Real Estate Funds

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REAL ESTATE ALERT: June 11, 2014, 5 Marine View Plaza, Suite 400, Hoboken NJ 07030. 201-659-1700

Fees Charged by High-Yield Real Estate Funds For vehicles that have raised less than half of their targeted equity

Opportunity

Operator/Fund

Equity

Goal ($Mil.)

Net Return

Goal (%)

Fees

Preferred Return

For LPs (%)

Subsequent GP/LP split

of profits

IRR Needed For GP to

Get 20% of Profits (%)

Activum SG Capital Activum Fund 3

$528 20 1.5% management 8 20/80 Never

Blackstone Blackstone Real Estate Partners Asia

5,000 16+ 1.5% management (1.25% for pledges over $200 million)

8 80/20 to 20%, then 20/80

10.7

Blue Vista Capital Blue Vista Sponsor Equity Fund 3

173 18 1.5% management 8 100/0 to 20%, then 20/80

10.0

China Everbright, RQSI International Everbright Ashmore China Real Estate Fund 2

300 20 2% management 10 20/80 Never

Dune Real Estate Dune Real Estate Fund 3


13.5

Fowler Property Acquisitions FPA Apartment Opportunity Fund 4

360 16-20 1.5% management 10 50/50 to 20%, then 20/80

16.7

Garrison Investment Garrison Real Estate Fund 3


13.3

GreenOak Real Estate GreenOak U.S. Fund 2

500 15-18 0.5% committed, 1.75% invested

9 20/80 to LP 12%, then 50/50 to GP 20%,

then 20/80

18.8

GTIS Partners GTIS U.S. Residential Strategies


15.0

Hammes Co. Hammes Partners 2

430 16+ 1.4% management 9 20/80 Never

Hungerford Properties Hungerford Western Canada Opportunities


16.7

JEN Partners JEN 4


13.3

Kimpton Hotel & Restaurant KHP Fund 3

203 18 1.25% management 6 20/80 Never

Moonbridge Capital Moonbridge Greater China Development

400 18-20 2% management 9 20/80 Never

Patria Investimentos Patria Brazil Real Estate Fund 2

569 25 2% management 9 50/50 to 20%, then 20/80

15.0

FEE SCORECARD FOR FUNDS


June 11, 2014 2Real EstateALERT

Fees Charged by High-Yield Real Estate Funds For vehicles that have raised less than half of their targeted equity

Opportunity

Operator/Fund

Equity

Goal ($Mil.)

Net Return

Goal (%)

Fees

Preferred Return

For LPs (%)


of profits



Peakside Capital Peakside Real Estate Fund 2


13.5

Redwood Real Estate Redwood-Kairos Real Estate Value Fund 4


10.0

TerraCap Management TerraCap Partners 3

250 15-20 2% management 8 50/50 to 20%, then 20/80

13.3

Xander Group Xander Master Fund 4

230 16+ 2% management 9 100/0 to 20%, then 20/80

11.3




Value-Added

Operator/Fund

Equity

Goal ($Mil.)

Net Return

Goal (%)

Fees

Preferred Return

For LPs (%)


of profits



American Real Estate Partners American Real Estate Strategic Office Fund

$75 14-16 1.5% management 9 50/50 to 20%, then 20/80

15.0

Astrum Investment Astrum Fund 1

50 15+ 1.5% management. 0.25% loan fee

9 35/65 21.0

Brookfield Asset Management Brookfield Fairfield U.S. MF Value Add Fund 2

700 13 1.5% management 9 20/80 to 11%, then 50/50 to 20%,

then 20/80

26.0

CBRE Global Investors CBRE Strategic Partners U.S. Value Fund 7

2,130 13+ 1.25% management, 0.5% acquisition

9 80/20 to 13%, then 50/50 to 20%,

then 20/80

13.3

Columbia Pacific Advisors Columbia Pacific Real Estate Fund 1

130 13-16 1% management (0.75% after 5 years)

6 100/0 to 25%, then 25/75

7.5

Cypress Equities Cypress Acquisition Partners Retail Fund 1

350 14-16 1.35%-1.5% management

9 80/20 to 12%, then 50/50 to 20%,

then 20/80

12.0

DRA Advisors DRA Growth & Income Fund 8

1,350 13-15 0.9% management (committed), then 0.6%

8 15/85 Never

Equity Global Management EGM Income & Growth Fund 5


15.0

Ethika Investments Ethika Diversified Opportunity Real Estate

200 14-17 2% management 10 100/0 to 20%, then 20/80

12.5

InfraRed Capital InfraRed Capital Active Real Estate Fund 3


15.0

Invesco Real Estate Invesco Real Estate Fund 3


16.7

Ivy Equities Ivy Realty Fund 3

250 15+ 1.75% management 8 80/20 to 20%, then 20/80

10.7

Kennedy Wilson Kennedy Wilson Real Estate Fund 4

303 13-17 1.5% management, 1% acquisition

9 50/50 to 20%, then 20/80

15.0

LaSalle Investment LaSalle Income & Growth Fund 6

325 15 1.5% management 9 20/80 Never

Rialto Capital Rialto Real Estate Fund 2

1,305 14-17 1.5% management 10 50/50 to 12%, then 20/80

Never

Unico Properties Unico Partners 1

300 13-15 1.5% management 9 20/80 Never

Waterton Associates Waterton Residential Property Venture 12

500 13 1.25% management (committed), 1.5% (invested)

8 20/80 Never

Westport Capital WCP Real Estate Fund 4


12.0




Core-Plus

Operator/Fund

Equity

Goal ($Mil.)

Net Return

Goal (%)

Fees

Preferred Return

For LPs (%)


of profits



AXA Real Estate Pan European Value Added Fund

$690 12-13 1.1-1.5% management (invested)

9 20/80 Never

Niam AB Niam Nordic Core-Plus Fund

414 10-12 1.5% management (invested), 0.75% (uninvested)

9 80/20 to 12%, then 50/50 to 20%,

then 20/80

13.4

Western National Group Western National Realty Fund 3

300 12+ 1.25% management (committed), 1% (invested)

9 50/50 to 20%, then 20/80

15.0

High-Yield Debt

Operator/Fund

Equity

Goal ($Mil.)

Net Return

Goal (%)

Fees

Preferred Return

For LPs (%)


of profits



C-III Capital C-III High Yield Real Estate Debt Fund 3

$159 10-13 1.25% management 8 50/50 to 20%, then 80/20

13.3

M&G Investments M&G Real Estate Debt Fund 2

1,013 12-15 1.5% management (invested)

8 50/50 to 20%, then 20/80

13.3

Pimco Pimco Bravo Fund 2

5,500 15-20 1.8% management 8 20/80 Never

RCG Longview RCG Longview Debt Fund 5

250 12.5-14.5

1.5% management 8 50/50 to 20%, then 20/80

13.3

Talmage Talmage Total Return Partners

500 10-15 1% management (invested)

10 10/90 Never

Tyndaris Tyndaris European Commercial R.E. Finance

837 12-15 2% management 8 20/80 Never

Fund of Funds

Operator/Fund

Equity

Goal ($Mil.)

Net Return

Goal (%)

Fees

Preferred Return

For LPs (%)


of profits



Penn Square Real Estate, Townsend Group TownSquare Real Estate Alpha Fund

$358 15+ 1% management 9 60/40 to 20%, then 20/80

13.5


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06/11/14

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Real Estate Funds