Williams Pacific Ventures II (WPV II ) is a real estate investment fund to provide equity and mezzanine financing for mid-size real estate developers undertaking urban real estate projects. The Fund will provide seed capital and preconstruction equity, and mezzanine or participating debt for urban real estate development projects of up to $50 -75 million in cost including leverage. The Fund will invest in 15 to 20 projects over a three-year period to be implemented by 8 - 10 developers in 3 regional market areas, consisting of residential, commercial, and mixed-use development. WPV II will target returns of 16% to 18%, net of management fees, to investors. The Fund is seeking $200 Million in capital commitments, with a first closing at the end of the second quarter of 2002. The principal market areas will be California, the Midwest, and the Eastern Corridor. Project investments will range from $5 to $15 million.