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Real Estate Spotlight is the monthly newsletter published by Preqin packed Real Estate Spotlight full of vital information and data, all based on our latest research into the May 2015 private equity real estate industry. Real Estate Spotlight combines information from our online product Real Estate Online and the newly Feature Article launched 2015 Preqin Sovereign Wealth Fund Review. Sovereign Wealth Funds Investing in Real Estate

May 2015 In an extract from the recently launched 2015 Preqin Sovereign Wealth Fund Review, we Volume 9 - Issue 3 provide an insight into this secretive and exclusive subset of the investor community.

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The 2015 Preqin Sovereign Lead Article Wealth Fund Review

Northeast US Real Estate

The 2015 Preqin Sovereign Wealth Fund Review Preqin takes a detailed look at the private real estate market in the Northeast US, including the latest fundraising data and information on investors based in the region.

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To find out more, download This month we take a look at sovereign wealth funds that have recently committed to sample pages or to purchase your private real estate funds and those that are targeting new fund commitments. copy, please visit: Page 11 www.preqin.com/swf On the Network

New York: We examine the activity of investors on Preqin Investor Network to see which fund strategies One Grand Central Place and geographic regions are of current interest to investors, as well as which institutional 60 E 42nd Street investor types have been proactively looking at funds in April. Suite 630 New York, NY 10165 Page 13 +1 212 350 0100 The Facts London: 3rd Floor, Vintners’ Place Fundraising Update - The latest fundraising statistics for 2015. Page 14 68 Upper Thames Street London Japanese Private Real Estate Market - Fundraising, fund managers, investors. Page 16 EC4V 3BJ +44 (0)203 207 0200 Conferences - Upcoming real estate conferences around the world. Page 19

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Twitter: www.preqin.com/twitter LinkedIn: www.preqin.com/linkedin BEST INFORMATION AND alternative assets. intelligent data. DATA VENDOR Feature Article Sovereign Wealth Funds Investing in Real Estate Download Data

Sovereign Wealth Funds Investing in Real Estate

In an extract from the recently launched 2015 Preqin Sovereign Wealth Fund Review, Lauren Mason, Amy Bensted and Oliver Senchal provide an insight into this secretive and exclusive subset of the investor community.

Sovereign wealth funds, despite being small in number and Fig. 1: Aggregate Sovereign Wealth Fund Assets under secretive in nature, continue to capture attention as a result of Management ($tn), 2008 - 2015 their ever growing assets under management and corresponding infl uence on global fi nancial markets. Today, the total assets of 7 sovereign wealth funds top $6.31tn (Fig. 1), more than double the 6.31 6 capital these entities represented in 2008, the year Preqin launched 5.38 its fi rst Sovereign Wealth Fund Review. 5 Other Commodity 4.62 Investing in Real Estate 4 3.95 Non-Commodity 3.59 3.22 Traditional investments, such as equities and fi xed income 3 3.07 Hydrocarbon securities, are widely used by sovereign wealth funds and are a Total Assets under

Management ($tn) 2 relatively stable part of the portfolios of these investors (Fig. 2). Management

Alternative assets have emerged as an increasingly important Aggregate SWF Assets under 1 portion of the portfolios of many sovereign wealth fund investors over recent years, as these investors seek to diversify their 0 portfolios and acquire assets that can generate yield and help them meet their long-term objectives. Mar-15 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13

Investments in real assets are the most common route into Source: 2015 Preqin Sovereign Wealth Fund Review alternative investment by sovereign wealth funds in 2015, with signiﬁ cant growth in the proportion of sovereign wealth funds that $1.5bn more than it targeted. Among the investors in this fund is allocate capital to real estate since the publication of the 2013 the sovereign wealth fund New Mexico State Investment Council, Preqin Sovereign Wealth Fund Review. The increased appetite which allocated $75mn to the record-breaking vehicle. for real estate from sovereign wealth funds and other institutional investors, the improving fundraising environment and increases in Over half (59%) of all sovereign wealth funds currently invest in real real estate asset valuations have enabled the private real estate estate. This comprises some of the largest sovereign wealth funds market to enjoy a period of success; private real estate assets in the world, including Abu Dhabi Investment Authority (ADIA), under management reached an all-time high of $742bn at the GIC and Kuwait Investment Authority, which all have over $18bn end of 2014. In March 2015, Blackstone closed the largest ever allocated to real estate. Nearly a third of all sovereign wealth funds closed-end real estate fund after successfully raising $14.5bn, do not invest in real estate, often due to government mandates

Fig. 2: Proportion of Sovereign Wealth Funds Investing in Fig. 3: Breakdown of Sovereign Wealth Funds’ Current and Each Asset Class, 2013 vs. 2015 Target Allocations to Real Estate by Proportion of Total Assets

100% 60% 57% 90% 86% 86% 82%81% 80% 50% 45% 70% 59% 60% 60% 57% 2013 40% Current 54% 36% 51% Allocation 50% 47% 32% 2015 40% 33% 30% 31% Target 30% 24% Allocation 20% 20% 10% 14% N/A 9% 0% 10% 7% Proportion of Sovereign Wealth Funds Proportion of Sovereign Wealth

Proportion of SWF Investors in Real Estate 0% 0% Less than 5-9.9% 10-14.9% 15% or More

Real Estate 4.9% Infrastructure Hedge Funds Private Debt* Private Equity Fixed Income

Public Equities Proportion of Total Assets under Management Source: 2015 Preqin Sovereign Wealth Fund Review Source: 2015 Preqin Sovereign Wealth Fund Review *Please note: Preqin has only been collecting private debt information on sovereign wealth funds since 2014. To find out more and to order your copy, please visit: www.preqin.com/swf

