(12/30/2006)

New Commitments to Commingled Funds in 2006

Commitments of $5 million or more by Top 50 public pension systems

Pension Fund (Consultant)

Advisor (Fund)

Strategy

Amount ($Mil.)

Alaska Public Employees & Teachers (Townsend)

BlackRock Realty Advisors (Diamond Property Fund)

Core-plus

$75

Colony Capital (Investors 8)

Opportunistic

68

Cornerstone Real Estate Advisors (Apartment Venture 3)

Value-added

50

LaSalle Investment Management (Medical Office Fund 2)

Core-plus

30

Arkansas Teachers (None)

J.P. Morgan (Special Situations Property Fund)

Value-added

70

J.P. Morgan (Strategic Property Fund)

Core

100

California State Teachers (PCA)

ARCap (Real Estate Special Situations Mortgage)

High-yield debt

200

Beacon Capital Partners (Strategic Partners 4)

Value-added

350

Beacon Capital Partners (Strategic Partners 5)

Value-added

400

Capmark Financial (Structured Real Estate Partners)

High-yield debt

100

CB Richard Ellis Investors (Strategic Partners Europe Fund 3)

Value-added

192

Cherokee Investment Partners (Fund 4)

Opportunistic

400

CrossHarbor Capital Partners (Institutional Partners)

Opportunistic

100

Fortress Investment (Holiday Investment Fund)

Opportunistic

265

Fortress Investment (RIC Coinvestment Fund 1)

Opportunistic

190

Frogmore Property (Frogmore Real Estate Partners)

Value-added

100

Hartford Investment Management (Mezzanine Investors)

High-yield debt

100

Hawkeye Partners (Scout 1)

Fund of funds

100

Hearthstone Advisors (Housing Partners 3)

Value-added

300

Heitman (Heitman Value Partners 2)

Core-plus

200

Heitman (HVP Sun Co-Investment)

Core-plus

56

LNR Property (Commercial Property Investment Fund)

Value-added

400

Lowe Enterprises Investment (Resort Community Fund)

Value-added

35

MacFarlane Partners (Urban Real Estate Fund 2)

Value-added

300

Morgan Stanley (Crescent Resources Co-Investment)

Value-added

130

RLJ Capital Partners (Lodging Fund 2)

Value-added

150

Rockpoint Group (Land Co-Investment Fund)

Opportunistic

100

Starwood Capital (Hospitality Fund 1)

Opportunistic

150

Calpers (PCA)

American Value Partners (Fund 1)

Fund of Funds

$100

Capmark Financial (Structured Real Estate Partners)

High-yield debt

100

CIM Group (Urban Real Estate Fund 3)

Value-added

700

Divco West Properties (Market Street Capital Partners)

Value-added

100

Divco West Properties (Page Mill Partners 2)

Core-plus

100

Fortress Investment (Holiday Investment Fund)

Opportunistic

80

Fortress Investment (RIC Coinvestment Fund 1)

Opportunistic

50

Guggenheim Partners (Structured Real Estate 2)

High-yield debt

100

Harbert Management (European Real Estate 2)

Opportunistic

75

IL&FS Investment Managers (India Realty Fund)

Opportunistic

100

Integral Group (Urban Fund 1)

Opportunistic

100

JER Partners (Real Estate Partners Europe 3)

Value-added

60

New Faze Development (Investment Fund 1)

Opportunistic

56

Pacific Coast Capital Partners (California Smart Growth 4)

Value-added

100

Prudential Real Estate Investors (Latin America Retail 1)

Value-added

75

Prudential Real Estate Investors (Real Estate Companies 3 Fund)

Value-added

100

RLJ Capital Partners (Lodging Fund 2)

Value-added

100

Savanna Partners (Savanna Real Estate Fund 1)

Value-added

75

Secured Capital Japan (Real Estate Partners Asia)

Opportunistic

100

Strategic Capital Partners (Value Enhancement)

Value-added

50

Sun Apollo (India Real Estate Fund)

Opportunistic

50

Chicago Public School Teachers (Townsend)

Davis Cos. (DV Urban Realty Partners 1)

Value-added

25

RREEF (DB Global Opportunities 2)

Opportunistic

25

Walton Street Capital (Real Estate 5)

Opportunistic

35

Colorado Public Employees (None)

Blackstone Group (Real Estate Partners 5)

Opportunistic

50

LaSalle Investment Management (Medical Office Fund 2)

Core-Plus

40

Madison Marquette (Retail Enhancement)

Value-added

50

Morgan Stanley (Fund 5 U.S.)

