1. Executive Summary. It is also taking fi rms signifi cantly longer to hold fi nal closes for their funds, with. 1. Executive Summary - Sample Pages

Transcription

1 1. Executive Summary - Sample Pages 1. Executive Summary Fig. 1.1: Quarterly Private Equity Real Estate Fundraising, Q Q No. Raised The last three years have been particularly diffi cult for investors and fund managers in the private real estate fund market, and organizations across the industry are still feeling the long-lasting effects of the fi nancial crisis. In response to uncertain market conditions, a signifi cant number of investors have halted their indirect real estate activity, and those that are making fund investments are doing so on a much smaller scale. There are some recent signs of improvement, but as the fundraising market remains extremely competitive, fund managers will need to work hard to stand out from the crowd. The Fundraising Market Real estate fundraising has been slow from 2009 onwards, with quarterly totals ranging from $15.7bn in Q to as little as $7.3bn in Q (see Fig. 1.1). At the end of June 2011, only 54 funds had reached a fi nal close in the year so far, raising an aggregate $21.7bn in investor equity. Therefore, 2011 fundraising may fall short of 2010 fi gures, when 131 funds raised a total of $44.7bn. It is also taking fi rms signifi cantly longer to hold fi nal closes for their funds, with vehicles that closed in 2010 spending an average of 16.9 months in market, almost double the time funds that closed in 2007 spent in market before reaching a final close (see Fig. 1.2). that held fi nal closes between January and September 2011 needed an average of 16.1 months in market before reaching a fi nal close. Although there has been a slight improvement in 2011, it is clear from these fi gures just how diffi cult it has been for fund managers to identify investors that are willing to invest, as well as how competitive the market is. Investor Appetite Despite slow fundraising, there are signs that the market may be improving, with recent research conducted by Preqin suggesting that an increasing number of the larger investors in the asset class are returning to market. A series of extensive interviews with 400 private real estate fund investors of varying size, location, and type, revealed that 35% of respondents expect to make fund commitments in the next 12 months, 49% of respondents are unlikely to invest, and a further 16% have yet to decide whether they will be active in the coming year. Fig. 1.3 shows that the likelihood of Q Q Q Q Q Q Q Q Fig. 1.2: Average Time Taken for to Achieve a Final Close Average Time Spent in Market (Months) Q Q Aggregate Commitments ($bn) Jan-Sep Year of Final Close 2011 Preqin Ltd 1

2 1. Executive Summary - Sample Pages committing to funds in the next 12 months increases as respondents total assets increase, and 43% of institutions with more than $10bn in assets under management are looking to invest in private real estate funds in the next 12 months. The 2011 Preqin Private Real Estate Investor Review includes profi les for over 1,500 investors that have an interest in private real estate funds, including a selection of 20 key institutions to watch which are likely to be particularly active in the next 12 months. Another encouraging sign for fund managers is that the majority of investors are maintaining their target allocations to real estate and are not abandoning the private real estate fund market. As outlined in more detail in the body of The 2011 Preqin Private Real Estate Investor Review, 69% of all investors in private real estate funds are currently below their overall target allocations to real estate, 20% are at their targets and 11% are above their target allocations. This means that fundraising should pick up in the next few years as property markets stabilize, valuations improve, and investors seek to meet their strategic asset allocations. Changes in the Market Market conditions have caused a shift in the strategy preferences of institutional investors. The higher-risk strategies are viewed less positively and there has been an increase in appetite for low-risk core funds. As can be seen in Fig. 1.4, preference for value added and opportunistic funds has decreased in the last 12 months, and although appetite for core funds has also seen a small decline in 2011, core vehicles are still the most favoured strategy for investors in private property funds. Increased caution amongst institutional investors has also had an impact on attitudes to fi rst-time funds, with the number of investors willing to invest with new managers decreasing in recent years. Overall, 26% of investors will defi nitely invest in fi rst-time funds, with an additional 15% willing to consider fi rst-time vehicles; the corresponding fi gures in 2010 were 34% and 16% respectively. 11% will only commit to fi rst-time funds if they are operated by spin-off fi rms (16% in 2010) and the proportion of investors not willing to invest with fi rst-time managers has increased from 34% in 2010 to 48%. Investors are scrutinizing potential investments more closely than ever and, while the largest, brand-name fi rms will still be able to raise large funds, many institutions are looking for fi rms which can prove they are specialists in their particular market. Many of the fi rms that have been successful in fundraising in 2011 are managing funds which are focused on a particular sector and/or location and where the team has a proven track record in these markets. Fig. 1.3: Investors Intentions for Private Real Estate in Next 12 Months by Investor Assets under Management Proportion of Investors 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 26% 32% Likely to Commit 43% Unlikely to Commit 55% 51% 42% Undecided 19% 17% 15% Less than $1bn $1-9.9bn $10bn + Investor Assets under Management Fig. 1.4: Unlisted Fund Strategy Preferences of Investors in Private Real Estate Proportion of Investors 100% 90% 86% 82% 80% Sep-10 70% 65% 66% 60% 58% 54% 50% 40% 32% 32% 30% 29% 28% 25% 23% Sep-11 20% 18% 16% 10% 0% Core Value Added Opportunistic Core-Plus Debt Distressed of Fund Strategy 2011 Preqin Ltd 2

