Brookfield Strategic Real Estate Partners II Carlyle Realty Partners VII Blue Vista Real Estate Partners IV Crow Holdings Realty Partners VII Location - Headquarters / Team Main: New York Other locations: Toronto, London, Rio de Janeiro, Sydney, Dubai, Honk Kong, Mumbai Main: Washington, D.C. Other locations: New York, Los Angeles, San Francisco Main: Chicago Other locations: Fort Wayne, IN Main: Dallas Ownership Structure Public company; directors and senior management own 20% of common shares Public company; three co-founders, Global Partners, and minority investors own 79% of common shares Peter Stelian (37.5%), Robert Byron (37.5%), Allied World Financial Services (25%) Indirectly through intermediate subsidiaries, select members of management team and various affiliates of Crow Family Holdings Recent / Pending Litigation Nothing material Nothing material Filed suit against two former employees for taking confidential materials from firm; judge ruled in firm's favor (settlement pending) None Key Firm Employees Bruce Flatt, Jeff Blidner, Barry Blattman, Ric Clark, Brian Kingston, Brian Lawson, John Stinebaugh Dan D'Aniello, Bill Conway, David Rubenstein, Rob Stuckey Peter Stelian, Robert Byron, Paul Sorensen, Laurie Smith, Irene Moroko, Dan Reynolds, Jason Schwartz Anne Raymond, Bob McClain, Kevin Bryant, Dan Feeney, Carlos Rainwater, Dodge Carter Dedicated Senior Fund Professionals 13 (67 total fund employees, 28,000 total employees) 11 (80 total fund employees, 1,650 total employees) 23 (23 total fund employees, 37 total employees) 34 (60 total fund employees, 60 total employees) Average Fund Professional Experience 21 years 21 years 15 years 14 years Firmwide AUM as of June 30, 2014 $200B $203B $685M $6.5B Total RE AUM as of June 30, 2014 $109B $13.2B $685M $4.7B Number of Existing Real Estate Funds 17 funds globally 10 funds globally 6 funds 4 funds Fund Target / Closed To Date $7B / First close in April anticipated to be $4-5B $3B / $3B ($4B cap) $400M / $225M $1B / $518M Expected Final Close 2Q/3Q; six-month fee holiday if close by May 29 2Q 3Q 3Q Investment Style Opportunistic Opportunistic Value-Add Value-Add Geographic Focus 50% U.S. / 50% Europe, Asia-Pacific (Australia), and South America (Brazil) Diversified U.S. Diversified U.S. Diversified U.S. Property Type Focus No specific targets; invest where they have specialized knowledge and competitive advantages Diversified, including senior housing, for-sale residential, and development Diversified, including self storage and development Diversified, including convenience & gas, and development Return Target (Net) / Equity Multiple 16% / 1.8x 15-20% / 1.5-2.0x 15% / 1.5x 10-11% / 1.7x Primary Sources of Deal Flow Regional and Sector heads, along with operating platforms Sourcing principals are assigned specific responsibilities in target markets and sectors Large network of sponsors and operating partners nationally Senior management relationships, brokerage community SURS Non-Core Real Estate Search Summary of Direct Fund Finalist Candidates April 2015 Organization / Team Strategy / Process Assets Exhibit 4
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Exhibit 4 - SURS · $4.7B; Number of Existing Real Estate Funds. 17 funds globally; 10 funds globally. 6 funds; 4 funds. Fund Target / Closed To Date; $7B / First close in April anticipated
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Brookfield Strategic Real Estate Partners II Carlyle Realty Partners VII Blue Vista Real Estate Partners IV Crow Holdings Realty Partners VII
Location - Headquarters /
Team
Main: New York
Other locations: Toronto, London, Rio de Janeiro,
Sydney, Dubai, Honk Kong, Mumbai
Main: Washington, D.C.
Other locations: New York, Los Angeles,
San Francisco
Main: Chicago
Other locations: Fort Wayne, INMain: Dallas
Ownership StructurePublic company; directors and senior management
own 20% of common shares
Public company; three co-founders, Global
Partners, and minority investors own 79% of
common shares
Peter Stelian (37.5%), Robert Byron (37.5%), Allied
World Financial Services (25%)
Indirectly through intermediate subsidiaries, select
members of management team and various
affiliates of Crow Family Holdings
Recent / Pending
LitigationNothing material Nothing material
Filed suit against two former employees for taking
confidential materials from firm; judge ruled in
firm's favor (settlement pending)
None
Key Firm EmployeesBruce Flatt, Jeff Blidner, Barry Blattman, Ric Clark,
Brian Kingston, Brian Lawson, John Stinebaugh
Dan D'Aniello, Bill Conway, David Rubenstein, Rob
Stuckey
Peter Stelian, Robert Byron, Paul Sorensen, Laurie
Smith, Irene Moroko, Dan Reynolds, Jason
Schwartz
Anne Raymond, Bob McClain, Kevin Bryant, Dan
Feeney, Carlos Rainwater, Dodge Carter
Dedicated Senior Fund
Professionals
13 (67 total fund employees, 28,000 total
employees)
11 (80 total fund employees, 1,650 total
employees)23 (23 total fund employees, 37 total employees) 34 (60 total fund employees, 60 total employees)
Average Fund
Professional Experience21 years 21 years 15 years 14 years