds of vintage years following 2004 has been significantly impacted by the financial downturn, with the median net IRR of 2005 vintage funds standing at 0.0% and the figure for 2006 vintage funds in negative territory at -2.7%. There are encouraging signs for more recent vintages however, with the median net IRR for 2007 vintage funds, which has previously been as low as -41.8%, standing at 5.5% as of June 2012. 2008 vintage funds also show signs of recovery, with the top quartile funds generating returns in excess of 15.9%, and the median fund achieving a 7.3% return. Bottom quartile funds of vintages 2004-2008 are all generating negative IRRs, with funds with a 2006 vintage registering a double digit negative IRR of at least -12.7%. While it is still relatively early in these funds' lives, the performance of 2009 vintage real estate funds represents a considerable improvement on prior vintage years. Top quartile funds are posting strong returns in excess of 17.8%, the median net IRR is 12.9%, and three-quarters of funds are generating IRRs of 9.5% or more. There is significant variation between the performance of bottom and top quartile funds. No top quartile funds of any vintage year have generated negative IRRs and,
Fig. 7.1: Closed-End Private Real Estate Funds - Median Net IRR and Quartile Boundaries by Vintage Year (as of 30 June 2012)
30% 25% 20%
Net IRR since inception

Top Quartile IRR Boundary

15% 10% 5% 0% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 -5% -10% -15%
Vintage Year

Median IRR

Bottom Quartile IRR Boundary

Source: Preqin Real Estate Online

Fig. 7.2: Closed-End Private Real Estate Funds - Median and Weighted Net Multiples by Vintage Year
2.5

Net Multiple since Inception (X)

2.0

1.5

Median Net Multiple

1.0 Weighted Net Multiple 0.5

0.0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Vintage Year

Source: Preqin Real Estate Online

Data Source:
This is an extract from the 2013 Preqin Global Real Estate Report. The report contains detailed performance data, including annual median net IRRs, performance by strategy and geographic focus, and much more. For more information, please visit: www.preqin.com/grer Real Estate Online features performance data for over 1,000 real estate funds. For more information, please visit: www.preqin.com/reo

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Preqin Global Data Coverage
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As of 16 January 2012

Fund Coverage:

28,225

Funds
10,061 Hedge Funds 4,011 PE Real Estate Funds 645 Infrastructure Funds

13,508 Private Equity* Funds

Firm Coverage:

13,811
6,718 PE Firms

Firms
5,082 Hedge Fund Firms 1,685 PERE Firms 366 Infra. Firms

Performance Coverage:

10,167

Funds (IRR Data for 4,899 Funds and Cash Flow Data for 2,234 Funds)
4,032 Hedge Funds 1,019 PERE Funds 126 Infra. Funds

4,990 PE Funds

Fundraising Coverage:

Including 1,917 Closed-Ended Funds in Market and 473 Announced or Expected Funds
1,638 PE Funds 8,486 Hedge Funds 926 PERE Funds 242 Infra. Funds

11,292

Funds Open for Investment/Launching Soon

Deals Coverage:

67,216

Deals Covered; All New Deals Tracked
36,710 Venture Capital Deals*** 2,416 Infra. Deals

28,090 Buyout Deals**

Investor Coverage:

Including 7,274 Verified Active**** in Alternatives and 75,783 LP Commitments to Partnerships
4,687 Active PE LPs 3,891 Active Hedge Fund Investors 3,533 Active RE LPs 1,897 Active Infra. LPS

10,194

Institutional Investors Monitored,

Alternative Investment Consultant Coverage:

439

Consultants Tracked

Fund Terms Coverage: Analysis Based on Data for Around

6,500

Funds Active Contacts

Best Contacts: Carefully Selected from Our Database of over

225,630

Plus
Comprehensive coverage of: - Placement Agents - Dry Powder - Fund Administrators - Compensation - Law Firms - Plus much more... - Debt Providers

e The Preqin Differenc
- Over 150 research, support and development staff - Global presence - New York, London and Singapore - Depth and quality of data from direct contact methods - Unlimited data downloads - The most trusted name in alternative assets

New York: +1 212 350 0100 - London: +44 (0)20 7645 8888 - Singapore: +65 6305 2200 - Silicon Valley +1 650 632 4345

www.preqin.com
*Private Equity includes buyout, venture capital, distressed, growth, natural resources and mezzanine funds. **Buyout deals: Preqin tracks private equity-backed buyout deals globally, including LBOs, growth capital, public-to-private deals, and recapitalizations. Our coverage does not include private debt and mezzanine deals. ***Venture capital deals: Preqin tracks cash-for-equity investments by professional venture capital firms in companies globally across all venture capital stages, from seed to expansion phase. The deals figures provided by Preqin are based on announced venture capital rounds when the capital is committed to a company. ****Preqin contacts investors directly to ensure their alternatives programs are active. We emphasize active investors, but clients can also view profiles for investors no longer investing or with programs on hold.

