Published in November 2007 by PEI Media Ltd Second Floor ...

Published in November 2007 by 

PEI Media Ltd 

Second Floor 

Sycamore House 

Sycamore Street 

London EC1Y 0SG 

United Kingdom 

Telephone: +44 20 7566 5444 

© 2007 PEI Media Ltd. 

ISBN 978-1-904696-31-5 

This publication is not included in the 

CLA Licence so you must not copy 

any portion of it without the permission 

of the publisher. 

All rights reserved. No parts of this 

publication may be reproduced, stored 

in a retrieval system or transmitted, in 

any form or by any means, electronic, 

mechanical, photocopy, recording or 

otherwise, without the prior written 

permission of the publisher. 

Although every reasonable effort has 

been made to ensure the accuracy of 

this publication, the publisher accepts 

no responsibility for any errors or 

omissions within this publication or for 

any expense or other loss alleged to 

have arisen in any way in connection 

with a reader's use of this publication.

CONTENTS 

Introduction and Methodology .....................................................................................5 

Profiles 

Advisors / Fund of Funds Managers ..............................................................................................7 

Asset Managers ...........................................................................................................................91 

Bank / Financial Services.......................................................................................................... 151 

Corporate .................................................................................................................................. 221 

Family Office ............................................................................................................................. 327 

Foundation / Endowment .......................................................................................................... 345 

Government Agency.................................................................................................................. 487 

Insurance Company .................................................................................................................. 519 

Investment Firm......................................................................................................................... 631 

Pension Fund ............................................................................................................................ 737 

Secondary Fund...................................................................................................................... 1355 

Indexes .....................................................................................................................1363 

Index 1 - Investors by Type of Institution ................................................................................ 1364 

Index 2 - Investors by Geographic Location ........................................................................... 1371 

Index 3 - Investment Remits by Geography............................................................................ 1378 

Index 4 - Investment Remits by Fund Type ............................................................................ 1393 

Index 5 - Investment Remits by Sector ................................................................................... 1409 

Appendixes ..............................................................................................................1427 

Appendix 1 – Investors with Appetite for Other Investment Opportunities ............................. 1428 

Appendix 2 – U.S. Investors by State ..................................................................................... 1432 

Appendix 3 – About PEI Media ............................................................................................... 1436 

Alphabetical Listing of Profiles ..............................................................................1437 

© 2007 PEI Media Ltd. The Global Directory of Investors in Private Real Estate Funds – Second Edition 

3

Introduction & Methodology. 

INTRODUCTION AND METHODOLOGY 

As the private real estate asset class continues to 

grow, so too has the Second Edition of The 

Global Directory of Investors in Private Real 

Estate Funds. The Directory now covers profiles 

of 800 investors (first edition had just over 500 

profiles). It has also been noted that whilst many 

investors are increasing their allocation to the 

asset class, they are also investing across a wider 

geographic base. 

To assist General Partners about to hit the 

fundraising trail, the aim of this volume is to help 

those looking to raise capital from the institutional 

investor base to understand that universe better. 

A successful fundraising needs to be organised, 

well planned and, above all, targeted. Knowing 

which investors to approach with a fund offering is 

key. Based on the very positive feedback we 

received on the first edition, it is hoped that this 

Directory will once again assist General Partners 

in this regard. Ultimately we hope that this 

Directory continues to help the private real estate 

fundraiser to raise funds easier, faster and with 

more confidence. 

Our goal with this second edition was to continue 

to produce the most comprehensive international 

guide to investors in private real estate funds. As 

such, we were determined that the Directory 

would be truly global in scope. So while you will 

find within the larger, well-known investors from 

North America, you will also find investors from 

Western Europe and the UK, from the Asia Pacific 

region, from the Middle East and from elsewhere. 

Within the following pages you will find (amongst 

others) local authority pension funds from the UK, 

banks from India, corporate investors from Japan, 

insurance companies from Hungary, fund of funds 

managers from Sweden and government 

agencies from Abu Dhabi. And you will also find 

the public plan sponsors and foundations and 

endowments from North America that you would 

expect. 

A team of multi-lingual researchers has built the 

Directory from the ground up. Institutions to be 

profiled were sourced from a variety of sources, 

including publicly available directories, primary 

research, and discussions with the market. And it 

goes without saying that our monthly publications 

– PERE (Private Equity Real Estate) magazine, 

Private Equity International magazine – as well 

as PrivateEquityRealEstate.com and 

PrivateEquityOnline.com, our global private equity 

news sites, were invaluable resources. 

Targets for inclusion in the Directory were sent a 

survey to fill in, asking them for details on their 

private real estate investment appetite. The 

process of chasing responses to this survey 

formed the bulk of the research time for the 

Directory. In many cases we were able to go 

through the survey with an institution over the 

telephone, a process that proved invaluable for 

teasing out some of the nuances of an institution’s 

appetite for the asset class. 