Fig. 4: Proportion of Sovereign Wealth Funds Investing in Real Total Assets under Management Estate by Total Assets under Management Historically, larger sovereign wealth funds, with the capabilities 100% 100% 100% and expertise to run a globally diversiﬁ ed portfolio, have shown a 90% greater preference for investing in real estate. Fig. 4 shows that all 80% 78% sovereign wealth funds with over $100bn in assets are currently 70% 64% investing in the asset class. The $773bn ADIA invests between 5% 60% and 10% of total assets to real estate through direct, listed and 50% private real estate. Conversely, smaller sovereign wealth funds are 41% Estate 40% less likely to invest in real estate. Forty-one percent of funds with 30% total assets of $1-9.9bn are investors in real estate, while only 13% 20% of funds with less than $1bn in assets invest in the asset class. 13% 10% The $3bn North Dakota Legacy Fund has its real estate portfolio

Proportion of SWF Investors in Real 0% entirely invested in private real estate funds, indicative of larger sovereign wealth funds having the capabilities and capital to access the asset class through all routes to market; smaller funds $1-9bn $1bn $250bn or More $10-49bn $50-99bn Less than have a more limited scope, if at all. $100-249bn Total Assets under Management Location Source: 2015 Preqin Sovereign Wealth Fund Review Real estate investments are most attractive to North America- preventing them from doing so. The Kevin P. Reilly Sr. Louisiana based sovereign wealth funds, with 90% of sovereign wealth funds Education Quality Trust Fund is one such investor that does not based in the region investing in real estate. High proportions of real invest in the asset class due to state laws restricting its investments estate investors are also found in Asia (76%) and the MENA region to only equities and fi xed income. (65%), likely due to the sizeable assets managed by many of the sovereign wealth funds in these two areas providing the requisite As shown in Fig. 3, the majority of sovereign wealth funds are capital to engage in a diversifi ed global real estate program. under-allocated to the asset class. While 77% of sovereign wealth funds currently allocate up to 9.9% of their total assets to real However, sovereign wealth funds based in sub-Saharan Africa and estate, 93% have a target allocation of between 5% and 14.9%, Europe are less likely to invest in the asset class. Furthermore, none indicating the potential for infl ows to the asset class as sovereign of the sovereign wealth funds based in Latin America invest in the wealth funds move closer to their strategic targets. However, one of asset class. The majority of these Latin America-based investors the largest allocators to real estate, as a proportion of total assets, are stabilization funds that require liquid portfolios; therefore, real is Alberta Heritage Savings Trust Fund, which currently allocates estate investment does not fi t this criterion. 19.6% of its total assets to real estate, above its target allocation of 17.5%. The majority of its real estate portfolio is dedicated to Route to Market direct property investments, but it also has exposure to private real estate funds. Sovereign wealth funds look to gain access to real estate in a wide variety of ways, with many utilizing a number of routes to market. As seen in Fig. 5, the majority of sovereign wealth funds look to invest in the asset class directly. One such investor is International Petroleum Investment Company, which has 3.1% of its total assets

Fig. 5: Proportion of Sovereign Wealth Funds Investing Directly in Real Estate, in Private Real Estate and in Listed Fig. 6: Strategy Preferences of Sovereign Wealth Funds Real Estate Investing in Real Estate

100% 80% 75% 71% 90% 86% 70% 61% 60% 57% 80% 54% 50% 70% 64% 39% 40% 60% 30% Real Estate 50% 20%

40% 10% 7% 7%

32% Proportion of SWF Investors in 30% 0%

20% Debt Core 10% Core-Plus Proportion of SWF Investors in Real Estate Distressed

0% Secondaries Opportunistic Value Added Fund of Funds Direct Private Listed Strategy Preference Source: 2015 Preqin Sovereign Wealth Fund Review Source: 2015 Preqin Sovereign Wealth Fund Review

To find out more and to order your copy, please visit: www.preqin.com/swf

dedicated solely to direct real estate. The sovereign wealth fund’s Fig. 7: Regional Preferences of Sovereign Wealth Funds portfolio consists of investments in land and commercial property Investing in Real Estate located in the United Arab Emirates. 70%

Sixty-four percent of sovereign wealth funds invest in real estate 59% 60% 57% through private funds, such as New Zealand Superannuation Fund 55% 50% (NZSF), which gains exposure to the asset class through all routes 50% to market, including private real estate. NZSF will continue to be 41% opportunistic towards new private real estate fund commitments 40% over the coming year. It maintains a global outlook and will invest 30% in a range of non-core strategies. 30%

Listed real estate is a preference for 32% of sovereign wealth funds 20% investing in real estate. Only one fund invests solely in listed real 10% estate, National Social Security Fund – China; however, it has recently been given permission to invest in both domestic and Proportion of SWF Investors in Real Estate 0% overseas private real estate funds. North Global Europe Asia Other MENA America International Direct Real Estate Holdings Regional Preference Source: 2015 Preqin Sovereign Wealth Fund Review Developing a direct real estate portfolio is an option for sovereign wealth funds with the resources to do so, allowing greater control Private Real Estate Preferences over the management of real estate assets. Additionally, many acquire landmark properties in major cities, although these capital- In terms of private real estate funds, value added and opportunistic intensive trophy assets are mainly the preserve of the largest vehicles remain the preferred strategies of sovereign wealth sovereign wealth funds. ADIA’s direct real estate portfolio makes funds, with 75% and 71% respectively investing in the fund types up approximately two-thirds of its real estate investments. Qatar (Fig. 6). This also shows that value added funds have overtaken Investment Authority (QIA) also has a large real estate portfolio, opportunistic vehicles as the most frequently targeted strategy which includes assets such as London’s Harrods, The Shard and among sovereign wealth funds when compared to results gathered Canary Wharf. in 2013, when 65% of sovereign wealth funds stated a preference for value added vehicles while 74% stated a preference for Another example of a large direct portfolio is that of Government opportunistic vehicles. Secondaries and fund of funds vehicles are Pension Fund Global, which bought Queensbury House in London the least favoured strategy of sovereign wealth funds, as the level from Italy-based fund management group Sorgente for £190.6mn of sophistication and capital potential of these investors typically in Q1 2015. Even though it is a relatively new real estate investor, enable them to access the asset class through primary fund it has also acquired a 45% stake in 11 Times Square in New York commitments. City, which is valued at $1.4bn and due to be 90% let with Microsoft and Proskauer as anchor tenants.

