Retail Fund I

In June 2015 Crow Holdings Retail Fund, L.P., ("Retail Fund I") closed with $295.0 million in commitments. As of September 30, 2016, Retail Fund I has invested in 72 transactions with gross investments totaling approximately $149 million (including co-investments). These investments are spread across 28 different markets. Retail Fund I is 0% realized as of September 30, 2016.

Retail Fund I Geographic Diversification

- As of September 30, 2016 -