3 1. Executive Summary - Sample Pages Competition in the Market In September 2011, there were 449 private equity real estate funds on the road, targeting an aggregate $154.4bn in investor commitments, more than the 400 funds that were in market in September 2010, targeting a total of $129bn. As many institutions have either placed their private real estate investments on hold, or have reduced their usual capital outlay to the industry, competition for investor capital will remain intense in the next 12 months and identifying investors that are willing to make commitments will be critical. Fund managers that can demonstrate that they will be able to navigate a diffi cult market, achieve successful returns for their investors, and are managing funds that are consistent with the revised aims of the institutional investor universe will be successful in raising new funds. It also provides vital analysis of the fundraising market and full listings of every private real estate fund on the road. We hope that you will fi nd this publication to be a useful resource, and as ever we welcome any feedback and suggestions that you may have. The 2011 Preqin Private Real Estate Investor Review Thousands of research hours have gone into creating the most comprehensive publication ever produced on the private real estate investor universe. It features profi les for more than 1,500 institutional investors in private real estate funds, providing vital information on their investment preferences, key contact information, and investment consultants used. All investors have been directly contacted by our dedicated team of analysts to ensure the information is accurate, up-to-date, and comprehensive Preqin Ltd 3

4 The 2011 Preqin Private Real Estate Investor Review A comprehensive guide to investors in private real estate SAMPLE PAGES

5 Contents - Sample Pages Contents 1. Executive Summary 5 2. Methodology 9 3. Current Fundraising Market 13 History of the PERE market, momentum in fundraising market, success in achieving target, time taken to reach a fi nal close, fundraising by regional focus and manager location, fund size, property focus, targeted returns, manager experience, funds on the road, geographic split of funds in market, fundraising outlook. 4. Fundraising by Strategy 19 Overview of core-plus, value added, opportunistic, debt, distressed and fund of funds fundraising. 5. Listings of on the Road US - East North Central (IL, IN, MI, OH, WI) US - East South Central (AL, KY, MS, TN) US - Middle Atlantic (NJ, NY, PA) US - Mountain (AZ, CO, ID, MT, NM, NV, UT, WY) US - New England (CT, MA, ME, NH, RI, VT) US - Pacific (AK, CA, HI, OR, WA) US - South Atlantic (DC, DE, FL, GA, MD, NC, SC, VA, WV) US - West North Central (IA, KS, ND, NE, MN, MO, SD) US - West South Central (AR, LA, OK, TX) 230 in market sorted by geographic focus and strategy. 6. Placement Agents Review 25 Why placement agents are used for fundraising, factors determining use of placement agent services, location of placement agents, leading placement agents in fund formation. 7. Investors in Private Real Estate 29 Make-up of investors by size, make-up by RE allocation, make-up by type, make-up by location, average RE allocations, average RE fund allocations, proportion of investors at, above or below target allocations, strategic preferences, location preferences, attitudes to emerging markets, attitudes to fi rst-time funds, average commitment size, future plans. 8. Investors to Watch 35 Most important 20 institutional investors to watch. 9. Investors In Recently Closed Real Estate Investor Preferences 41 Matrix showing investor preferences by geographic focus and fund type. ANALYSIS AND PROFILE LISTINGS BY REGION: North Europe 21. Benelux France Germany Italy Nordic Switzerland UK Other Europe 264 Africa 29. Africa 267 Asia and Australasia 30. Asia-Pacific Australasia Japan Canada Preqin Ltd 5

