Terry Fancher is the founding principal of Stockbridge and head of Stockbridge’s opportunity fund business.  He is responsible for supervising the investment activities of Stockbridge’s three commingled real estate opportunity funds which, together with related co-investment vehicles, have over $2.7 billion in capital commitments, principally from major public pension funds.  Mr. Fancher has 27 years of real estate industry experience.  From 1989 to 2000, he headed the Real Estate Investment Banking Group at PaineWebber and at its predecessor, Kidder, Peabody & Co.  In this capacity, Mr. Fancher supervised initial public offerings, other equity capital raising transactions, mergers, acquisitions and financial advisory assignments exceeding $30 billion for real estate and lodging companies throughout the U.S.  Under Mr. Fancher’s leadership, PaineWebber was one of the nation’s leading underwriters of real estate equity securities, serving as book-running lead manager for more than 60 separate transactions.  In 2000, Mr. Fancher led the effort at PaineWebber to form Stockbridge’s first real estate opportunity fund, formerly known as PaineWebber Real Estate Fund I, L.P. (“Fund I”).  Following UBS’ acquisition of PaineWebber, Mr. Fancher led the spinout of Fund I from UBS, resulting in the formation of Stockbridge in April 2003.  Mr. Fancher graduated from Harvard College with an A.B. in Economics, Harvard Graduate School of Business Administration with an M.B.A., and Harvard Law School with a J.D.  He is a past member of the Board of Governors of NAREIT.