Fig. 8: Notable Sovereign Wealth Funds Investing in Real Estate

Assets under Investor Location Geographic Focus Route(s) to Market Management ($mn) Government Pension Fund Global Norway 817,957 Global Direct Direct, Listed, Private Real Abu Dhabi Investment Authority United Arab Emirates 773,000 Global Estate Funds Direct, Listed, Private Real China Investment Corporation China 650,000 Global Estate Funds State Administration of Foreign Direct, Private Real Estate China 567,900 Global Exchange Funds Direct, Listed, Private Real Kuwait Investment Authority Kuwait 548,000 Global Estate Funds Direct, Private Real Estate Hong Kong Monetary Authority Hong Kong 414,661 Asia, Australasia Funds Direct, Listed, Private Real GIC Singapore 320,000 Global Estate Funds Direct, Private Real Estate Qatar Investment Authority Qatar 304,000 Global Funds National Social Security Fund – China 247,866 Greater China Listed China Direct, Listed, Private Real Temasek Holdings Singapore 160,674 Asia, North America Estate Funds Source: 2015 Preqin Sovereign Wealth Fund Review To find out more and to order your copy, please visit: www.preqin.com/swf

Regional Preferences Outlook

North America remains the most attractive region for sovereign Real estate remains a key component of many sovereign wealth wealth funds’ real estate investments, with 59% of these investors fund portfolios and the asset class is now only one percentage favouring the region (Fig. 7). However, this fi gure has decreased point behind infrastructure as the preferred alternative asset for this from 72% in 2013, which indicates a growing preference for a more group of investors. Typically making the news for trophy asset direct global approach to private fund investments as these investors acquisitions in global hubs, sovereign wealth funds also frequently further diversify their real estate portfolios. Europe maintains invest through indirect routes to market. The large assets under its status as a real estate investment destination, with 55% of management make sovereign wealth funds increasingly important sovereign wealth funds favouring the region, as does Asia (50%). sources of capital for the real estate asset class, and as they grow their real estate allocations, it is likely that there will be further Only sovereign wealth funds based in the MENA region have diversifi cation of these investors’ portfolios. Some sovereign funds expressed an interest in investing in MENA-focused real estate, have established more local offi ces to increase the number of with 30% indicating a preference for the region. Many MENA- people on the ground in local markets, and it also seems likely that, based sovereign wealth funds are mandated to focus primarily on while noted for buying large trophy assets, sovereign wealth funds domestic investments, although some also have global exposure, may also target a wider range of markets in the coming years. such as QIA, which predominantly invests in direct domestic real estate and also invests in the wider MENA region, in particular Morocco, Egypt, Syria and Oman; other than its MENA-focused investments, it also has exposure to the UK, Europe and the US.

The 2015 Preqin Sovereign Wealth Fund Review

This article is an extract from the recently released Preqin 2015 Sovereign Wealth Fund Review, The 2015 our largest and most comprehensive review of sovereign wealth funds and their investment activity yet, Preqin Sovereign Wealth Fund Review featuring detailed proﬁ les for 73 sovereign wealth funds worldwide.

The 2015 Preqin Sovereign Wealth Fund Review is a vital tool for all professionals seeking investment or looking to work with this inﬂ uential investor class, and provides a comprehensive source of information

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This year’s Review contains information on the following areas:

• Real Estate • Fixed Income • Equities • Private Equity • Hedge Funds • Infrastructure • Private Debt

Produced in association with PwC, this year’s edition has been fully updated, with more content than ever before. The Review contains exclusive information gained via direct contact with sovereign wealth funds and their advisors, plus valuable intelligence from ﬁ lings, ﬁ nancial statements and hundreds of other data sources.

For more information, to download sample pages or to order your copy, please visit:

www.preqin.com/swf

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Call: 1-212-901-0542 | http://www.imn.org/usopps2015 | Email: [email protected] Lead Article Northeast US Real Estate Download Data

Northeast US Real Estate

Preqin takes a detailed look at the private real estate market in the Northeast US, including the latest fundraising data and information on investors based in the region.

Northeast US-Focused Fundraising Fig. 1: Annual Northeast US-Focused Closed-End Private Real Estate Fundraising, 2008 - 2014 Preqin’s Real Estate Online contains detailed information on over 4,800 private real estate funds, including over 1,000 vehicles that 12 invest some or all of their capital in the Northeast US. Extensive 10 profi les feature detailed information on fundraising and closes held, 10 known investors, performance data and direct contact information 99 for key decision makers. Fundraising for solely Northeast US- 8 No. of Funds focused unlisted real estate has fl uctuated since 2008, with 7 Closed aggregate capital raised reaching a peak of $2.8bn from nine funds 6 6 closing in 2011 (Fig. 1). Following this, aggregate capital declined 55 Aggregate over a two-year period before rebounding in 2014; $1.7bn was Capital raised by seven Northeast US-focused vehicles. 2015 to-date has 4 Raised ($bn) seen no funds focusing on the Northeast US reach a fi nal close. 2.8 2.3 2 1.5 1.7 Additionally, Northeast US-focused funds in market have also 1.1 fl uctuated in recent years (Fig. 2), with April 2014 seeing a peak 0.2 0.4 of 14 funds in market, targeting aggregate capital commitments of 0 2008 2009 2010 2011 2012 2013 2014 $2.5bn. As of April 2015, there are nine such funds currently raising capital, targeting aggregate commitments of $0.9bn. The largest Source: Preqin Real Estate Online Northeast US-focused fund currently in market is Develop-DC, managed by Pennsylvania-based Regional Real Estate Investment In terms of strategy, value added funds have been by far the most Corporation. The fund seeks to commit to developers in ground-up prominent in the region in recent quarters, with nine funds closed development or projects requiring major renovations and will target since 2013, raising a total of $1.9bn (Fig. 3). In fact, all six funds projects covering multi-family residential, offi ce, hospitality and to close in 2014 focused primarily on value added investments. In mixed-use real estate. comparison, just two opportunistic funds reached a fi nal close, with one debt fund and one core-plus fund also closing in this period. With managers spending an average of 17 months in market for funds closed from 2012 to 2013, fundraising can also be a lengthy Many of the funds closed in recent years invest across a range of process for many fi rms. Nonetheless, some managers are able sectors, with six diversifi ed funds closing in 2013 and 2014, raising to quickly attract suffi cient capital to reach a fi nal close, with one an aggregate $1.3bn. Residential investment is also prominent, recent example being New York-based Sugar Hill Capital Partners’ with six funds closed in the period raising $344mn. The largest Sugar Hill Property Fund IV, which reached a fi nal close in July of these is Eagle Rock Advisors’ UOB Eagle Rock Multifamily 2014 having spent just six months fundraising. Property Fund, which closed in June 2013 having raised $137mn.