6 Contents - Sample Pages and Caribbean 33. and Caribbean Index 292 LP Index. Figure Index Preqin Ltd 6

7 7. Investor Overview - Sample Pages The UK has the second largest number of investors in unlisted property vehicles, and accounts for 13% of such investors. The 1.2bn UK public pension plan North Yorkshire County Council Pension Fund is looking to make its maiden allocation to real estate in the next 12 months and is likely to invest 75mn in up to four vehicles. The pension fund will target UK-focused core and core-plus funds, but will also consider minimal exposure to European real estate. Australia is home to 5% of institutional investors in private real estate funds. The AUD 11.5bn Australian asset manager Access Capital Advisers is hoping to commit AUD mn to real estate funds in the next 12 months and is interested in core and core-plus vehicles targeting OECD economies. Real Estate Allocations The average proportion of capital allocated to the real estate asset class as a percentage of assets under management (AUM) varies across investor types. Superannuation schemes and asset managers typically allocate the greatest proportion of AUM to real estate of all investor groups listed in Fig. 7.6, with average current allocations of 11.5% and 10.6% respectively. There is little difference between average real estate allocations of insurance companies, foundations, private pension funds and public pension plans. A similar pattern is observed when comparing average allocations to private real estate funds of different investor types (see Fig. 7.9), with the only difference being that insurance companies allocate the smallest Fig. 7.6: Average Real Estate Allocation by Investor Type (as a Proportion of AUM) Average Real Estate Allocation as a Proportion of AUM 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 11.5% 10.9% 11.3% 10.6% Superannuation Scheme Asset Manager 9.6% 9.5% 8.1% 7.9% Insurance Company Foundation 7.6% 9.0% 9.0% Private Sector Pension Fund 7.3% Public Pension Fund 6.2% 8.0% Endowment Plan Average Current Allocation Average Target Allocation Fig. 7.7: Real Estate Allocations Compared to Target Allocations by Investor Region Fig. 7.8: Real Estate Allocations Compared to Target Allocations by Investor Type Proportion of Investors 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 11% 9% 22% 17% 25% 16% 72% 66% 62% North Europe Asia and Rest of World Investor Region Above Target At Target Below Target Average Real Estate Allocation as a Proportion of AUM 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 10% 12% 11% 79% Public Pension Fund 17% 27% 71% Insurance Company 6% 67% Endowment Plan 11% 26% 63% Private Sector Pension Fund 19% 30% 51% Foundation 8% 64% 28% Asset Manager Above Target At Target Below Target 2011 Preqin Ltd 7

8 4. Fundraising by Strategy - Sample Pages Distressed Distressed real estate has followed a similar trend to real estate debt fundraising in recent years, with both fund types experiencing considerable growth. Fig shows there has been a general increase in the number of funds and aggregate capital raised by funds utilizing a distressed strategy since Distressed fundraising has become a noticeable part of the real estate sector following the economic downturn, with many fi rms looking to take advantage of the distressed real estate market. The number of distressed funds raised in 2010, which was a slow year in terms of overall private equity real estate fundraising, refl ects the changing nature of the real estate fund market. 30 funds incorporating distressed strategies reached a fi nal close having raised $21.5bn. Of the distressed vehicles that closed between 2010 and September 2011, 34 are focused primarily on North having raised an aggregate $24.4bn. Four vehicles primarily focused on Europe raised an aggregate $1.8bn and fi ve funds focused primarily on Asia and Rest of World raised $5.7bn. The largest fund incorporating distressed investments that closed between 2010 and September 2011 was Brookfi eld Asset Management s Real Estate Turnaround Consortium, which raised just over $5.5bn. The two largest vehicles on the road that Fig. 4.12: Five Largest Opportunistic on the Road Fund Manager Strategy Target Size (mn) Blackstone Real Estate 10,000 Blackstone Group Opportunistic Partners VII USD Rockpoint Real Estate Fund IV Rockpoint Group Distressed, Opportunistic 2,500 USD Starwood Distressed Debt, Distressed, Starwood Capital Group Opportunity Fund IX Opportunistic 2,500 USD Carlyle Realty Partners VI Carlyle Group Debt, Opportunistic 2,000 USD AG Realty Fund VIII Angelo, Gordon & Co Debt, Opportunistic 1,250 USD Fig. 4.13: Distressed Fundraising, September Fig. 4.14: Distressed Fundraising by Primary Geographic Focus, Closed September No. Raised No. Raised Jan- Sep 2011 Aggregate Commitments ($bn) North Europe Asia and Rest of World Aggregate Commitments ($bn) 2011 Preqin Ltd 8

