9AT: DIVCO WEST REAL ESTATE SERVICES, LLC

other names

DIVCO WEST REAL ESTATE SERVICES, LLC
DIVCO MW CO-INVEST GP, LLC (RELYING ADVISER)
MARKET STREET CAPITAL ADVISORS, LLC (RELYING ADVISER)
DWF IV BUCKINGHAM ADVISOR, LLC (RELYING ADVISOR)
DIVCOWEST FUND V ADVISOR, LLC (RELYING ADVISER)
DIVCOWEST FUND IV ADVISORS, LLC (RELYING ADVISER)
DIVCOWEST FUND III ADVISORS, LLC (RELYING ADVISOR)
DIVCOWEST FUND III ADVISORS, LLC (RELYING ADVISER)
DIVCORE SUBORDINATE DEBT CLUB I ADVISORS, LLC (RELYING ADVISOR)
DIVCO NORTHPOINT GP, LLC (RELYING ADVISER)
DIVCO MW GP, LLC (RELYING ADVISER)

Adviser Profile

As of Date	03/31/2026
Registration	SEC, Approved, 03/23/2012
ADV Location	SAN FRANCISCO, CA, United States
Contact Info	415 xxxxxxx
Websites

AUM^*	16,300,107,425 6%
of that, discretionary	7,119,386,000 -4%
Private Fund GAV^*	15,152,577,425 3%
Avg Account Size	465,717,355 -15%
SMA’s	No
Private Funds	32 6

Adviser Type

- Large advisory firm

Number of Employees 215 16%

of those in investment advisory functions 67 10%

Client Types

- Pooled investment vehicles
- State or municipal government entities

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

SEC Fund Type	Count	GAV
Fund TypeReal Estate Fund	Count31	GAV$15,152,577,425
Fund TypeOther Private Fund	Count1	GAV$

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser STEPSTONE GROUP REAL ESTATE LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund6.8b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV6.8b	AUM16.4b	#Funds79
Adviser INVESCO REAL ESTATE MANAGEMENT S.� R.L.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM13.5b	#Funds-
Adviser REALTERM	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund9.6b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund630.0m	Total Private Fund GAV10.2b	AUM10.9b	#Funds20
Adviser FRANKLIN TEMPLETON INSTITUTIONAL, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund340.2m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV340.2m	AUM29.6b	#Funds8
Adviser INVESCO	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund624.5m	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV624.5m	AUM19.9b	#Funds2
Adviser WALTON STREET CAPITAL, L.L.C.	Hedge Fund-	Liquidity Fund21.3m	Private Equity Fund-	Real Estate Fund9.7b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV9.8b	AUM9.8b	#Funds57
Adviser STOCKBRIDGE CAPITAL GROUP, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund6.3b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV6.3b	AUM21.5b	#Funds10
Adviser TISHMAN SPEYER PROPERTIES, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund9.1b	Securitized Asset Fund-	Venture Capital Fund230.4m	Other Fund-	Total Private Fund GAV9.6b	AUM15.4b	#Funds80
Adviser PCCP, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund101.6m	Real Estate Fund13.5b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV13.6b	AUM20.1b	#Funds51
Adviser BGO US REAL ESTATE LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund16.5b	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV16.5b	AUM24.1b	#Funds118

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker101121101	Stock NameBXP INC	$ Position$45,922,839	% Position49.00%	$ Change	# Change
Stck Ticker49427F108	Stock NameKILROY RLTY CORP	$ Position$38,154,434	% Position41.00%	$ Change	# Change
Stck Ticker105368203	Stock NameBRANDYWINE RLTY TR	$ Position$7,141,134	% Position8.00%	$ Change	# Change
Stck Ticker444097406	Stock NameHUDSON PAC PPTYS INC	$ Position$2,071,747	% Position2.00%	$ Change	# Change

