In this paper, we introduce a new and novel database provided by Burgiss that consists of several hundred Real Estate Private Equity (REPE) funds. The data include fund cash flows paid in by, and distributed to, limited partners (LPs), as well as reported Net Asset Values (NAVs). In particular, we describe the cash flows of 456 U.S.-dollar denominated funds and their performance from 1982 – 2011. We find that on average 90% of committed capital is called in the first four years of fund life and it takes until year 8 of the typical REPE fund for an LP to break even (that is, to receive distributions equal to her paid-in capital). On average, funds in each vintage year until 2004 met or exceeded returns to a similar investment in the S&P 500, but not in more recent vintages. As compared to alternative real estate benchmarks, REPE funds, on average, underperformed the NCREIF Property Index and the FTSE NAREIT U.S. All-Equity REIT Index. Over the entire sample period, only 27 funds have returned more than 2x the capital paid-in by LPs, while more than one-third is valued below the level of paid-in capital at the end of 2011.