Many institutions responded to the survey and 

provided us with the information sought and we 

are grateful for the time and effort taken by so 

many people. As would be expected, however, 

many respondents either partially filled in the 

survey or chose to ignore it altogether. Many 

institutions, particularly the well-known groups 

from the United States, have little need for any 

publicity and are, in point of fact, deluged with 

fund offerings. In such cases, however, we had 

some success with the argument that the more 

information the institution provided us the less 

solicitations from fundraisers it would receive, as 

users of the Directory would know whether their 

fund offering was a match for the institution’s 

private real estate appetite. GP groups on the 

fundraising trail would do well to remember this 

argument. 

Wherever possible, the information contained in 

the Directory has been sourced from the 

institution in question itself. In most cases this has 

meant an institution filling in our survey, or 

providing us with the information over the 

telephone. In other cases we were able to obtain 

the necessary information directly from the 

institution via other means, with websites and 

annual reports proving invaluable in this regard. In 

some cases, however, information has been 

sourced from third-party publicly available 

sources. Users of the Directory should bear this in 

mind. 

Even in those cases where we have had to resort 

to external sources we have made every effort to 

ensure the information provided is as accurate as 

possible. However, the publisher accepts no 

responsibility whatsoever for any errors or 

omissions within this publication or for any 

expense or other loss alleged to have arisen in 

any way in connection with a reader’s use of this 

publication. Nothing in this Directory should be 

construed as the giving of investment advice. The 

profiles contained within are provided merely for 


5

Introduction & Methodology. 

information purposes. Users are encouraged to 

supplement the information with their own 

research and, wherever necessary, take thirdparty 

professional advice. 

The profiles that make up the bulk of the Directory 

have been categorised by institution type, with 

eleven broad categories. The beginning of each 

section has a short explanatory note on what each 

category contains. Although in most cases this is 

straightforward, users are encouraged to refer to 

these notes as in some cases we have made 

categorisation decisions that may not be 

immediately apparent (corporate pension funds, 

for example, as categorised under Corporate and 

not Pension Funds). 

Within each section profiles are ordered 

alphabetically. Each profile follows a standard 

format and we have tried to be as consistent as 

possible, to assist users of the Directory in finding 

the desired information as easily as possible. 

Each profile begins with basic contact details 

(including, where relevant, branch offices), plus 

information on assets / funds under management, 

the year the institution first invested in private real 

estate, the institution’s allocation to private real 

estate and/or alternatives in general. 

This is followed by the all-important contacts, 

where we have named the person or person(s) 

responsible for private real estate. Wherever 

possible we have obtained direct telephone 

numbers and email addresses. Whether a contact 

is based at the head office or a branch office is 

also made clear. The next section has 

background information on the institution. In many 

cases it is in this section that some of the nuances 

of the institution’s private real estate investment 

appetite are revealed (such as the institution is 

currently fully invested, or that it is just starting out 

in private real estate, for example). 

The next three sections – Real Estate Allocation 

Breakdown, Private Real Estate Investment 

Allocation Breakdown and Future Private Real 

Estate Fund Investment Appetite – are the heart 

of the profile. These provide a breakdown in 

percentage terms of the institution’s allocation to 

real estate, in terms of direct, public and private. 

Private Real Estate Investment Allocation 

Breakdown outlines an institution’s allocations by 

fund type, sectors and geography. In many cases 

this information is absent as the institution in 

question does not have a detailed breakdown of 

its real estate allocation. 

Future Private Real Estate Fund Investment 

Appetite provides an indication either of the 

institution’s current appetite for different types of 

private real estate investment opportunities, or 

that the institution has invested in such vehicles / 

opportunities in the past. It is in this table that a 

reader can see whether an institution has an 

appetite, for example, for Western European core 

funds or North American value added funds. 

The final section of each profile provides details 

on the actual fund commitments that the institution 

in question is believed to have made, including, 

wherever possible, the amount of capital 

committed by the institution. The following 

abbreviations are used in the fund commitments 

table to represent the different regions: 

GBL: 

NA: 

WE: 

CEE: 

MEA: 

AP: 

LA: 

Global 

North America 

Western Europe 

Central and Eastern Europe 

Middle East/Africa 

Asia/Pacific 

Latin America 

A number of indexes and appendixes follow the 

profiles. These are intended to make the use of 

the Directory easier and more efficient. There are 

indexes outlining investor by: type of institution, 

geographic location, and investment remits by 

geography, fund type and sector. A series of 

Appendixes expand on these indexes and provide 

listings of investors in particular US states, and 

also other investment opportunities. These 

indexes and appendixes have been drawn from 

the allocation, appetite and fund commitments 

tables discussed above. 

Finally, there follows a simple alphabetical listing 

of all the profiles contained in the Directory. 

Acknowledgements 

The editor and publisher wish to thank all the 

institutions for taking the time to help us with our 

research efforts. 