Brochure Summary

Overview

Overview of Adviser Divco West Real Estate Services, LLC was founded by Stuart Shiff in 2006 and is a vertically integrated operating company, which, together with its affiliates, provides investment advisory, property management, construction management, development management and leasing services to its Clients (as defined herein). The Adviser has investment advisory offices in San Francisco, California, Los Angeles, California, Menlo Park, California, Cambridge, Massachusetts, Washington, D.C., Austin, Texas and New York, New York, and is comprised of a dedicated group of professionals with extensive experience in sourcing, structuring, acquiring, developing, redeveloping, managing, leasing and selling primarily commercial real estate and other real estate-related assets. The Adviser is principally owned indirectly by DivCore Capital, LLC. The Adviser is led and controlled solely by Stuart Shiff. The Adviser is an investment adviser registered with and regulated by the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Adviser provides investment advisory services to pooled private real estate investment vehicles and certain co-investment and parallel investment vehicles (each a “Fund” and collectively, the “Funds”). The Funds are typically structured as limited partnerships that are exempt from registration as investment companies under U.S. law by virtue of Section 3(c)(1), Section 3(c)(5) and/or Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “Investment Company Act”) and whose securities are not registered under the Securities Act of 1933, as amended (the “Securities Act”). In addition to the Funds, the Adviser also provides investment advisory services to joint ventures, separately managed accounts and other institutional clients (“Managed Accounts,” and together with the Funds, the “Clients”), which are typically structured as limited liability companies. In certain cases, some of the investment vehicles used to facilitate Client investments may have corporate or other structures. The general partners, directors and/or managing members of the Clients (collectively, the “General Partners”) are affiliates of the Adviser. For purposes of this Brochure, the “Adviser” means Divco West Real Estate Services, LLC, a Delaware limited liability company, together (where the context permits) with its affiliated General Partners of the Clients and other affiliates that provide advisory services to and/or receive advisory fees from the Clients. Such affiliates may or may not be under common control with the Adviser, but possess a substantial identity of personnel and/or equity owners with the

Adviser. These affiliates may be formed for regulatory or other purposes in connection with the organization of the Clients, or may serve as General Partners of the Clients. Types of Advisory Services The Clients primarily hold real estate and real estate-related assets, including securities of operating companies that the Adviser determines at the time of the original investment are related to and/or have an application with respect to real estate or real estate-related assets. The Adviser provides its investment advice pursuant to, and subject to the strategies and restrictions (if any) set forth in the applicable Client’s offering memorandum, as supplemented from time to time, organizational documents and subscription agreements, as the case may be, advisory agreements with the applicable Client and/or any side letter agreements negotiated with investors in the applicable Client (collectively, a Client’s “Organizational Documents”). With respect to the Funds, the Adviser or its affiliate provides investment advice directly to the Funds under its management (subject to the direction and control of the General Partner), and not individually to the investors in each Fund. With respect to Managed Accounts, the Adviser provides investment advice to institutional clients through its Managed Accounts. The Adviser may add to, change or otherwise modify its investment strategies at any time in its sole discretion, provided, that any such modification or changes fall within the parameters of a Client’s Organizational Documents. The Adviser tailors the investment advisory services provided to each Client based on such Client’s investment objectives, as set out in such Client’s Organizational Documents. The terms of the Organizational Documents may differ from Client to Client and investors within such Clients may impose restrictions on certain types of investments by a Client for tax, regulatory, or other reasons. Specific details relating to the advisory and management services provided to the Clients, including details relating to fees, liquidity rights and risks, amongst others, are fully disclosed in each Client’s Organizational Documents. Current and prospective investors should refer to the applicable Organizational Documents for complete information on the investment objectives, investment restrictions and risks of a particular Client. The Adviser neither offers nor participates in any wrap fee programs. Assets Under Management As of December 31, 2023, the Adviser has regulatory assets under management of $15,328,320,000, of which $7,379,879,000 is managed on a discretionary basis and $7,948,441,000 is managed on a non-discretionary basis.

DIVCO WEST REAL ESTATE SERVICES, LLC

Adviser Profile

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