| Brazos Fund, L.P. was formed in March 1995 as a discretionary real estate
investment fund with approximately $250 million in capital commitments. The
investors in Brazos Fund, L.P., included corporate and public pension funds, university
endowments, private family trusts, and Keystone, Inc. (an affiliate of Robert M. Bass).
Brazos Fund, L.P., was fully invested in May 1996, having acquired 3,878 assets in 19
transactions with an aggregate purchase price of approximately $1.27 billion.
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