We also wish to thank the research team for their 

efforts in bringing the directory together. 

As publishers, we have undertaken our utmost to 

ensure that the contents in this book are both 

accurate and up-to-date. 

The Global Directory of Investors in Private Real Estate Funds – Second Edition 

6 

© 2007 PEI Media Ltd.

Advisor / Fund of Funds Manager. 

ADVEQ 

HEAD OFFICE 

Affolternstrasse 56 

Zurich 

CH-8050 

Switzerland 

Tel: +41 4 3288 3200 

Fax: +41 4 3288 3210 

www.adveq.com 

info@adveq.com 

ASSETS / FUNDS UNDER MANAGEMENT 

USD 1.7 billion (as of 1 August 2006) 

ALLOCATION TO ALTERNATIVES 

ALLOCATION TO REAL ESTATE 

AMOUNT ALLOCATED TO REAL ESTATE 

ALLOCATION TO PRIVATE REAL ESTATE 

(As a percentage of real estate) 

YEAR FIRST INVESTED IN PRIVATE REAL ESTATE 

ADVISORS 

CONTACTS 

Mr. Mark Joncarlo 

Portfolio Manager, Alternatives 

Zurich, Switzerland 

BACKGROUND 

Adveq is a European fund of funds manager based in Zurich, Switzerland. Founded in 1997 by Bruno Raschle, the group of around 30 professionals 

manages seven funds of funds. 

Adveq invests primarily into private equity, however it has been known to invest in private equity real estate funds should the right opportunity arise. 

Regions targeted are Western Europe and Asia/Pacific. Value added funds are the main investment vehicle for Adveq. 

REAL ESTATE ALLOCATION BREAKDOWN 

Provides a breakdown of the institution's allocation to real estate, in terms of direct, public and private real estate investments. 

Direct Real Estate 

Public Real Estate 

Private Real Estate Funds 

Invests? % 

• 

PRIVATE REAL ESTATE INVESTMENT ALLOCATION BREAKDOWN 

Provides a breakdown of the institution's allocation to private real estate, in terms of fund type, sectors, geography and investment opportunities. 

FUND TYPE 

SECTORS 

Core 

Core Plus 

Value Added 

Opportunity 

Mezzanine / Debt 

Turnaround / Distressed 

Infrastructure 

Fund of Funds 

Secondary Fund Interests 

Other 

Invests? % 

• 

Leisure 

Retail 

Industrial 

Office 

Residential 

Hotels 

Warehouse/Logistics 

Diversified or no Sector Preference 

Other 

• 

• 

• 

• 

• 

• 

GEOGRAPHY 

Global Funds 

Regional Funds 

North America 


Central & Eastern Europe 

Middle East / Africa 

Asia Pacific 


Country-Specific Funds 

• 

 

 

• 

INVESTMENT OPPORTUNITIES 

Secondary Directs 

Debut / First Time Funds 

Co-investments 


10 


Advisor / Fund of Funds Manager. 

FUTURE PRIVATE REAL ESTATE FUND INVESTMENT APPETITE 

Provides an indication of the institution's future appetite for different types of private real estate investment opportunities, or that the institution has 

invested in such vehicles / opportunities in the past. 

Core 

Core Plus 

North America Western Europe 

Central & 

Eastern Europe 

Middle East / 

Africa 

Asia Pacific 

Value Added • • 

Opportunity 




Fund of Funds 


Other 


SECTORS 

Leisure 

Retail 

Industrial 

Office 

Residential 

Hotels 



Other 

• 

• 

• 

• 

• 

• 

AMERICAN BEACON ADVISORS 

HEAD OFFICE 

P.O. Box 619003 

MD 2450 

4151 Amon Carter Blvd. 

Dallas 

TX 

76155 

United States of America 

Tel: +1 817 967 3509 

Fax: +1 817 963 3902 

www.aafunds.com 


USD 68.9 billion (as of 12 June 2007) 


6% 


0.2% 


USD13.78million 



100% 


1988 

ADVISORS 

CONTACTS 

Ms. Nancy Eckl 

Director, Finance & Investments 

nancy.eckl@ambeacon.com 

Dallas, United States of America 

Mr. Lars Pace 

Manager, Alternative Investments 

Tel: +1 817 963 5585 

lars.pace@ambeacon.com 


Mr. William Quinn 

President 

william.quinn@ambeacon.com 


BACKGROUND 

Formerly AMR Investment Services, American Beacon Advisors is the pension management arm of airline holding company AMR Corporation. It is an 

experienced provider of investment advisory services to institutional and retail markets. American Beacon Advisors serves defined benefit plans, 

defined contribution plans, foundations, endowments, corporations and other institutional investors. American Beacon Advisors currently manages 

more than $68 billion in assets. 

The institution has been investing in private equity real estate since 1988. The allocation to this asset class is very small (0.2%) and there are no plans 

to increase this in the future. 