Fig. 2: Northeast US-Focused Funds in Market over Time, April Fig. 3: Northeast US-Focused Closed-End Private Real Estate 2012 - April 2015 Fundraising by Primary Strategy, Funds Closed 2013-2014

16 10 2,000

9 Aggregate Capital Raised ($mn) 1,850 14 9 1,800 14 8 1,600 12 7 1,400

No. of Funds 6 1,200 10 Raising 9 9 5 1,000 8 4 800 Aggregate Target Capital 3 600 6 ($bn) No. of Funds Closed 2 5 2 400 11 1 200 4 137 2.5 0 40 12 0 2 Value Added Core-Plus Debt Opportunistic 1.1 0.9 0.3 Primary Strategy 0 Apr-12 Apr-13 Apr-14 Apr-15 No. of Funds Closed Aggregate Capital Raised ($bn)

Source: Preqin Real Estate Online Source: Preqin Real Estate Online

Fig. 4: Breakdown of Northeast US-Based Fund Managers by Total Capital Raised for Private Real Estate in the Last 10 Fig. 5: Annual Closed-End Private Real Estate Dry Powder of Years Northeast US-Based Managers, December 2000 - April 2015

60% 56% 100 90 90 50% 84 80 79 40% 74 71 70 68 69 68 30% 25% 60 57 20% 52 13% 50 10% 40 39 4% 2%

Proportion of Fund Managers 0% Dry Powder ($bn) 30 25 20 20 20 17 9

$1-4.9bn $5-9.9bn 10

$500-999mn 0 $10bn or More Less than $500mn Apr-15 Capital Raised in Last 10 Years Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Source: Preqin Real Estate Online Source: Preqin Real Estate Online

The fund focuses on garden-style and low- to mid-rise multi-family The amount of dry powder available to Northeast US-based fund properties along the Boston to DC corridor. managers has increased by 24% since the beginning of 2015, standing at $84bn as of April 2015 (Fig. 5). However, this still Northeast US-Based Fund Managers represents a slight dip from the peak seen in December 2009, when these fund managers had $90bn available for investment. Preqin’s Real Estate Online contains detailed information on over 2,600 real estate fund managers, including 579 based in Northeast US-Based Investors the Northeast US. Fund managers based in the region have a range of experience in managing private real estate funds: 36% Preqin’s Real Estate Online contains detailed profi les for over of managers are raising their fi rst fund, or have only raised one 4,800 institutional investors active in real estate, including 873 fund, 31% have raised three or more funds previously, and 16% based in the Northeast US. Profi les include detailed information have raised fi ve or more funds. However, when looking at the on allocations, investment plans for the year ahead, funds amount of capital that these managers have raised for private real previously invested in and contact information for key decision estate funds in the last 10 years, the majority of fund managers makers. Foundations, private and public sector pension funds and (56%) have raised less than $500mn in institutional capital (Fig. 4). endowment plans make up the largest proportions of Northeast This demonstrates that funds focusing primarily on Northeast US US-based real estate investors (Fig. 6). With typically smaller investments tend to attract smaller amounts of investor capital; as investors such as foundations and endowments making up large a result, despite many managers having raised multiple funds, the proportions of the Northeast US real estate investor universe, it is amount of capital they have raised in aggregate is lower than that unsurprising that a signifi cant 43% of LPs have less than $500mn of more geographically diversifi ed funds. in assets under management (AUM).

Fig. 7: Current and Target Allocations of Northeast US-Based Fig. 6: Breakdown of Northeast US-Based Investors by Type Investors

60% 55% Foundation 3% 50% 3%2% Private Sector Pension Fund 6% 22% 41% Endowment Plan 40% Current 4% 36% Public Pension Fund Allocation 30% 26% 9% Wealth Manager Target Allocation Insurance Company 20% 15%

18% Proportion of Investors Family Office 11% 10% 9% 15% Asset Manager 4% 4% 1% Fund of Funds Manager 0% 17% Less than 1-4.9% 5-9.9% 10-14.9% 15% or Other 1% More Allocation to Real Estate (As a % of AUM) Source: Preqin Real Estate Online Source: Preqin Real Estate Online

Regarding these investors’ allocations to real estate, the largest There are a range of investors with an interest in managers proportion (41%) has a current allocation of between 1% and 4.9% focused solely on the Northeast US market. This includes Ohio of their total AUM (Fig. 7). Encouragingly, many investors appear Police & Fire Pension Fund, which committed $45mn to Savanna to be below their target allocations to the asset class, with 55% Real Estate Fund III, which reached a ﬁ nal close in November targeting an allocation of between 5% and 9.9%, and 30% targeting 2014. Minneapolis-based insurance company Thrivent Financial an allocation to real estate of 10% of AUM or more. for Lutherans committed $15mn to Meridian Realty Partners I, which closed in January 2013 and invests across the Washington DC area.

