CalPERS wants to sell a minority stake in its $900 million core retail mall program to manager Miller Capital Advisory, to better align Miller’s interests with those of the $134 billion pension fund. In similar deals with the California Public Employees’ Retirement System, other real estate managers have taken a roughly 10% stake. The portfolio includes interests in top malls across the country, including the Houston Galleria, the Century City Shopping Center in Los Angeles and Oakbrook Center in Oak Brook, Ill.
CalPERS is also negotiating a $200 million investment in a European corporate governance fund being established by Knight Vinke Asset Management, a new firm being formed by Eric Knight and his team from Sterling Investment Group, and French banker Edouard Stern of IRR Capital. A summary of CalPERS’ Dec. 16 closed session also said the pension fund is seeking to take an equity stake in the firm. CalPERS officials declined to provide additional information.