To date, commitments have only been made to US based value added funds. Again there are no plans to move future investment strategy away from 

this or to expand on this. American Beacon Advisors have not invested in direct real estate or in REITS, and do not plan to do so in the future. 

Commitments are made in an opportunistic nature so there are no specific targets as to how much capital will be committed or how many funds will 

be committed to in the near future. 


11

Asset Managers. 




Core 

Core Plus 


Central & 


Middle East / 

Africa 

Asia Pacific 


Value Added • • • • • • 

Opportunity • • • • • • 




Fund of Funds 


Other 


Future Bite Size 

Future Number of GPs to Invest with 

Approx. Future Capital to be Invested 

Approx. Number of Funds Commit to in Future 10 

Amount to be invested is open-ended 

Directs 




SECTORS 

Leisure 

Retail 

Industrial 

Office 

Residential 

Hotels 



Other 

• 

• 

• 

• 

• 

• 

• 

• 

• 

FORTIS INVESTMENTS 

HEAD OFFICE 

14, Avenue de l'Astronomie 

1210 

Brussels 

Belgium 

Tel: +32 2 274 84 66 

Fax: +32 2 274 82 32 

www.fortisinvestments.com 


EUR 125 billion (as of 31 March 2007) 







ADVISORS 

CONTACTS 

Mr. Bart Coenraads 

Chief Investment Officer 

Tel: +31 20 52 75 132 

bart.coenraads@fortisinvestments.com 

Brussels, Belgium 

Mr. Xavier Timmermans 

Head of Real Estate 

Tel: +32 2 274 84 26 

xavier.timmermans@fortisinvestments.com 

Brussels, Belgium 

BACKGROUND 

Fortis Investments is the independent asset management company of Fortis Group, with 20 investment centres across Europe, Asia and the US. It deals 

with a multitude of financial products. It also provides fund management services to its institutional and wholesale retail clients. As of March 2007, it 

had EUR 125 billion of assets under management, and has more than 900 employees worldwide. Its activities range from institutional portfolio 

management to the origination and distribution of mutual funds with core markets in the Benelux and France. 

Fortis Investments has invested into core to core-plus private real estate fund types. The main sectors of focus are: retail, offices, residential, 

warehousing/logistics and other sectors. 


112 


Banks / Financial Services. 




Approx. Number of Funds Commit to in Future 


Directs 




• 

PRIVATE REAL ESTATE FUND COMMITMENTS INCLUDE: 

Fund Name Manager Size Year Fund Type Region(s) Sector(s) Commitment 

Aberdeen Indirect Property 

Partners (AIPP) Asia 

Aberdeen Property Investors USD 600 m 2007 Fund of 

Funds 

AP 

HBOS PLC (HALIFAX BANK OF SCOTLAND) 

HEAD OFFICE 

PO Box No. 5 

The Mound 

Edinburgh EH1 1YZ 


Tel: +44 870 600 5000 

www.hbosplc.com 


GBP 591 billion (as of 31 December 2006) 







2002 

ADVISORS 

Invista Real Estate Investment Management 

BRANCHES 

Bank of Scotland 

New Uberior House 

11 Earl Grey Street 

Edinburgh 

EH3 9BN 


Tel: +44 131 659 0560 

Fax: +44 131 659 0572 

CONTACTS 

Mr. Scott McIntosh 

Alternative Investment Contact 

Tel: +44 131 659 0448 

Edinburgh, United Kingdom 

BACKGROUND 

HBOS is a diversified financial services group providing retail, business and corporate banking, as well as insurance and investments through a stable of 

well-known brands such as Bank of Scotland, Halifax and Clerical Medical. The Group is the largest provider of mortgage and savings in the UK and 

employs 72,000 people. 

HBOS actively invests in alternative assets, namely private equity and real estate. Invista Real Estate Management, HBOS' property company, manages 

16 real estate funds focused on the UK and Continental Europe, totalling approximately £9.2 billion. 5 of these funds are managed on behalf of the 

Group. Invista launched 4 real estate funds, including the Invista European Real Estate Trust, in 2006. 

HBOS also invests in unlisted real estate investment vehicles through Bank of Scotland. The latter has participated in 3 joint ventures with Warner 

Estate - Agora Shopping Centre Fund, Agora Max Shopping Centre Fund and Radial Distribution Fund. Bank of Scotland has also entered into the Quart 

Limited Partnership with Hermes and Quintain Estates, for investments in the retail sector. 






Invests? % 

• 

• 


182 


Corporates. 