Fig. 8: Top Five Northeast US-Focused Closed-End Private Real Estate Funds, 2012 - 2014

Fund Manager Manager Location Final Size ($mn) Final Close Date Strategies Opportunistic and JBG Fund IX JBG Companies Chevy Chase, MD 680 Sep-14 Value Added FCP Realty Fund II Federal Capital Partners Chevy Chase, MD 529 Jul-12 Debt and Value Added Opportunistic and Savanna Real Estate Fund III Savanna New York, NY 443 Nov-14 Value Added Distressed, Davis Investment Ventures Fund II Davis Companies Boston, MA 414 Nov-12 Opportunistic and Value Added Normandy Real Estate Debt, Distressed and Normandy Real Estate Fund III Morristown, NJ 350 Mar-14 Partners Value Added

Source: Preqin Real Estate Online

Fig. 9: Sample of Northeast US-Based Investors Targeting New Real Estate Fund Commitments in the Next 12 Months

Investor Location Type Investment Plans for the Next 12 Months Plans to commit about $100mn to real estate funds in the next year, SCS Financial Boston, MA Wealth Manager targeting core-plus, value added and opportunistic strategies. Will make commitments to private real estate in the next 12 months. District of Columbia Retirement Washington, DC Public Pension Fund The pension fund will commit up to $100mn with a target of $75mn Board across two to four real estate funds. Will commit $100mn to private real estate funds in the next 12 months, CIGNA Bloomﬁ eld, CT Insurance Company investing in value added offerings targeting North America.

Source: Preqin Real Estate Online

Data Source

Looking for more information on the private real estate fund market in the Northeast US?

Constantly updated by our team of dedicated researchers, Preqin’s Real Estate Online represents the most comprehensive source of industry intelligence available today, with global coverage and a wide variety of information, including exclusive data on the Northeast US.

Access comprehensive proﬁ les for:

• 1,045 Northeast US-focused funds closed historically, including ﬁ nal close size, geographic focus and known investors

• 579 fund managers based in the region, with information on their strategy preferences and past performance

• 873 investors based in the Northeast US, with proﬁ les featuring their future investment plans and allocations to real estate

For more information, or to register for a demonstration, please visit:

www.preqin.com/reo

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Preqin Industry News

Oliver Senchal looks at sovereign wealth funds that have recently committed to private real estate funds and those that are targeting new fund commitments.

Sovereign Wealth Funds Committing to Private Real Estate Real Estate Spotlight – May 2015: In Numbers As discussed in this month’s feature article (see page 2), real With this month’s lead article focusing on the Northeast US (see estate is one of the alternative asset classes most widely utilized page 7), we look at some of the key figures on private real by sovereign wealth funds. While the preference for many of these estate in the region. investors is direct acquisition of properties, there has been an increase in the proportion of sovereign wealth funds investing via Amount raised by Northeast US-focused closed-end private vehicles since 2013. One such investor is Texas Permanent $1.7bn private real estate vehicles in 2014, compared with School Fund State Board of Education, which made a $50mn $400mn in 2013. commitment to Rockpoint Real Estate Fund V last month. The fund will make opportunistic investments primarily in major markets in Proportion of Northeast US-based investors with the US, but will also target assets in Japan and the UK. 43% assets under management of less than $500mn.

Another sovereign wealth fund active in the private real estate markets is Abu Dhabi Investment Authority. The $773bn sovereign Number of institutional investors based in New York, 209 wealth fund made a $200mn commitment to Kotak India Real representing $7.9tn in assets under management. Estate Fund II, a club fund with Qatar Investment Authority as the other investor. The fund will invest in residential properties in India’s major cities. Proportion of Northeast US-based real estate fund 36% managers that are raising their first offering. Sovereign Wealth Funds Targeting New Fund Commitments Aggregate target capital of Northeast US-focused Korea Investment Corporation (KIC) will be making new $520mn funds in market that are primarily targeting opportunistic investments – the highest amount for commitments to private real estate funds in the next 12 months. any strategy. Strategy-wise, the $85bn sovereign wealth fund has a preference for core vehicles. KIC has a global outlook, with the exception of its Total number of fund managers based in the top 10 domestic market, for the upcoming year. 394 Northeast US cities for real estate fund managers; 70% of these are based in New York. New Mexico State Investment Council will invest between $300mn and $400mn in private real estate over the next 12 months. The $20.2bn sovereign wealth fund is satisﬁ ed with its current exposure to core real estate, and therefore will be targeting value added and opportunistic offerings. It believes there are attractive real estate opportunities in Europe, and will therefore continue to invest Looking for more information on investors looking to outside the US. make new commitments to real estate funds?

Sovereign Wealth Funds Considering Investment in Private Preqin’s Real Estate Online service features detailed Real Estate over 2015 profiles of over 4,900 active investors in real estate. Use the Future Fund Searches and Mandates tool to pinpoint The $6bn Oman Investment Fund is considering making its those institutions that are seeking fund investments right maiden commitment to private real estate funds focused on the now. GCC over the next year. Additionally, the $37.1bn State Oil Fund To learn more about how Preqin’s real estate data can of the Republic of Azerbaijan is also considering making its maiden help you, please visit: investment in private real estate funds. The sovereign wealth fund is currently reviewing the available offerings from fund managers, www.preqin.com/reo and is particularly interested in value added vehicles.

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 [email protected] and we will endeavour to publish them in the next issue.