Value-added

50

RREEF (DB Global Opportunities 2)

Opportunistic

50

Connecticut Trust Funds (PCA)

Covenant Capital (Covenant Apartment Fund 5)

Value-added

25

MacFarlane Partners (Urban Real Estate Fund 2)

Value-added

100

RLJ Capital Partners (Lodging Fund 2)

Value-added

50

Rockwood Capital (Real Estate Partners 7)

Value-added

50

Illinois State Board (Townsend)

MacFarlane Partners (Urban Real Estate Fund 2)

Value-added

30

RLJ Capital Partners (Lodging Fund 2)

Value-added

30

RREEF (America 3)

Value-added

30

RREEF (DB Global Opportunities 2)

Opportunistic

30

TA Associates Realty (Realty Associates 8)

Core-Plus

30

Walton Street Capital (Real Estate 5)

Opportunistic

30

Illinois Teachers (Callan)

RLJ Capital Partners (Lodging Fund 2)

Value-added

50

Kansas Public Employees (PCA)

ING Clarion Partners (Lion Mexico Fund)

Value-added

30

Los Angeles City Employees (Townsend)

Buchanan Street Partners (Fund 5)

Value-added

$30

Citigroup Property Investors (CPI Capital Partners Europe)

Opportunistic

25

Guggenheim Partners (Structured Real Estate 2)

High-yield debt

15

MacFarlane Partners (Urban Real Estate Fund 2)

Value-added

40

Pacific Coast Capital Partners (California Smart Growth 4)

Value-added

30

Phoenix Realty (Genesis Workforce Housing 2)

Value-added

20

Stockbridge Capital Partners (Real Estate 2)

Value-added

30

Walton Street Capital (Real Estate 5)

Opportunistic

25

Los Angeles County Employees (Townsend)

Phoenix Realty (Genesis Workforce Housing 2)

Value-added

30

Los Angeles Fire & Police (Townsend)

Alex. Brown Realty (ABR Chesapeake 3)

Core-plus

25

Citigroup Property Investors (CPI Capital Partners Europe)

Opportunistic

30

Noble Investments (Noble Hospitality Fund)

Value-added

25

Pacific Coast Capital Partners (California Smart Growth 4)

Value-added

30

Phoenix Realty (Genesis Workforce Housing 2)

Value-added

15

Stockbridge Capital Partners (Real Estate 2)

Value-added

30

Maryland State Retirement (PCA)

CB Richard Ellis Investors (Strategic Partners U.K. Fund 3)

Value-added

95

ING Clarion Partners (Lion Industrial Trust)

Core

75

Michigan Retirement (None)

Beacon Capital Partners (Strategic Partners 4)

Value-added

50

Blackstone Group (Real Estate Partners 5)

Opportunistic

50

CIM Group (Urban REIT)

Core-plus

75

Citigroup Property Investors (CPI Capital Partners North America)

Opportunistic

50

ING Clarion Partners (Lion Mexico Fund)

Value-added

50

John Buck Co. (Opportunistic 3)

Value-added

50

Lowe Enterprises Investment (Resort Finance Investment Partners)

High-yield debt

50

Morgan Stanley (Fund 5 International)

Opportunistic

50

Morgan Stanley (Fund 5 U.S.)

Value-added

100

Stockbridge Capital Partners (Real Estate 2)

Value-added

75

USAA (US Industrial REIT 2)

Core

75

Minnesota State Board (None)

Blackstone Group (Real Estate Partners 5)

Opportunistic

100

TA Associates Realty (Realty Associates 8)

Core-Plus

100

Missouri Public School Employees (Townsend)

Capmark Financial (Structured Real Estate Partners)

High-yield debt

25

Carlyle Group (Realty Partners 5)

Opportunistic

50

Citigroup Property Investors (CPI Capital Partners Europe)

Opportunistic

35

Dune Capital Management (Dune Real Estate Fund)

Value-added

25

Guggenheim Partners (Structured Real Estate 2)

High-yield debt

35

Heitman (Heitman Value Partners 2)

Core-plus

50

Westbrook Partners (Fund 7)

Opportunistic

28

New York State Teachers (Callan)

Blackstone Group (Real Estate Partners 5)

Opportunistic

50

Citigroup Property Investors (CPI Capital Partners North America)

Opportunistic

50

Cornerstone Real Estate Advisors (Apartment Venture 3)

Value-added

50

Hines (U.S. Office Value-Added 2)

Value-added

50

ING Clarion Partners (China Opportunistic Fund)

Opportunistic

50

Rockpoint Group (Finance 1)

High-yield debt

55

Rockwood Capital (Real Estate Partners 6)

Value-added

75

USAA (US Industrial REIT 2)

Core

50

Ohio Police & Fire (Townsend)

Blackstone Group (Real Estate Partners 5)

Opportunistic

$25

Colony Capital (Investors 8)

Opportunistic

25

Heitman (Heitman America Real Estate Trust)

Core

100

J.P. Morgan (Strategic Property Fund)

Core

100

Morgan Stanley (Prime Property Fund)

Core

50

Prudential Real Estate Investors (PRISA)

Core

100

RREEF (America 2)

Core-Plus

50

Stockbridge Capital Partners (Real Estate 2)

Value-added

25

TA Associates Realty (Realty Associates 8)

Core-Plus

25

Walton Street Capital (Real Estate 5)

Opportunistic

25

Westbrook Partners (Fund 7)

Opportunistic

25

Ohio Public Employees (Townsend)

Beacon Capital Partners (Strategic Partners 4)

Value-added

50

Blackstone Group (Real Estate Partners 5)

Opportunistic

150

Carlyle Group (Realty Partners 5)

Opportunistic

75

Normandy Real Estate Partners (Real Estate Fund)

Value-added

50

Warburg Pincus (Real Estate 1)

Opportunistic

100

Ohio School Employees (None)

Carlyle Group (Realty Partners 5)

Opportunistic

50

CB Richard Ellis Investors (Strategic Partners U.K. Fund 3)

Value-added

39

Fillmore Capital Partners (Fillmore East Fund)

High-yield debt

30

Ohio State Teachers (Russell)

Benson Elliot Capital Management (Real Estate Partners 2)

Opportunistic

64

Capmark Financial (Structured Real Estate Partners)

High-yield debt

80

LNR Property (Commercial Property Investment Fund)

Value-added

200

Westbrook Partners (Fund 7)

Opportunistic

80

Orange County Employees (Callan)

AEW Capital Management (AEW Value Investors 2)

Core-plus

30

Fidelity Investments (Real Estate Growth 3)

Value-added

30

Oregon Public Employees (PCA)

Buchanan Street Partners (Fund 5)

Value-added

75

GI Partners (Fund 2)

Opportunistic

100

Guggenheim Partners (Structured Real Estate 2)

High-yield debt

100

IL&FS Investment Managers (India Realty Fund)

Opportunistic

100

ING Clarion Partners (Lion Mexico Fund)

Value-added

100

KTR Capital Partners (Keystone Industrial Fund)

Value-added

100

Prudential Real Estate Investors (PRISA)

Core

300

Rockpoint Group (Finance 1)

High-yield debt

100

Rockwood Capital (Real Estate Partners 7)

Value-added

100

Pennsylvania Public School Employees (Courtland)

Apollo Real Estate Advisors (Real Estate Finance Corp.)

High-yield debt

$150

ARCap (Real Estate Special Situations Mortgage)

High-yield debt

89

Avenue Capital (Avenue Real Estate Fund)

Opportunistic

100

Blackstone Group (Real Estate Partners 5)

Opportunistic

200

Broadway Real Estate Partners (Real Estate Partners Fund 2)

Value-added

125

LEM Partners (Real Estate Mezzanine 2)

High-yield debt

75

Lubert-Adler (Fund 5)

Opportunistic

100

Morgan Stanley (Fund 6 International)

Value-added

400

Morgan Stanley (Prime Property Fund)

Core

100

Prologis (North American Industrial Fund)

Core

200

Prudential Real Estate Investors (PRISA)

Core

100

RREEF (America 2)

Core-plus

100

RREEF (America 3)

Value-added

100

Strategic Capital Partners (Value Enhancement)