9 6. Placement Agents Review - Sample Pages 6. Placement Agents Review Fig. 6.1: Proportion of Using a Placement Agent 60% 56% 50% The primary role of placement agents is to assist fund managers during the fundraising process by identifying and targeting investors to which the fund can be marketed, in order to secure commitments from them. Placement agents can also help fund managers with the structuring and planning of the fund. There are several reasons why fund managers may wish to use a placement agent. The use of a placement agent can be seen to lend credibility to a fund in the eyes of an investor, as placement agents are unlikely to represent funds they do not believe will be successful. Placement agents are often used by fund managers for fundraising in regions where they have little or no experience and lack contacts. Placement agents experience and contacts can also be very useful to newer fund managers that have yet to establish extensive networks in the industry. Using a placement agent also means that fund managers can dedicate more of their time to the management of their funds, identifying investment opportunities and managing portfolios, rather than spending time marketing. Proportion of Using Placement Agents As shown in Fig. 6.1, 56% of funds that closed between 2010 and September 2011 used a placement agent at some point during the fundraising process. 39% of funds currently raising capital are using a placement agent. The proportion of funds currently raising that are using a placement agent has dropped by nearly 10 percentage points from September 2010, when 48% of funds raising were using a placement agent. However, the proportion of closed funds that used a placement agent is consistently larger than for those raising, perhaps suggesting that the use of a placement agent increases the likelihood of a fund reaching a fi nal close. Influence of Fund Size on Placement Agent Use Fig. 6.2 shows that larger funds are more likely to use placement agents. Around half of funds currently raising capital, or those closed since the start of 2010, of $500mn or more in size, use or have used placement agents, compared to 39% of funds that are raising or have raised less than $500mn. There are several reasons why smaller funds are less likely to use placement Less than $500mn $ mn $1bn or More Fund Size 2011 Preqin Ltd 9 Proportion of 40% 30% 20% 10% 0% 60% 50% 40% 30% 20% 10% 0% Closed Sep % 51% 39% Currently Raising Fig. 6.2: Proportion of Using a Placement Agent by Fund Size ( Closed September 2011 or Currently Raising) Proportion of 50%

10 11. Canada - Sample Pages 11. Canada Fig. 11.1: Breakdown of Canada-Based Investors by Assets under Management Fig. 11.2: Breakdown of Canada-Based Investors by Real Estate Allocation Fig. 11.3: Breakdown of Canada-Based Investors by Type 2011 Preqin Ltd 10

11 31. Australasia - Sample Pages Australasia - LP Profiles Ross Fisher Chairman +61 (0) Access Capital Advisers Asset Manager Level 1, 39 Brisbane Avenue, Barton, ACT, 2600, Australia Tel: +61 (0) Fax: +61 (0) Total Assets (mn): 11,500 AUD Next 12 Months: AUD mn RE Allocation (mn): 2,645 AUD (23.0% of AUM) Private Fund (mn): 899 AUD (34% of RE Allocation) Direct (mn): 1,746 AUD (66% of RE Allocation) AUD 50 Sample Investments: FKP Core Plus Fund Two (2007), Tata Realty Initiatives Fund 1 (2007), FKP Core Plus Fund (2005) Steven Lim Property Team +61 (0) Kui Ng Partner - Head of Property +61 (0) Mark Thomas AESuper Head of Business Development +61 (0) & Marketing Superannuation Scheme GPO Box 2258, Melbourne, VIC, 3001, Australia Tel: +61 (0) Fax: +61 (0) info@aesuper.com.au Total Assets (mn): 98 AUD General Consultant: Towers Watson Sample Investments: Core Plus Office Fund (2006) ANZ Australian Staff Superannuation Scheme Superannuation Scheme 45/55 Collins Street, Melbourne, VIC, 3000, Australia Tel: +61 (0) anzbsr@russellsuper.com Total Assets (mn): 2,415 AUD RE Allocation (mn): 181 AUD (7.5% of AUM) Core Fund (mn): 136 AUD (75% of RE Allocation) Listed (mn): 45 AUD (25% of RE Allocation) General Consultant: Towers Watson Considering Sample Investments: AMP Capital Core Property Portfolio (1972) Peter O Reilly Manager, Investments +61 (0) peter.o'reilly@anz.com Wayne Stevenson Director +61 (0) wayne.stevenson@anz.com ANZ Trustees Asset Manager Level 43, 55 Collins Street, Melbourne, VIC, 3000, Australia Tel: Fax: trustees@anz.com Sample Investments: Lend Lease Australian Prime Property Fund - Commercial (1994), Lend Lease Australian Prime Property Fund - Retail (1989) Hugh Hodges CIO Catherine McDowell Managing Director Asset Super Superannuation Scheme Locked Bag 5088, Parramatta, Sydney, NSW, 2124, Australia Tel: +61 (0) Fax: +61 (0) asset@assetsuper.com.au Total Assets (mn): 1,500 AUD RE Allocation (mn): 99 AUD (6.6% of AUM) Private Fund (mn): 35 AUD (35% of RE Allocation) Listed (mn): 64 AUD (65% of RE Allocation) 2011 Preqin Ltd 11

