For the latest in global real estate fundraising data visit www.perenews.com

1. Private Equity Real Estate Fundraising
2009-2014
Prepared for:
PERE Asia Summit 2015

2. Global Private Real Estate Fundraising
Plateaus While Asia Dips
Source: PERE Research & Analytics
• In 2014, over 220 private real estate funds hit final closes raising a total amount of $116 billion.
$11.1
$5.7 $8.6 $11.9 $16.7 $12.2
$55.8
$52.1
$73.2
$84.9
$101.1
$103.8
0
20
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014
Asia-Pacific focused Others (include global/multi-regional funds)
1.5% globally
27%
Amount Raised ($ billion)

3. Global Private Real Estate Fundraising
Target Achieved?
• Only 15% of 2014 private real estate fund closings were under target, the lowest in last six years.
53%
49%
38%
32%
25%
15%
34%
37%
44%
48%
51%
62%
13% 14%
18% 20% 23% 23%
0%
20%
40%
60%
80%
100%
2009 2010 2011 2012 2013 2014
%ofTotalNumberofFundsClosed
Under Target At Target Above Target
Source: PERE Research & Analytics

4. Asia-Pacific Private Real Estate
Fundraising by Strategy
• Opportunity continued to be the most popular strategy in 2014
• Fundraising for Debt/Mezzanine in rising trend
57%
47%
57%
26%
23%
7%
13%
13%
14%
2%
9%
11%
2%
9%
11%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2012
2013
2014
Opportunity Core/Core Plus Value Added Debt Funds of Funds / Co-investement
Source: PERE Research & Analytics

5. Asia-Pacific Private Real Estate
Fundraising - China vs. Others
• Asia-Pacific private real estate fundraising down by 27%
• China-focused fundraising plunged 73% from 2013 peak.
1.3
2.5
4.6 4.3
8.6
2.3
9.83
3.23
4.04
7.6
8.1
9.93
0
2
4
6
8
10
12
14
16
18
2009 2010 2011 2012 2013 2014
China-focused Other Asia-Pacific (include pan-Asia funds)
Amount Raised ($ billion)
Source: PERE Research & Analytics

6. Country-Focused Private Real Estate
Fundraising - China, India & Japan
1.3
2.5
4.6
4.3
8.6
2.3
2.9
0.3
1.0 1.0
0.7
1.7
1.3 1.3 1.4
2.9 3.0
0.9
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
2009 2010 2011 2012 2013 2014
China India Japan
Source: PERE Research & Analytics
Amount Raised ($ billion)

8. 2014 GLOBAL INVESTOR 30
Full report available on perenews.com
PERE’s ranking of the 30 largest institutional real estate
investors in the world
2014 Rank Institution Name Headquarters Equity Invested in RE ($m) 2013 Rank
1 Abu Dhabi Investment Authority United Arab Emirates $37,178 1
2 Qatar Investment Authority Qatar $35,214 2
3 AXA Group France $32,171 3
4
California Public Employees' Retirement
System
United States $30,610 5
5 Canada Pension Plan Investment Board Canada $29,496 7
6 Stichting Pensioenfonds ABP Netherlands $27,455 6
7
California State Teachers' Retirement
System
United States $26,981 8
8 Caisse de dépôt et placement du Québec Canada $23,324 9
9 GIC Private Limited Singapore $22,050 4
10 Washington State Investment Board United States $19,402 10
Source: PERE Research & Analytics

9. 2014 GLOBAL INVESTOR 30
Full report available on perenews.com
Top 10 Investors in Commingled Real Estate Funds
Source: PERE Research & Analytics
GI30 Rank Institution Name
Equity Committed to
Commingled RE Funds ($m)
Equity Invested in RE ($m)
7 California State Teachers' Retirement System $17,096 $26,981
18
Pennsylvania Public School Employees'
Retirement System
$14,423 $14,859
12 Teacher Retirement System of Texas $14,021 $17,960
11 New York State Common Retirement Fund $13,003 $19,082
26 Pensioenfonds Zorg en Welzijn $11,581 $11,581
30 Oregon Public Employees' Retirement Fund $9,659 $10,300
4 California Public Employees' Retirement System $9,276 $30,610
35 BPF Bouw $8,319 $8,489
24 New York State Teachers' Retirement System $7,156 $11,743
37 New York City Retirement Systems $7,116 $7,971

10. CONTACT US
London
Andrew Adamson
​T: +44 (0)20 7566 5432
E: andrew.a@peimedia.com
New York
John Kral
T: +1 646 545 6297
E: john.k@peimedia.com
Hong Kong
Sundar Ma
T: +852 2153 3141
E: sundar.m@peimedia.com
FOR THE WORLD'S REAL ESTATE MARKETS
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