Core 

Core Plus 


Central & 


Middle East / 

Africa 

Asia Pacific 

Value Added • • 

Opportunity 




Fund of Funds 


Other 

Also invest in international funds 






SECTORS 


Directs 




• 

Leisure 

Retail 

Industrial 

Office 

Residential 

Hotels 



Other 

• 

• 

• 

• 



Aetos Capital Asia Fund Aetos Capital USD 740 m 2003 Value Added AP Hotels, 

Industrial, 

Multi Family 

Properties, 

Office, Other, 

Retail 

Aetos Capital Asia II Aetos Capital USD 2200 m 2005 Value Added AP Diversified 

AEW Partners II AEW Capital Management USD 288 m 1996 Value Added NA Diversified 

Soros Real Estate Investors Soros Real Estate Investors USD 1000 m 2001 Value Added GBL Diversified 

BBC PENSION TRUST 

HEAD OFFICE 

Broadcasting House 

Portland Place 

London 

W1A 1AA 


Tel: +44 20 7765 4092 

Fax: +44 20 7765 4997 

www.bbc.co.uk 

test@test.com 


GBP 8 billion (as of 8 November 2006) 


10% 


12% 


GBP 960 million 



1% 


1980 

ADVISORS 

Watson Wyatt 


236 


Corporates. 

CONTACTS 

Mr. Peter Dunscombe 

Investment Advisor 

peter.dunscombe@bbc.co.uk 

London, United Kingdom 

Ms. Rhoslyn Roberts 

Head of Pension Fund 

rhoslyn.roberts@bbc.co.uk 

London, United Kingdom 

BACKGROUND 

The BBC Pension Trust Limited is the pension scheme for the British Broadcasting Corporation. With assets of over £8 billion at year-end 2006, the 

scheme has over 57,000 members. 

Investment managers get free reign over the property type that the pension trust invests in, however its core sectors are office, industrial and retail. As 

of 8 November 2006, the most recent investment of BBC into an indirect property fund was to the CBRE Property Trust in 2005. The investment 

committee considers the full range of fund strategies from core to value added. 

In November 2006, investments across the three funds that had been invested in totalled £55 million. This represents a very small element of the 

overall real estate portfolio which is overwhelmingly invested in direct property. The direct portfolio is invested in both the UK and the US and is 

approximately GBP 1 billion as of 8 November 2006. Because of the size of these direct holdings, the pension trust feels no need to invest in indirect 

funds in the North American region as it would not necessarily compliment its existing assets. Instead, they seek funds that invest across Europe. 



Invests? % 

Direct Real Estate • 99% 


Private Real Estate Funds • 1% 



Bite Size 

Current Number of GPs Invested with 

Approx. Capital Committed to Date 

GBP 55 million 

Approx. Number of Funds Committed to 3 

FUND TYPE 

SECTORS 

Core 

Core Plus 

Value Added 

Opportunity 




Fund of Funds 


Other 

Invests? % 

• 

• 

• 

• 

Leisure 

Retail 

Industrial 

Office 

Residential 

Hotels 



Other 

Commercial 

• 

• 

• 

GEOGRAPHY 

Global Funds 


North America 




Asia Pacific 



• 

 

 






237

Foundation / Endowment. 

ALFRED P. SLOAN FOUNDATION 

HEAD OFFICE 

630 Fifth Avenue 

Suite 2550 

New York 

NY 

10111 


Tel: +1 212 649 1649 

Fax: +1 212 757 5117 

www.sloan.org 


USD 1.8 billion (as of 31 December 2006) 


40% 


2% 


USD 40 million 




ADVISORS 

CONTACTS 

Mr. William Petersen 

Chief Investment Officer 

New York, United States of America 

Ms. June Yearwood 

Investment Director 

New York, United States of America 

BACKGROUND 

Alfred P. Sloan Foundation, a philanthropic non-profit institution, was established in 1934 by Alfred Pritchard Sloan, Jr., President and Chief Executive 

Officer of the General Motors Corporation. The Foundation's programs and grants are aimed at boosting science and technology, standard of living and 

economic performance, education, selected national issues and a civic programme. 

The foundation is an active investor in private equity, hedge funds and real estate. 

Its real estate activity encompasses both public and private real estate funds. The institution has so far made around six commitments to core, value 

added and opportunity real estate funds in North America after initially targeting core vehicles. 






Invests? % 

• 

• 



Bite Size 




FUND TYPE 

SECTORS 

Core 

Core Plus 

Value Added 

Opportunity 




Fund of Funds 


Other 

Invests? % 

• 

• 

• 

Leisure 

Retail 

Industrial 

Office 

Residential 

Hotels 



Other 

Commercial 

• 

GEOGRAPHY 

Global Funds 


North America 




Asia Pacific 



• 

 






346 


Government Agency. 