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Fund Coverage: Funds 43,073 875 Infrastructure Funds 5,125 PE Real 17,213 Private Equity* Funds 18,182 Hedge Funds Estate Funds 1,678 Private Debt Funds Firm Coverage: Firms 20,448 455 Infrastructure Firms 2,696 PERE 8,931 PE Firms 7,617 Hedge Fund Firms Firms 749 Private Debt Firms

Performance Coverage: 19,995 Funds (IRR Data for 6,004 Funds and Cash Flow Data for 2,948 Funds) 1,305 181 Infrastructure 5,930 PE Funds 11,931 Hedge Funds PERE Funds 648 Private Debt

Fundraising Coverage: 16,943 Funds Open for Investment/Launching Soon Including 2,459 Closed-Ended Funds in Market and 333 Announced or Expected Funds 920 256 Infra. Funds 1,848 PE 13,657 Hedge Funds PERE Funds Funds 262 Private Debt Funds Deals Coverage: 136,100 Deals Covered; All New Deals Tracked

41,257 Buyout Deals** 83,608 Venture Capital Deals*** 11,235 Infra. Deals

Investor Coverage: 13,002 Institutional Investors Monitored, Including 9,152 Verified Active**** in Alternatives and 96,128 LP Commitments to Partnerships

4,975 Active Hedge 2,467 Active 1,549 Active 5,755 Active PE LPs 4,909 Active RE LPs Fund Investors Infra. LPs Private Debt Investors Alternatives Investment Consultant Coverage: 513 Consultants Tracked Fund Terms Coverage: Analysis Based on Data for Around 10,390 Funds Best Contacts: Carefully Selected from Our Database of over 318,897 Active Contacts

Plus The Preqin Difference - Over 200 research, support and development staff Comprehensive coverage of: - Global presence - New York, London, Singapore and San - Placement Agents - Dry Powder Francisco - Fund Administrators - Compensation - Depth and quality of data from direct contact methods - Law Firms - Plus much more... - Unlimited data downloads - Debt Providers - The most trusted name in alternative assets

New York: +1 212 350 0100 - London: +44 (0)20 3207 0200 - Singapore: +65 6305 2200 - San Francisco +1 415 835 9455 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 globallyacross 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. News On the Network Download Data

On the Network This Month: What Are Investors Searching For? In this feature, we examine the activity of investors on Preqin Investor Network to see which fund strategies and geographic regions are of current interest to investors, as well as which institutional investor types have been proactively looking at funds in April.

Preqin Investor Network is a free and unique system designed to help investors source and connect with alternative fund managers. Currently over 6,900 individuals at more than 3,600 institutional investors are using the Network to ﬁnd and reach out to over 2,200 private equity, private real estate and private infrastructure funds in market. To ﬁnd out more, please email: [email protected].

Fig. 1: Breakdown of Real Estate Funds Reviewed by Fig. 2: Breakdown of Real Estate Funds Reviewed by Investors on Preqin Investor Network by Primary Strategy, Investors on Preqin Investor Network by Primary Geographic April 2015 Focus, April 2015

4% 1% 8% 4% Value Added 4% Opportunistic 9% 6% Debt North America 41% Core Europe Core-Plus 52% Asia 16% Distressed Rest of World Fund of Funds 30% Secondaries

23%

Source: Preqin Investor Network Source: Preqin Investor Network Fig. 4: Breakdown of Investors Searching for Real Fig. 3: Breakdown of Investors Searching for Real Estate Estate Funds on Preqin Investor Network by Location of Funds on Preqin Investor Network by Type, April 2015 Headquarters, April 2015

Fund of Funds Manager

10% Public Pension Fund 7% 5% 3% Asset Manager 4% 36% Insurance Company 4% North America Private Sector Pension Europe 6% Fund Foundation 29% Asia 6% Sovereign Wealth Fund 59% Rest of World Endowment Plan 6% Family Office 7% 11% 7% Wealth Manager

Other

Source: Preqin Investor Network Source: Preqin Investor Network

In Numbers: On the Network This Month

The number of private real estate funds in market (as of The average size of private real estate funds screened 436 21 April 2015). $569mn on the Network in April.

Some of the largest private real estate funds have signed up Proportion of all private real estate funds in market that to share more information with the Network’s investors. Would 40% were reviewed on Preqin Investor Network in April alone. you like to join them and have LPs contacting you for more information? Email us at: [email protected].

Fundraising Update

Following the close of the largest ever private real estate fund, Blackstone Real Estate Partners VIII, Daniel Wright takes a look at Preqin’s latest fundraising data.

Fig. 1: Quarterly Closed-End Private Real Estate Fundraising Fig. 2: Closed-End Private Real Estate Fundraising by Primary Q1 2011 - Q2 2015 TD (As at 29 April 2015) Strategy, 2015 YTD (As at 29 April 2015)

35 100 93 30.5 90 30 80 78 78 25 70 66 No. of Funds No. of Funds 62 63 64 58 Closed Closed 60 55 20 51 53 50 48 47 47 15 44 42 Aggregate 15 13 Aggregate Capital 40 35 31 Capital 31 29 Raised ($bn) 10 Raised ($bn) 30 27 26 28 26 21 22 21 5 18 5 4.1 20 14 14 3 2.5 13 13 13 10 2 9 9 0.7 0.7 10 0 0 Debt Core Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 TD Distressed 2011 2012 2013 2014 2015 Opportunistic Value Added Date of Final Close Primary Strategy Source: Preqin Real Estate Online Source: Preqin Real Estate Online

Fig. 3: Breakdown of Closed-End Private Real Estate Funds Fig. 4: Average Time Taken for Closed-End Private Real by Proportion of Target Size Achieved, 2011 - 2015 YTD (As at Estate Funds to Achieve a Final Close, 2011 - 2015 YTD (As at 29 April 2015) 29 April 2015)

100% 25 10% 14% 18% 16% 90% 20% 21 80% 20 19 20% 24% 18 70% 24% 30% 125% or More 27% 16 16 60% 101-124% 15 18% 13% 100% 50% 13% 12% 13% 50-99% 40% 10 31% 40% Less than 50% 30% 34% 35% 30%

Proportion of Funds Closed 20% 5

10% 18% 13% 11% 7% 10% Time Spent in Market (Months) Average 0% 0 2011 2012 2013 2014 2015 YTD 2011 2012 2013 2014 2015 YTD Year of Final Close Year of Final Close Source: Preqin Real Estate Online Source: Preqin Real Estate Online

Fig. 5: Five Largest Closed-End Private Real Estate Funds Closed in 2015 YTD (As at 29 April 2015)

Fund Firm Final Size ($mn) Strategies Location Focus Blackstone Real Estate Partners VIII Blackstone Group 14,500 Distressed and Opportunistic Global Lone Star Real Estate Fund IV Lone Star Funds 5,800 Debt, Distressed and Opportunistic Europe, US, Japan Debt, Distressed, Opportunistic and Starwood Global Opportunity Fund X Starwood Capital Group 5,600 Europe, US Value Added CIM Fund VIII CIM Group 2,431 Opportunistic North America Harrison Street Real Estate Partners Harrison Street Real 850 Opportunistic US V Estate Capital Source: Preqin Real Estate Online

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www.preqin.com/RCP alternative assets. intelligent data. The Facts Japanese Private Real Estate Market Download Data

Japanese Private Real Estate Market

Oliver Senchal examines the Japanese closed-end real estate market, including Preqin’s latest fundraising, fund manager and investor data.

Fig. 2: Closed-End Japan-Focused Private Real Estate Fig. 1: Annual Closed-End Japan-Focused Private Real Fundraising by Primary Strategy, Funds Closed 2008-2015 YTD Estate Fundraising, 2008 - 2015 YTD (As at 21 April 2015) (As at 21 April 2015)

12 16 15 11 14 13 10 12 9 No. of Funds 8 No. of Funds 10 Closed 8 Closed 8 8 7 8 5.9 Aggregate 6 6 6 Aggregate Capital Raised ($bn) Capital 4 3.4 3 4.0 Raised ($bn) 2.3 4 2 0.9 3 2.8 0.6 2 0 2 1.5 1.4 1.3 10.8 0.9 Debt 0.4 Core 0 Core-Plus 2008 2009 2010 2011 2012 2013 2014 2015 Opportunistic YTD Value Added Year of Final Close Primary Strategy Source: Preqin Real Estate Online Source: Preqin Real Estate Online

Fig. 3: Proportion of Japan-Focused Funds Managed by Fig. 4: Proportion of Japan-Focused Capital Raised by International vs. Domestic Fund Managers, 2008 - 2014 International vs. Domestic Fund Managers, 2008 - 2014

100% 0% 100% 0%

90% 90% 29% 33% 33% 80% 38% 80% 37% 45% 70% 70% 57% 65% 67% 71% 60% International 60% 84% 86% International 50% 100% 50% 100% Domestic Domestic 40% 40% 71% 67% 67% 30% 63% 30% 63% 55% 20% 20% 43% 35% 33% 29%

Proportion of Japan-Focused Funds 10% 10% Proportion of Japan-Focused Capital 16% 14% 0% 0% 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 2014 Year of Final Close Year of Final Close Source: Preqin Real Estate Online Source: Preqin Real Estate Online

Fig. 5: Five Largest Closed-End Japan-Focused Private Real Estate Funds Closed in 2014 - 2015 YTD (As at 21 April 2015)

Fund Firm Final Size (mn) Final Close Date Strategies

Mapletree Japan Ofﬁ ce Fund Mapletree Investments 65,000 JPY Jan-15 Core and Core-Plus

Mapletree Japan Logistics Opportunistic and Mapletree Investments 51,000 JPY Jun-14 Development Fund Value Added Opportunistic and Redwood Japan Logistics Fund The Redwood Group 320 USD Jul-14 Value Added DREAM Mezzanine Debt Fund III Diamond Realty Management (DREAM) 15,000 JPY Jul-14 Debt Tokyo Ofﬁ ce Property Fund AXA Real Estate 10,000 JPY Feb-14 Core and Core-Plus Source: Preqin Real Estate Online

Fig. 6: Five Largest Japan-Focused Private Real Estate Funds in Market (As at 21 April 2015)

Firm Fund Firm Target Size (mn) Strategies Headquarters Core-Plus and Orange Grove Japan Real Estate Fund I Orange Grove Capital Management 1,000 USD Japan Opportunistic Distressed and GreenOak Asia II GreenOak Japan 500 USD Japan Opportunistic Sumitomo Corporation & Kokyo Tatemono Kokyo Asset Management 50,000 JPY Japan Core and Core-Plus Logistics Fund Opportunistic and AIP Japan Fund VI Asia Investment Partners 30,000 JPY Japan Value Added Cordea Savills Greater Tokyo Ofﬁ ce Fund Savills Investment Management Asia 250 USD Japan Value Added Source: Preqin Real Estate Online Fig. 7: Breakdown of Japan-Based Real Estate Investors by Fig. 8: Breakdown of Japan-Based Real Estate Investors by Type Assets under Management

45% 43% Private Sector Pension 1% 1% Fund 40% 4% Insurance Company 5% 35% 5% Asset Manager 33% 30% 29%

Bank 25%

16% Corporate Investor 20% 16% Public Pension Fund 15% 13% Proportion of Investors Investment Company 10% 5% 16% 18% Family Offices 0% Investment Bank Less than $10bn $10-49.9bn $50-99bn $100bn or More Assets under Management Source: Preqin Real Estate Online Source: Preqin Real Estate Online

Fig. 9: Breakdown of Japan-Based Real Estate Investors by Fig. 10: Breakdown of Japan-Based Real Estate Investors by Allocation to Real Estate Strategy Preference

80% 80% 70% 69% 70% 70% 60% 60% 50% 42% 39% 50% 40% 36% 33% 33% 30% 40% 20%

30% Proportion of Investors 10% 19% Proportion of Investors 20% 0% Debt 10% 8% Core 4% 0% Core-Plus 0% Distressed Less than 5% 5-9.9% 10-14.9% 15-19.9% 20% or More Opportunistic Value Added Allocation to Real Estate (As a % of AUM) Strategy Preference Source: Preqin Real Estate Online Source: Preqin Real Estate Online

Key Facts: Japanese Private Real Estate

Aggregate capital targeted by Japan-focused funds $$2.9bn2.9bn 7799 Number of Japan-based institutional investors. in market.