The 2013 Preqin Global Real Estate Report - Sample Pages

7. Investors

Investor Appetite for Private Real Estate in 2013
During Q4 2012, Preqin conducted a series of extensive interviews with over 100 institutional investors in private real estate funds from around the world in order to examine their attitudes towards the asset class and their outlook for 2013.
Investor Activity in 2012 Fig. 7.12: Proportion of Investors that Committed to Private Real Estate Funds in 2012 by Investor Location
100% 90% 80%
Proportion of Respondents

14%

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

52%

55% Did Not Commit in 2012 Committed in 2012

Of the investors surveyed, 49% had made at least one private real estate fund commitment during 2012. The level of new investment activity seen in 2012 differed by geographic location, as seen in Fig. 7.12. Asia-based institutions were the most active in 2012, with 86% of those surveyed by Preqin committing to private real estate funds during this period, compared with 48% of North America-based investors and 45% of Europe-based institutions. Institutional investors based in Asia have become more important sources of capital for the real estate asset class over the last few years. A shift in investor attitudes and changing regulations has allowed many Asia-based institutions to move away from traditional investments to focus more on alternative investments, and as a result many institutions based in the region are investing more capital in the real estate asset class.
Prospects for 2013

86%

48%

45%

North America

Europe
Investor Location

Asia

Source: Preqin Investor Outlook: Real Estate, H1 2013

Fig. 7.13: Investor Intentions for Private Real Estate Investments in the Following 12 Months, January 2010 - January 2013
100% 90% 80%
Proportion of Respondents

38% 49% 53%

36%

40% Unlikely to Make New Commitments

70% 60% 15% 50% 40% 30% 20% 10% 0% Jan-10 Jan-11 47% 45% 6%

Investor appetite for private real estate has grown over the course of 2012, with the proportion of investors likely to commit to private real estate now at a higher level than at any point since January 2010, increasing from 36% in January 2012 to 53% in January 2013 (Fig. 7.13). This growth in appetite followed a period of decline from January 2010 to January 2012 in the proportion of investors that expected to make commitments. The results suggest that investors are starting to regain confidence in the asset class and, as a result, fundraising may increase in 2013. Investors based in Asia are again set to be the most active, with 83% expecting to make new commitments in 2013 (Fig. 7.14), a similar proportion to the number that invested in private real

17%

7%

Undecided

11% Likely to Make New Commitments

48% 36%

53%

Jan-12

Sep-12

Jan-13

Source: Preqin Investor Outlook: Real Estate, H1 2013

Data Source:
This is an extract from the 2013 Preqin Global Real Estate Report. The report contains detailed investor information, including current and target allocations, strategies and geographies targeted, and much more. For more information, please visit: www.preqin.com/grer Real Estate Online features detailed profiles of over 3,500 investors, including current fund searches and open mandates, direct contact details, and more. For more information, please visit: www.preqin.com/reo

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© 2013 Preqin Ltd. / www.preqin.com

Section Ten: Real Estate Debt Fund Market

The 2013 Preqin Global Real Estate Report - Sample Pages

10. Real Estate Debt Fund Market

Real Estate Debt Fund Market
Recent years have seen debt funds feature more prominently in the private real estate industry, with many firms diversifying their businesses to include specialist debt platforms and a growing number of fund managers incorporating the acquisition or origination of real estate debt into their existing investment strategies. As the availability of bank financing has fallen in the US and Europe, many fund managers, alongside other non-traditional lenders, are increasingly stepping in to help fill the funding gap. Institutional investors are also increasingly interested in the value that real estate debt can add to their existing real estate portfolios. A growing number of institutions believe that these funds can generate returns with a lower level of risk than equity investments in real estate, and a significant number of investors plan to commit to funds with a debt strategy in 2013. Thirty-four percent of real estate investors interviewed by Preqin in December 2012 were targeting debt funds in the following 12 months compared to just 8% in the 12 months following December 2011.
Solely Debt-Focused Fundraising Fig. 10.1: Annual Solely Debt-Focused Closed-End Private Real Estate Fundraising, 2007-2012
35 30 25 No. of Funds Closed 20 17 15 10 5 0 2007 2008 2009 2010 2011 2012
Year of Final Close

33

19 14

13.8 12 7.8 5.1 6.4 2.0 2.9 8 Aggregate Capital Raised ($bn)

Source: Preqin Real Estate Online

Data Source:
This is an extract from the 2013 Preqin Global Real Estate Report. The report contains detailed debt fund information, including equity vs. debt fundraising, largest debt-focused funds in market, and much more. For more information, please visit: www.preqin.com/grer Subscribers to Preqin's Real Estate Online can view detailed profiles for over 350 investors globally with an interest in investing in real estate debt. For more information, please visit: www.preqin.com/reo