12 23. Germany - Sample Pages Germany - LP Profiles Balazs Hornok Senior Director +49 (0) balazs.hornok@allianz.com Olivier Piani Head of Real Estate +33 (0) olivier.piani@allianz.com Matthew Ryall Group Head of Fund Selection +49 (0) (Europe) matthew.ryall@allianz.com AEVWL Public Pension Fund Scharnhorststr. 44, Münster, 48151, Germany Tel: +49 (0) Fax: +49 (0) info@aevwl.de Total Assets (mn): 9,000 EUR Next 12 Months: EUR 150mn RE Allocation (mn): 1,530 EUR (17.0% of AUM) Target Allocation (mn): 1,800 EUR (20.0% of AUM) PERE Fund (mn): 918 EUR (60% of RE Allocation) Direct (mn): 536 EUR (35% of RE Allocation) Listed (mn): 76 EUR (5% of RE Allocation) RE Advisor: Feri Institutional Advisors EUR Yes Marian Berneburg Manager, Indirect Real Estate +49 (0) m.berneburg@aevwl.de Hans Forst Director, Real Estate Investments +49 (0) h.forst@aevwl.de Jörg Natrop Head of Alternatives & Private Equity +49 (0) j.natrop@aevwl.de Allianz Real Estate Asset Manager Seidlstrasse 24-24a, Munich, 80335, Germany Tel: +49 (0) Fax: +49 (0) immo.info@allianz.de Total Assets (mn): 21,875 EUR RE Allocation (mn): 21,875 EUR (100.0% of AUM) Target Allocation (mn): 46,875 EUR Private Fund (mn): 3,281 EUR (15% of RE Allocation) Direct (mn): 18,594 EUR (85% of RE Allocation) EUR No Sample Investments: AMB Europe Logistics Joint Venture (2011), Aberdeen European Balanced Property Fund (2006), European Hotel Real Estate Fund (2006), Henderson European Outlet Mall Fund (2004) Barmenia Insurance Company Kronprinzenallee 12-18, Wuppertal, 42119, Germany Tel: +49 (0) Fax: +49 (0) wp-handel@barmenia.de Total Assets (mn): 8,800 EUR RE Allocation (mn): 308 EUR (3.5% of AUM) Direct (mn): 206 EUR (67% of RE Allocation) Listed (mn): 102 EUR (33% of RE Allocation) Christoph Keuch Head of Private Equity +49 (0) christoph.keuch@barmenia.de Bayer Pensionskasse Bayer AG, Leverkusen, 51368, Germany Tel: +49 (0) Fax: +49 (0) Total Assets (mn): 7,500 EUR RE Allocation (mn): 623 EUR (8.3% of AUM) Private Sector Pension Fund Frank Friederichs Investment Manager +49 (0) frank.friederichs.ff@bayer-ag.de Katharina Kollie Asset Manager +49 (0) katharina.kollie.kk@bayer-ag.de Bayerische Versorgungskammer Public Pension Fund Denninger Str. 37, Munich, 81925, Germany Tel: +49 (0) Fax: +49 (0) info@versorgungskammer.de Total Assets (mn): 55,000 EUR Next 12 Months: EUR 1000mn RE Allocation (mn): 6,600 EUR (12.0% of AUM) Core Fund (mn): 3,300 EUR (50% of RE Allocation) Direct (mn): 3,300 EUR (50% of RE Allocation) 2011 Preqin Ltd 12

