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Partners

The Real Estate portfolio has three investment structures: operating companies, commingled funds, and traditional advisors.
Operating Companies
Invest in regional or local real estate companies, as opposed to hiring a firm on a fee basis to manage properties on WSIB behalf.
Principal Enterprise Capital (PEC) PacTrust
Hometown America Washington Holdings
Corporate Properties of the Americas (CPA)    
Commingled Funds
Closed-ended, discretionary funds that invite the inclusion of many investors.
Cherokee MCPI (Colonnade)
Lone Star ING
MSREF International JER
Hearthstone    
Traditional Advisors
Investment managers paid a fee to buy properties for various clients, but who have minimal or no co-investment.
TA Associates Realty (Olympia Properties) Hancock Timber-ForesTree
Lowe NW Euroinvest (PRICOA)
Hawthorne/Campbell Timber    

June 30, 2004
Largest Managers
Hometown America 17.6%
Hudson Advisors (Lone Star) 14.6%
Principal Enterprise Capital (PEC) 13.5%
Pacific Realty Associates, L.P. (PacSIB, PacTrust) 8.1%
TA Associates Realty (Olympia) 6.9%
Representation in the Real Estate portfolio 60.7%

   
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