Number of private real estate funds in market solely Average current allocation to real estate of Japan- 9 focused on Japanese investments. 55.6%.6% based institutional investors.

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Conferences Spotlight

Conference Dates Location Organizer Discount Code

Real Estate Investment World Latin America 26 May 2015 Miami, FL Terrapinn -

10% Discount - Real Estate Crowdfunding Summit – West 28 May 2015 California iGlobal Forum PREQIN

Debtwire Real Estate Investor 2015 2 June 2015 London Mergermarket Group -

10% Discount - Commercial Real Estate Technology Summit 3 June 2015 New York iGlobal Forum PREQIN European Family Ofﬁ ce & Institutional 3 - 4 June 2015 Amsterdam Opal Finance Group - Investment Forum

Emerging Managers Summit 8 - 9 June 2015 Chicago Opal Finance Group -

The 16th Annual U.S. Real Estate Opportunity 15 - 16 June 2015 New York IMN 10% Discount - PQ10 & Private Funding Investing Forum 15% Discount for Real Estate Investment World Asia 2015 16 - 18 June 2015 Singapore Terrapinn Spotlight readers - SPOT £100 reader offer for FundForum International 2015 29 June - 2 July 2015 Monaco ICBI Preqin Family Ofﬁ ce & Private Wealth Management 20 - 22 July 2015 Newport, RI Opal Finance Group - Forum 10 - 11 September Europe GRI Paris GRI - 2015

China GRI 28 - 29 October 2015 Shanghai GRI -

Family Ofﬁ ce & Private Wealth Management 28 - 30 October 2015 Napa, CA Opal Finance Group - Forum – West

MENA GRI 2 - 3 November 2015 Dubai GRI -

12 - 13 November Latin America GRI TBC GRI - 2015 18 - 19 November Wealth Management Americas Miami, FL Terrapinn - 2015 18 - 19 November America’s Family Ofﬁ ce Forum Miami, FL Terrapinn - 2015

Alternative Investing Summit 9 - 11 December 2015 Dana Point, CA Opal Finance Group -

Access Free Conference Slide Decks and Presentations

Preqin attends and speaks at many different alternative assets conferences throughout the year, covering topics from real estate fundraising trends to alternative UCITS.

All of the conference presentations given by Preqin speakers, which feature charts and league tables from Preqin’s online products, can be viewed and downloaded from Preqin’s Research Center Premium, for free.

For more information, and to register for Preqin’s Research Center Premium, please visit:

www.preqin.com/rcp

Real Estate Crowdfunding Summit: West

Date: 28 May 2015 Information: http://www.iglobalforum.com/crowdfundingwest.html Location: Marina Del Rey, CA Discount Code: PREQIN Organizer: iGlobal Forum

iGlobal Forum is pleased to host the second annual Real Estate Crowdfunding Summit 2015, where you will have the opportunity to meet the leading real estate crowdfunding thought leaders and experts as they share their perspectives and stories within this amazingly fast- growing industry.

Debtwire Real Estate Investor Forum 2015

Date: 2 June 2015 Information: http://mergermarketgroup.com/event/realestate2015?utm_ source=Preqin&utm_medium=website&utm_campaign=realestate2015 Location: One Great George Street, London Organizer: Mergermarket

Network with senior real estate asset managers, private equity investors, CRE lenders and legal advisers at Debtwire’s second Real Estate Investor Forum. Hear from over 20 industry experts as they explore the key trends likely to be seen in the European real estate financing market during 2015 and share their experiences of doing deals in this market.

Commercial Real Estate Technology Summit

Date: 3 June 2015 Information: http://www.iglobalforum.com/CREtech.html Location: Park Lane Hotel, New York, NY Discount Code: PREQIN Organizer: iGlobal Forum

iGlobal Forum is pleased to announce the inaugural event Commercial Real Estate Technology Summit! The Summit will take place in New York on June 3rd, and will give industry experts the opportunity to discuss how commercial real estate is developing with the advent of new technologies

REAL ESTATE INVESTOR 2015 2 JUNE 2015 ONE GREAT GEORGE STREET, LONDON

Lead strategic partner:

Media partners:

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Book your place for £695 + VAT For more details about the event, including pricing, please visit mergermarketgroup.com/event/realestate2015 email [email protected] or call +44 (0) 207 010 6219 Conferences Conferences Spotlight Download Data

IMN’s 16th U.S Real Estate Opportunity & Private Funding Investing Forum

Date: 15 - 16 June 2015 Information: http://www.imn.org/usopps2015 Location: New York, NY Discount Code: PQ10 Organizer: Information Management Network

Join IMN and 900+ opportunity and private funds, LPs and service providers of all types at IMN’s NY Real Estate Opportunity & Private Fund Investing Forum, the industry’s leading conference of its kind. It addresses the most pressing issues and is THE must-attend event for the industry.

Real Estate Investment World Asia 2015

Date: 16 - 18 June 2015 Information: http://www.terrapinn.com/conference/real-estate- investment-world-asia Location: Level 3, Sands Expo & Convention Centre, Discount Code: SPOT Singapore Organizer: Terrapinn Pte Ltd

Real Estate Investment World Asia 2015 will welcome professionals from across the whole real estate investment value chain wanting to enter into or expand their current allocations to Asian real estate. Our conference format enables you to learn from the best case studies across Asia and dives deep into discussion topics in focused roundtable groups.