Capri Capital Partners (CCP) won approval to develop the Baldwin Hills/Crenshaw Plaza last summer. They plan to turn the space into an open air mall anchored by housing, retail and office space. CCP also manages real estate investments for some of the nations top employee retirement associations.
The Illinois Teachers and LA County Employees Retirement Associations (LACERA) were some of CCP’s largest clients. Combined the two entities represent 42% of the $3.7 billion in gross assets CCP managed.
Earlier this year, the Illinois Teachers terminated CCP’s handling of over $1 billion of their real estate holdings.
LACERA followed suit and terminated CCP from handling real estate assets totaling $535 million.
LACERA’s investment staff recommended transferring the four apartment building properties from Capri’s separately managed account to DWS because “Capri’s performance track record for core investments is highly variable, with three of the four assets underperforming and the fourth ‘carrying’ the other three,” Chief Investment Officer Jonathan Grabel said.
CCP’s investments for LACERA will be limited to apartment and mixed-use properties, which is planned at the site of the Baldwin Hills Crenshaw Mall.
Pension funds managed by Terry Francher, of Stockbridge Capital, helped his business partner Stan Kroenke build the NFL stadium in Inglewood. Public money right?
There was a time when “unfunded pension liabilities” was at the forefront of every local municipalities talking points of why cuts needed to be made and fees had to rise.
Is gentrification occurring at top speed, with zero interference from legislators, in order to keep pension funds solvent?