Directs 




• 

KUWAIT FUND FOR ARAB ECONOMIC 

DEVELOPMENT 

HEAD OFFICE 

Investment Department 

P.O. Box 2921 

Mubarak Al-Kabeer Street 

Safat 

13030 

Kuwait 

Tel: +965 299 9000 

Fax: +965 299 9390 

www.kuwait-fund.org 

info@kuwait-fund.org 


USD 9.2 billion (as of 31 December 2006) 


20% 


7% 





78% 


1997 

ADVISORS 

CONTACTS 

Mr. Ghanem Al-Geinaiman 

Director of Investments 

ghanem@kuwait-fund.org 

Safat, Kuwait 

Mr. Khaled Al-Mudhaf 

Assistant Director, Real Estate Investments 

Tel: +965 2999 334 

al-mudhaf@kuwait-fund.org 

Safat, Kuwait 

Ms. Hanadi Shabakouh 


hanadi@kuwait-fund.org 

Safat, Kuwait 

BACKGROUND 

Established in December 1961, the Kuwait Fund for Arab Economic Development is the agency of the State of Kuwait for the provision and 

administration of financial and technical assistance to developing countries. The operations of the Fund were originally confined, in accordance with its 

initial mandate, to the Arab countries. Today, the Kuwait Fund is an autonomous public body having an independent legal personality. The objective of 

the Fund is to provide assistance to the developing countries in their efforts towards economic development. 

The Fund has more than $9.2 billion in assets under management and allocates around 7% to its real estate investment activities, including public real 

estate securities and private equity real estate funds. The institution is an experienced investor in private real estate real estate funds, having invested 

in 47 funds internationally. The Fund primarily invests in core, value added and opportunity funds around the world, with the exception of the Middle- 

Eastern and North African regions. It is looking to invest in the same kinds of funds in the future and commits approximately $120 million to private 

equity funds each year. 



Invests? % 


Public Real Estate • 22% 




Bite Size USD 10-50m 





502 


Insurance Company. 



Basingstoke Investment Grosvenor Group GBP 340 m Core WE Retail 

Partnership 

Bullring Limited Partnership Henderson Global Investors 1999 Core WE Retail 

Covent Garden Markets Henderson Global Investors GBP 270 m 2000 Core WE Retail 

Limited Partnership 

Lend Lease Retail Partnership Lend Lease Real Estate GBP 500 m 1998 Core WE Retail 

Investments 

Premier Greenford Limited 

Partnership 

Pearl Assurance GBP 150 m 2004 Core / Core 

Plus 

WE 

Development 

Project 

The Martineau Galleries Land Securities Group GBP 390 m 2004 Core / Core WE 

Diversified 

Limited Partnership 

Plus 

The Moor House Limited 

Partnership 

Henderson Global Investors 1995 Core / Core 

Plus 

WE 

Office 

PHOENIX HOLDINGS LTD. 

HEAD OFFICE 

53 Derech Hashalom Street 

Givatayim 

53454 

Israel 

Tel: +972 3 7332997 

www.phoenix.co.il 

CONTACTS 

Mr. Ehud Michman 

Head of Alternative Investments 

Givatayim, Israel 

Mr. Yali Sheffi 

President & CEO 

Givatayim, Israel 


ILS 26.5 billion (as of 31 December 2005) 


Target 10% 






ADVISORS 

BACKGROUND 

Established in 1949, Phoenix Holdings Ltd. is involved in two core activities of insurance and investments, taken care of by its subsidiaries, the Phoenix 

Insurance Company Ltd. and the Phoenix Investment and Finances Company Ltd. respectively. While the insurance company provides life and general 

insurance services, the investments group is engaged in providing asset management, underwriting and brokerage services. The Phoenix Investment 

and Finances Company Ltd. makes investments in private equity and real estate on behalf of the group. 

The total assets of the group as on December 31 2005 stood at ILS 26 billion. Of this, the group has a target allocation of about 10% to alternative 

assets. A small portion of this allocation is directed at real estate. The group has so far invested in about 4 private real estate funds, and also invests 

directly in this asset class. Private real estate fund investments have been made with managers such as Apollo and GLL. 



Invests? % 


• 


Private Real Estate Funds • 



Bite Size 

Current Number of GPs Invested with

Insurance Company. 

GEOGRAPHY 

Global Funds 


North America 




Asia Pacific 



• 

 








Core 

Core Plus 

Value Added 

Opportunity 




Fund of Funds 


Other 


• 

• 

Central & 


Middle East / 

Africa 

Asia Pacific 







Directs 




• 

POHJOLA NON-LIFE INSURANCE COMPANY 

LTD 

HEAD OFFICE 

Lapinmäentie 1 

Helsinki 

00013 

Finland 

Tel: +358 10 253 000 

www.pohjola.fi 


EUR 2 billion (as of 31 December 2006) 


10% 


5% 


EUR 100 million 



20% 


2004 

ADVISORS 

Pohjola Property Management Ltd 

Aberdeen Indirect Property Investors 

CONTACTS 

Mr. Pertti Kilpelainen 

Investment Manager, Private Real Estate Funds 

pertti.kilpelainen@pohjloa.fi 

Helsinki, Finland 

Mr. Pasi Laaksonen 

Executive Vice President, Investment 

Tel: +358 10 253 2324 

pasi.laaksonen@pohjola.fi 


Mr. Pami Pihlstrom 

Real Estate Investment Contact 

Tel: +358 10559 3225 

pami.pihlstrom@pahjola.fi 



600 


Investment Firm. 