Value-added

55

UBS Realty Investors (Real Estate Separate Account)

Core

100

Pennsylvania State Employees (Townsend)

BPG Properties (Investment Partnership 8)

Value-added

25

Colony Capital (Investors 8)

Opportunistic

25

Fidelity Investments (Real Estate Opportunistic Income)

High-yield debt

35

Hawkeye Partners (Scout 1)

Fund of funds

75

Lubert-Adler (Fund 5)

Opportunistic

30

Oxford Real Estate Advisors (Oxford Fund)

Value-added

30

Prudential Real Estate Investors (Latin America Retail 1)

Value-added

25

Rockpoint Group (Finance 1)

High-yield debt

50

Westbrook Partners (Fund 7)

Opportunistic

50

Sacramento County Employees (None)

AEW Capital Management (AEW Value Investors 2)

Core-plus

25

Hines (U.S. Office Value-Added 2)

Value-added

25

UBS Realty Investors (Allegis Value Trust)

Core-plus

25

San Bernardino County Employees (Townsend)

Beacon Capital Partners (Strategic Partners 4)

Value-added

40

Beacon Capital Partners (Strategic Partners 5)

Value-added

20

Walton Street Capital (Real Estate 5)

Opportunistic

40

San Francisco Employees (Townsend)

CIM Group (Urban REIT)

Core-plus

25

UrbanAmerica (Fund 2)

Value-added

25

Texas Teachers (Townsend)

AMB Capital Partners (Institutional REIT 2)

Core

$150

BlackRock Realty Advisors (Diamond Property Fund)

Core-plus

100

Blackstone Group (Real Estate Partners 5)

Opportunistic

150

Capmark Financial (Commercial Realty Partners 2)

Value-added

75

Capmark Financial (Structured Real Estate Partners)

High-yield debt

100

Carlyle Group (Realty Partners 5)

Opportunistic

150

CIM Group (Urban REIT)

Core-plus

150

Citigroup Property Investors (CPI Capital Partners Europe)

Opportunistic

99

Colony Capital (Investors 8)

Opportunistic

150

Heitman (Heitman America Real Estate Trust)

Core

200

MacFarlane Partners (Urban Real Estate Fund 2)

Value-added

75

Morgan Stanley (Prime Property Fund)

Core

200

Prudential Real Estate Investors (Latin America Retail 1)

Value-added

50

RREEF (America 2)

Core-plus

20

RREEF (America 3)

Value-added

150

Stockbridge Capital Partners (Real Estate 2)

Value-added

102

Walton Street Capital (Real Estate 5)

Opportunistic

75

Virginia Retirement (Townsend)

Blackstone Group (Real Estate Partners 5)

Opportunistic

100

Capmark Financial (Structured Real Estate Partners)

High-yield debt

60

CIM Group (Urban REIT)

Core-plus

50

J.P. Morgan (Strategic Property Fund)

Core

175

Liquid Realty Partners (Fund 3)

Fund of funds

100

Morgan Stanley (Prime Property Fund)

Core

175

Prologis (North American Industrial Fund)

Core

100

Washington State Board (Courtland)

Indochina Capital (Land Holdings 2)

Opportunistic

25

Morgan Stanley (Fund 6 International)

Value-added

440

Morgan Stanley (Real Estate Special Situations 3)

Value-added

150

Prosperitas Capital (Real Estate Partners 1)

Opportunistic

50

Warburg Pincus (Real Estate 1)

Opportunistic

100

Wisconsin Investment (Courtland)

Capital Trust (CT Large Loan Fund)

High-yield debt

90

Fortress Investment (Holiday Investment Fund)

Opportunistic

75

Fortress Investment (RIC Coinvestment Fund 1)

Opportunistic

50

Guggenheim Partners (Structured Real Estate 2)

High-yield debt

50

Hawkeye Partners (Scout 1)

Fund of funds

50

Henderson Global Investors (CASA Partners 4)

Core-plus

50

KTR Capital Partners (Keystone Industrial Fund)

Value-added

50

Mesa West (Real Estate Income Fund)

High-yield debt

65

Place Properties/Blue Vista Capital (Student Housing Fund)

Value-added

100

Prudential Real Estate Investors (Senior Housing Partners 3)

Value-added

50

Westbrook Partners (Fund 7)

Opportunistic

60


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