Real Estate Funds and Investment Programs

AIG U.S. Residential Real Estate Partners, L.P. (“U.S. Residential Fund”)
In 2004 AIG Global Real Estate sponsored the U.S. Residential Fund to invest in multifamily residential properties in select U. S. markets. The U.S. Residential Fund is focused on the multifamily residential segment, including, but not limited to, acquisition, renovation/repositioning, and potential conversion of existing multifamily properties, as well as the development of multifamily apartments and for-sale condominium properties. The U.S. Residential Fund had a final close, above target, in August of 2005 with total equity commitments of US $300 million.

AIG Real Estate Opportunity VIII - Mexico L.P. (“Mexico Fund”)
In 2005, AIG Global Real Estate sponsored the Mexico Fund to invest primarily in opportunities in the Mexican industrial and for-sale residential real estate sectors.  The Fund’s industrial strategy targets acquisition, development and build-to-suit investments.  The residential strategy targets residential projects and high-end resort vacation homes. The Mexico Fund, and a related co-investment vehicle, had a final close in June of 2007 with total equity commitments of US $220.9 million.

Prime Property Program (“PPP”)
In 2005 AIG Global Real Estate created a separate account investment program to target core plus real estate in Japan.  The fund closed in 2005 with total equity commitments of JPY 50 billion and was fully invested in less than 12 months.

Prime Property Program II (“PPP II”)
In 2006 AIG Global Real Estate created PPP II as a follow on fund to PPP I. Similar to its predecessor fund, PPP II targets core real estate in Japan and closed with total equity commitments of JPY 50 billion.

AIG Japan Real Estate Y.K. (“Japan Fund”)
In 2002 AIG Global Real Estate sponsored the Japan Fund to capitalize on its view of the improving market opportunity, characterized by a rebounding real estate sector and a favorable interest rate environment.  The Japan Fund is focused on the repositioning of Japanese office buildings and primarily invests in income-producing office properties in Japan.  The Japan Fund had a final close in March 2004 with total equity commitments of approximately JPY 15 billion.  The Japan Fund’s commitment period was terminated in 2005 ahead of schedule, due to full investment during 2004.

AIG Japan Real Estate Value Added II Y.K. (“Japan Fund II”)
In 2005 AIG Global Real Estate sponsored Japan Fund II to capitalize on current opportunities in the improving Japanese real estate market.  Japan Fund II was formed to make value-added real estate investments focusing on income-producing and other properties in the office, residential, and retail sectors in Japan.  Japan Fund II was oversubscribed and had a final close in July 2005 with total equity commitments of JPY 30 billion.  Japan Fund II exceeded its target capital by JPY 10 billion and was fully invested well in advance of its commitment period.

AIG Japan Real Estate V.A. III, Y.K. ("Japan Fund III")
Japan Fund III completed its first and final closing in November 2006, with aggregate capital commitments of approximately JPY52.6 billion.  Japan Fund III intends to focus primarily on value added acquisitions in Japan and may also invest in opportunistic investments in Japan.

AIG Asian Real Estate Partners, L.P. (“Asia Fund”)
In 2001 AIG Global Real Estate sponsored the Asia Fund in response to a strengthening Asian economy and a growing inventory of real estate opportunities in Asia.  The Asia Fund is focused on major Asian markets with high barriers to entry, strong employment growth, and high cost of ownership.  The Asia Fund had a final close in March 2003 with total equity commitments of US $100 million.  The Asia Fund was fully committed in 2005, ahead of the end of the commitment period.

AIG Asian Real Estate Partners II, L.P. (“Asia II”)
A follow-on fund to Asia I, the Asia II Fund completed its final closing in September 2008, with aggregate capital commitments of approximately US $740 million for investments in Asian real estate.  The fund targets opportunistic investments throughout Asia.

AIG Real Estate Opportunity - India, L.P. (“India Fund”)
AIG Global Real Estate sponsored the India Fund in response to India's strong demographics and its position as one of the fastest growing economies in the world. The India Fund is focused on the development of office, retail, industrial, hospitality and residential projects in targeted areas in India.  The India Fund had a final closing in June 2008 with total capital commitments of US $282 million. 

Property Mezzanine Partners (“PMP”)
In 1995 AIG Global Real Estate, a managing general partner of PMP, formed this U.K. limited partnership to take advantage of a unique market need to provide second-level subordinate financing to U.K. commercial and industrial properties. PMP had total equity commitments of GBP 30 million.

AIG French Property Fund, B.V. (“FPF”)
In 1998 AIG Global Real Estate sponsored the FPF in response to several economic indicators that suggested the real estate sector in Paris was poised for a rebound. The FPF used this window of opportunity to provide liquidity to the market by purchasing and/or committing to construct Class A office space in excess of two million square feet. FPF had total equity commitments of EUR 184 million.

AIG European Real Estate Partners, L.P. (“Europe Fund”)
In 2001 AIG Global Real Estate sponsored the Europe Fund in response to several economic indicators suggesting growing demand for institutional-quality real estate in the dynamic European market. The Europe Fund is focused on retail, office, and industrial acquisitions and developments primarily in Western, Eastern, and Central Europe. The Europe Fund had a final close in May 2004 with total equity commitments of EUR 180 million.

AIG European Real Estate Partners II, L.P. ("Europe II") 
A follow-on fund to Europe I, the Europe II Fund completed its final closing in June 2008 with aggregate capital commitments of approximately EUR 211 million for investments in European real estate. The fund targets opportunistic investments in Central and Eastern Europe, with selective exposure to Western European development and value-added deals. 

AIG International Real Estate GmbH & Co. KGaA (“AIRE”)
AIRE was listed on the Frankfurt Stock Exchange on July 8, 2002 following its Initial Public Offering for EUR 104 million, the largest in Germany that year. AIRE's goal is to earn returns for its shareholders by investing in a dynamic, actively managed, and globally diversified real estate portfolio. Through its Deal Sharing Agreement with AIG Global Real Estate, the company has access to deal flow in major real estate markets worldwide. The company was admitted to the German SDAX index in 2003.