GEOGRAPHY 

Global Funds 


North America 




Asia Pacific 



• 

 

 

 

 

 

• 





Bahrain, Germany, India, United Arab Emirates, United Kingdom, 






Core 

Core Plus 

Value Added 

Central & 


Middle East / 

Africa 

Asia Pacific 


Opportunity • • • • • • 




Fund of Funds 


Other 

Will invest after exiting some current investments 

Future Bite Size USD 1-5m 





Directs 




• 

• 



ICICI Ventures Real Estate 

Fund 

ICICI Ventures USD 550 m 2005 AP Commercial, 

Office, 

Residential, 

Retail 

EURAZEO 

HEAD OFFICE 

3, rue Jacques Bingen 

Paris 

F-75017 

France 

Tel: +33 1 44 15 01 11 

Fax: +33 1 42 67 88 25 

www.eurazeo.com 


EUR 6 billion (as of 31 December 2006) 


4% 


Around 19% 


EUR 1.1 billion 




ADVISORS 


670 



CONTACTS 

Ms. Vivianne Akriche 

Investment Manager 

vakriche@eurazeo.com 

Paris, France 

Mr. Laurent Guerineau 

Financial Controller of Investment Funds 

lguerinaeu@eurazeo.com 

Paris, France 

Mr. Olivier Raulic 


oraulic@eurazeo.com 

Paris, France 

Mr. Philippe Audouin 

Chief Financial Officer 

paudouin@eurazeo.com 

Paris, France 

Mr. Luis Marini-Portugal 


lportugal@eurazeo.com 

Paris, France 

Mr. Philippe Renauld 


prenauld@eurazeo.com 

Paris, France 

Mr. Fabrice de Gaudemar 


fgaudemar@eurazeo.com 

Paris, France 

Mr. Yannick Marion 


ymarion@eurazeo.com 

Paris, France 

Mr. Eric Schaefer 


eschafer@eurazeo.com 

Paris, France 

BACKGROUND 

Eurazeo is a diversified, listed French investment firm orientated towards direct investment activities in listed and unlisted companies (including real 

estate holdings) in France and Europe. The group has total assets of €6 billion, with investments in unlisted companies (including its real estate assets) 

now accounting for close to half of its total portfolio. 

Its real estate activity comprises two essential strands: 1) A portfolio of direct real estate holdings consisting of retail, residential and office space in 

Lyon and Marseille (the two largest regional cities in France); and 2) The Colyzeo Fund, a joint venture with Colony Capital established at the end of 

2002 that invests mainly in European offices and hotels. 

Alongside this activity, Eurazeo also manages a fund of funds portfolio mainly investing in third party buyout and venture funds as well as private real 

estate funds to a lesser extent. However because many of these funds are currently divesting, the portfolio has been self-financing since 2002. As a 

result of this the group's exposure to these funds is therefore declining. To date, the group has committed around €62 million to private equity real 

estate funds, including vehicles managed by Lazard Freres. 






Invests? % 

• 

• 



Bite Size 




Approx. Number of Funds Committed to 

FUND TYPE 

Core 

Core Plus 

Value Added 

Opportunity 




Fund of Funds 


Other 

Invests? % 

• 

SECTORS 

Leisure 

Retail 

Industrial 

Office 

Residential 

Hotels 



Other 

GEOGRAPHY 

Global Funds 


North America 




Asia Pacific 



• 

• 

 

 

 





• 


671






Core 

Core Plus 

Central & 


Middle East / 

Africa 

Value Added • • • 

Opportunity 




Fund of Funds 


Other 

Asia Pacific 







Directs 




• 



Lazard Freres Real Estate Lazard Freres USD 225 m 1992 Value Added NA 

Offshore I 

Lazard Freres Real Estate Lazard Freres USD 292 m 1995 Value Added NA Diversified 

Offshore II 

Lazard Freres Strategic Realty Lazard Freres USD 810 m 1996 Value Added NA Diversified 

Investors I LP 

Lazard Freres Strategic Realty 

Investors II LP 

Lazard Freres USD 1531 m 1997 Value Added NA Diversified 

GLOBAL INVESTMENT HOUSE 

HEAD OFFICE 

Al-Mirqab, Abdullah Al-Mubarak Str. 

Souk Al-Safat Bldg, 2nd flr. 

