<DOCUMENT>
<TYPE>EX-99.21
<SEQUENCE>4
<FILENAME>ex21.txt
<DESCRIPTION>LIST OF SUBSIDIARIES
<TEXT>
                                                                      EXHIBIT 21

                             BELAIR CAPITAL FUND LLC
                                  SUBSIDIARIES


         Name                                      Jurisdiction of Incorporation
         ----                                      -----------------------------
Belair Real Estate Corporation                                Delaware

Argosy Realty Corporation                                     Delaware

Bel Residential Properties Trust                              Maryland

Katahdin Property Trust, LLC                                  Delaware


</TEXT>
</DOCUMENT>