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26 PRIVATE EQUITY REAL ESTATE JUNE 2008

In compiling our list o 10 so-calledemerging managers, PERE polledmany limited partner, advisory and othermarket sources in search o relativelynew GP groups that were neverthelessled by truly experienced investment aces.Many were ounded by names youveheard about already, rom Blackstones

John Kukral to Dan Niedich, ormerly o

Goldman Sachs Whitehall Funds. Mostare established real estate proessionalswho are setting o on their own ranchise.Some individual GPs are themselves quiteyoung, some less so. All, though, aredetermined to shape the private equityreal estate world around them. The nextseveral pages profle tiger cubs that aregoing to grow into earsome competitors.

The youngand therestless

Ten to watchBenson Elliot Capital Management

Doran Capital PartnersDune Real Estate Partners

Harrison Street Real Estate CapitalMoor Park Capital

Northwood InvestorsPerella Weinberg

ProsperitasRed Fort CapitalSamsara Capital

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Red Fort CapitalA amily afair

Firm: Red Fort Capital

Headquarters: New Delhi

Founded: 2006Key team members: GB Singh, son Parry Singh and Subhash Bedi

Funds: Red Fort India Real Estate Fund I, closed 2007 on $375 millionRed Fort India Real Estate Fund II, targeting $795 million

Over the past ew years, so many frst-time Indian real estate unds have been ormed

that it can oten be difcult to keep track. Whether its Indian companies establishing

domestic real estate unds or domestic frms establishing unds or oreign investors,

institutions looking to get a piece o the India building boom action have a variety o

places to turn. One o these new und managers is Red Fort Capital, ormed two years

ago by the ormer chie executive ofcer and president o the Construction Division or

DLF, GB Singh. In many ways it was Singhs history with DLF, Indias largest real estate

developer that separated Red Fort rom the crowd and has brought the frm a great deal

o media attention in India. Singh launched the frm along with his son Parry Singh, ormer managing partner o American Capital

Realty, and Parrys riend Subhash Bedi, ormer managing partner o Krista International. The three had an idea early on to tap into

the growing oreign investor interest in Indian real estate by orming an FDI-compliant real estate vehicle. The frm launched its

frst und, a RS15 billion ($375 million) vehicle called Red Fort India Real Estate Fund I, at the end o last year. Already that und,

with an anticipated liespan o eight years, has been almost ully committed, having invested in several projects o the Bangalore-

based Prestige Group and a township project o the Hyderabad-based Indu Group. Now the frm is busy raising a ollow-on und,

Red Fort India Real Estate Fund II, which is targeting RS32 billion ($795 million). A second und close is expected this summer.

Fund manager Subhash Bedi says the frm is expecting returns o 30 percent or the second und. But with so many young frms

crowding the Indian landscape, why has Red Fort been generating so many headlines? One actor is that its ounder is so high-

profle and has such deep connections to Indias largest developer it means that everyone is interested in what theyre targeting.

They also have the unique position o being a und with oreign money and being run by someone with some o the best inside

inormation on the domestic ront. I love these guys, one US placement agent said. Theyre true real estate proessionals.

Singh: high profle and deep connections

PRIVATE EQUITY REAL ESTATE JUNE 2008

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June 2008 Volume 4, Issue 5