P.O. Box 28807 

Safat 

13149 

Kuwait 

Tel: +965 2400551 

Fax: +965 2400661 

www.globalinv.net 


USD 7.5 billion (as of 4 July 2007) 


17% 



USD 300 to 400 million 




2003 

ADVISORS 

BRANCHES 

Sheikh Zayed Road 

White Crown Building, Office 1901 

Post Box: 121227 

Dubai 

United Arab Emirates 

Tel: +971 4 3320332 

Fax: +971 4 3316668 

CONTACTS 

Mr. Shailesh Dash 

Head of Investment Strategy 

Tel: +(Ext: 196) 

Safat, Kuwait 

Mr. Joseph Joseph 

Senior Investment Manager 

Tel: (Ext: 332) 

Safat, Kuwait 

Mr. Rakesh Patnaik 


Tel: (Ext: 258) 

Safat, Kuwait 


672 


Pension Fund. 

NORDRHEINISCHE ARZTEVERSORGUNG 

HEAD OFFICE 

Tersteegenstr. 9 

Düsseldorf 

D-40474 

Germany 

Tel: +49 21 1430 20 

Fax: +49 21 1430 1348 

www.naev.de 


EUR 8 billion (as of 31 March 2007) 


3% 


15% 


EUR 1.2 billion 



31% 


1999 

ADVISORS 

CONTACTS 

Mr. Hermann Aukamp 

Director of Real Estate 

Tel: +49 21 1430 21247 

aukamp@naev.de 

Düsseldorf, Germany 

Mr. H Mengi 

Controller 

Tel: +49 211 4302 1282 

Mengi@naev.de 

Düsseldorf, Germany 

BACKGROUND 

Nordrheinische Arzteversorgung is the occupational pension fund of the North Rhine medical association, which was established more than 40 years 

ago. The company is known to have invested in real estate indirectly through private and public property funds, including German spezialfonds. The 

pension fund has invested in funds managed by investment managers such as Warburg Pincus, Henderson Global Investors and MEAG Real Estate 

Management. The fund announced in December 2006 that by 2010 it would cut direct holdings to 3% of total assets from 8%. It said that its 

investments in real estate shares would rise to up to 8% from 3% 



Invests? % 

Direct Real Estate • 50% 





Bite Size 





FUND TYPE 

Core 

Core Plus 

Value Added 

Opportunity 




Fund of Funds 


Other 

GEOGRAPHY 

Global Funds 


North America 




Asia Pacific 



Germany 

Invests? % 

• 

• 

• 

• 

• 

• 

 

 

 

 

• 

SECTORS 

Leisure 

Retail 

Industrial 

Office 

Residential 

Hotels 



Other 






1112 


Pension Fund. 


Future Number of GPs to Invest with

Pension Fund. 




Invests? % 





Bite Size 





FUND TYPE 

SECTORS 

Core 

Core Plus 

Value Added 

Opportunity 




Fund of Funds 


Other 

Invests? % 

• 

• 

• 

• 

Leisure 

Retail 

Industrial 

Office 

Residential 

Hotels 



Other 

• 

• 

• 

• 

• 

GEOGRAPHY 

Global Funds 


North America 




Asia Pacific 



• 

• 

 

• 









Core 

Core Plus 

Value Added 

Opportunity 




Fund of Funds 


Other 


• 

• 

• 

• 

Central & 


Middle East / 

Africa 

Asia Pacific 







Approx. Number of Funds Commit to in Future 8-10 

Directs 





1353

Pension Fund. 

SECTORS 

Leisure 

Retail 

Industrial 

Office 

Residential 

Hotels 



Other 

• 

• 

• 

• 

• 



AEW Value Investors Fund AEW Capital Management USD 343 m 2004 Value Added NA Diversified 

AG Core Plus Realty Fund Angelo Gordon USD 533 m 2002 Core Plus NA Industrial, USD 6.9 m 

Multi Family 

Properties, 

Office, Retail 

Aslan Realty Partners III Transwestern Investment Co. USD 800 m 2005 Value Added NA Industrial, USD 2.4 m 

Office, Retail 

Blackstone Real Estate Blackstone Real Estate USD 5250 m 2005 Opportunity GBL USD 2.7 m 

Partners V 

Advisors 

BPG Investment Partnership Berwind Property Group Ltd USD 550 m 2004 Value Added NA Diversified USD 4.4 m 

VII 

Carlyle Realty Partners IV Carlyle Group USD 950 m 2005 Value Added NA Office, USD 5.7 m 

Residential, 

Retail 

Carlyle Realty Partners V Carlyle Group USD 1500 m 2006 Value Added NA Diversified 

ING Clarion Development ING Clarion Partners USD 200 m 2004 Value Added NA Diversified USD 5.3 m 

Ventures 2 

KTR Capital Partners I KTR Capital Partners USD 400 m 2005 Value Added NA USD 1.9 m 

Legacy Partners Realty Fund II Legacy Partners USD 457 m 2006 Value Added NA Development USD 2.1 m 

Project, 

Industrial, 

Office 

Praedium Fund VI Praedium Group USD 700 m 2005 Value Added NA Diversified USD 5.5 m 


1354

Published in November 2007 by PEI Media Ltd Second Floor ...

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