13 13. US - Middle Atlantic - Sample Pages US - Middle Atlantic - LP Profiles Brian Merritt Manager of Pension Investments brian.merritt@alcoa.com Alcatel-Lucent Pension Fund Private Sector Pension Fund 600 Mountain Avenue, Murray Hill, NJ, 07974, US Tel: Total Assets (mn): 32,700 USD Next 12 Months: USD 50-75mn (1-2 ) RE Allocation (mn): 1,733 USD (5.3% of AUM) Target Allocation (mn): 1,962 USD (6.0% of AUM) Private Fund (mn): 399 USD (23% of RE Allocation) Direct (mn): 1,334 USD (77% of RE Allocation) General Consultant: Mercer Investment Consulting No Sample Investments: Beacon Capital Strategic Partners V (2007) Brian Abrams Director, Alternative Investments brian.abrams@alcatel-lucent.com Victor Del Pizzo Senior Manager, Real Estate Investments victor.delpizzo@alcatel-lucent.com Alcoa Corporate Pension Private Sector Pension Fund 201 Isabella Street, Pittsburgh, PA, , US Tel: Fax: Total Assets (mn): 7,300 USD RE Allocation (mn): 365 USD (5.0% of AUM) General Consultant: Russell Investment Group Sample Investments: Blackstone Real Estate Partners International II (2006), LF Strategic Realty Investors (1996) Alfred P. Sloan Foundation Foundation 630 Fifth Avenue, Suite 2550, New York, NY, 10111, US Tel: Fax: Total Assets (mn): 1,700 USD RE Allocation (mn): 68 USD (4.0% of AUM) PERE Fund (mn): 68 USD (100% of RE Allocation) General Consultant: Cambridge Associates Sample Investments: Broadreach Capital Partners (2003), LBA Realty Fund (2003), JMB Group Trust IV (1987), JMB Group Trust III (1984) Joseph Bohrer Investment Director bohrer@sloan.org Jennifer Heller Investment Director heller@sloan.org William Petersen Vice President & CIO petersen@sloan.org Allegheny County Retirement Board Public Pension Fund 542 Forbes Avenue, 3rd Floor, Pittsburgh, PA, 15219, US retirement Tel: Fax: retireweb@county.allegheny.pa.us Total Assets (mn): 723 USD RE Allocation (mn): 36 USD (5.0% of AUM) Target Allocation (mn): 72 USD (10.0% of AUM) Core Fund (mn): 36 USD (100% of RE Allocation) General Consultant: Wilshire Associates Cheryl Bateman Executive Director cbateman@county.allegheny.pa.us David Linberg Consultant, Wilshire Associates dlinberg@wilshire.com 2011 Preqin Ltd 13

14 2011 Preqin Private Real Estate Investor Review alternative assets. intelligent data. Featuring profiles for over 1,500 of the most important investors in private equity real estate funds worldwide, plus over 60 pages of analysis and league tables, the 2011 Preqin Private Real Estate Investor Review is the most comprehensive printed guide to institutional investors in private equity real estate ever produced. The 2011 review represents a vital resource for all those involved in the marketing of private equity real estate funds, investor relations, investment advisors, and those considering launching a new vehicle in 2011/12. LP Profiles include the following key information: Direct contact information for key personnel Key financial information Sample investments Fund preferences by type, geography and experience Plans for investments in 2011/12 Over 60 pages of vital analysis are also provided, including: A detailed look at the investor universe including changing allocations, preferences and plans for the next 12 months Key investors to watch in 2011/12 Individual analysis sections for investors in all major countries and regions worldwide Analysis of the current fundraising environment Full listings for every private equity real estate fund currently in market The 2011 Preqin Private Real Estate Investor Review For more information see I would like to purchase the 2011 Preqin Private Real Estate Investor Review: Single Copy: Shipping $1,345 + $40 Shipping Shipping Additional Copies: Shipping $180 + $20 Shipping Shipping Data Pack: $300 / 175 / 185 Data Pack contains all underlying data for charts and graphs contained in the publication. Only available alongside purchase of the publication. Completed Order Forms: Post (to Preqin): One Grand Central Place, 60 E 42nd Street, Suite 2544 New York NY Equitable House, 47 King William Street, London, EC4R 9AF Asia Square Tower 1 # Marina View Singapore Fax: +44 (0) Payment Details: Cheque enclosed (please make cheque payable to Preqin ) Credit Card Visa Card Number: Name on Card: Expiration Date: Security Code: Shipping costs will not exceed a maximum of 15 / $60 / 37 per order when all shipped to same address. If shipped to multiple addresses then full postage rates apply for additional copies. Amex Please invoice me Mastercard Shipping Details: Name: Firm: Job Title: Address: City: Post/Zip: Country: info@preqin.com Telephone: +44 (0) n Express, four digit code printed on the front of the card. Visa and Mastercard, last three digits printed on the signature strip. Telephone: