SECOND QUARTER 2009

MORE HEADLINES

Real Estate Outlook: Opportunities Amid the Crisis
Deteriorating commercial real estate fundamentals continued to capture headlines...

Private Equity: Venture
Venture capitalists continue to face a challenging environment in the short-term.

Private Equity: Buyout
The difficulties global buyout managers experienced in 2008 continued into the first half of 2009.

Private Equity: Special Sits
Both equity and credit markets rallied considerably, but low quality issuers rallied most.

Private Real Estate
Commercial real estate fundamentals continued to deteriorate in the second quarter of 2009.

Natural Resources: Timber
Timberland investments underperformed the broad equity markets during the second quarter.

Natural Resources: Energy
Crude oil prices rose during the second quarter of 2009.

PRIVATE CAPITAL OVERVIEW

While most private capital data are reported on a one-quarter lag (currently through the first quarter 2009), one cannot to ignore the dramatic stock and credit market recoveries staged in the second quarter. Whether the robust performance will hold is open to debate, but we have pulled back from the abyss and markets are again functioning – albeit at a limited pace.

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