The most successful year in terms of fundraising for solely debt-focused funds was 2008, with 33 solely debt-focused funds raising an aggregate $13.8bn (Fig. 10.1). Fundraising has been slower since then and while 2011 was a relatively successful year, with 19 solely debt-focused funds raising an aggregate

Fig. 10.2: 10 Largest Solely Debt-Focused Closed-End Private Real Estate Funds Closed, 2011-2012

Fund Blackstone Real Estate Special Situations Fund II Fortress Japan Opportunity Fund II CRE Senior 1 Pramerica Real Estate Capital I Prudential U.S. Real Estate Debt Fund M&G Real Estate Debt Fund European Real Estate Debt Fund Selene Residential Mortgage Opportunity Fund II Longbow UK Real Estate Debt Investments II Cornerstone Enhanced Mortgage Fund

Firm Blackstone Group Fortress Investment Group AXA Real Estate Pramerica Real Estate Investors Pramerica Real Estate Investors M&G Investments DRC Capital Selene Investment Partners ICG-Longbow Cornerstone Real Estate Advisers

Geographic Focus US Japan Europe UK, Germany US West Europe Europe US UK North America

Size (mn) 2,900 USD 130,000 JPY 1,000 EUR 492 GBP 805 USD 343 EUR 300 GBP 476 USD 242 GBP 315 USD

Source: Preqin Real Estate Online

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2013 Preqin Global Alternatives Reports
The 2013 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, hedge fund, real estate and infrastructure asset classes.
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 2012 and predictions for the coming year. Comprehensive source of stats - including fundraising, performance, deals, GPs, secondaries, fund terms, investors, placement agents, advisors, law firms. Numerous reference guides for different aspects of the industry - 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?
ISBN: 978-1-907012-53-2 $175 / £95 / 115 www.preqin.com
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2013 Preqin Global Infrastructure Report

2013 Preqin Global Hedge Fund Report

ISBN: 978-1-907012-53-2 $175 / £95 / 115 www.preqin.com

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2013 Preqin Global Real Estate Report

2013 Preqin Global Private Equity Report
ISBN: 978-1-907012-53-2 $175 / £95 / 115 www.preqin.com

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The 2013 Preqin Global Alternatives Reports are available to pre-order now and will be released in February 2013
ISBN: 978-1-907012-53-2 $175 / £95 / 115 www.preqin.com
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Conferences

Conferences Spotlight

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Conferences Spotlight
Conference Real Estate Private Equity Summit Real Estate Investors Summit: Dealmakers Conference Real Estate Investment World China 2013 Real Estate Investment World Latin America 2013 Real Estate Investment World Asia 2013 GRI Europe Summit 2013 GRI Europe Summit 2013 Dates 6 March 2013 April 2013 15-18 April 2013 18-19 June 2013 25-27 June 2013 10-11 September 2013 10-11 September 2013 Location New York Florida Shanghai Miami Singapore Paris Paris Organizer iGlobal Forum Opal Financial Group Terrapinn Terrapinn Terrapinn GRI GRI

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M A R C H 6 th, 2 0 1 3

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PRIVATE EQUITY SUMMIT
LYNN CAPITAL MANAGEMENT, LLC MESA WEST CAPITAL MORGAN STANLEY REAL ESTATE NORMANDY REAL ESTATE PARTNERS ONYX EQUITIES, LLC PCCP LLC SCHULTE ROTH & ZABEL LLP TAURUS INVESTMENT HOLDINGS, LLC TERRA CAPITAL PARTNERS THE BLACKSTONE GROUP THE CARLYLE GROUP THE PEMBROOK GROUP, LLC WALTON STREET CAPITAL, LLC INTRALINKS

REAL ESTATE

N E W YO R K

HEAR F R OM TH E FO L L O W I N G P A RTIC IPA TING C O MPA NIE S :
APOLLO GLOBAL MANAGEMENT ASHLAND PARTNERS & CO. LLP CBRE GLOBAL INVESTORS CLAIRVUE CAPITAL PARTNERS CLARION PARTNERS COHEN & STEERS CAPITAL MANAGEMENT, INC. COLONY CAPITAL, LLC GOLDMAN, SACHS & CO GREENOAK REAL ESTATE PRUDENTIAL REAL ESTATE INVESTORS JCR CAPITAL J.P. MORGAN ASSET MANAGEMENT KRAMER LEVIN NAFTALIS & FRANKEL LLP LGT CLERESTORY

And Many Others!

K E YNOT E INT ERVIEWS WIT H:
David M. Rubenstein Co-Founder and Co-CEO THE CARLYLE GROUP Stephen J. Furnary Chairman & CEO CLARION PARTNERS

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Register today! www.iglobalforum.com/8repe

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