More than a year after losing his bid to be Californias governor, former State Treasurer Phil Angelides has found a home in the private sector. Last month he joined Canyon Capital Realty Advisors as a principal and the chairman of a new fund that is a partnership with former basketball star Earvin (Magic) Johnson. The $2 billion Canyon-Johnson Urban Communities Fund will buy and upgrade more than 10,000 apartment units in inner-city neighborhoods across the nation. We want to have quality rental housing for working families teachers, firemen, police and green these properties by using sustainable materials and practices and improving energy efficiency, says Angelides, 54. As state treasurer from 1999 to 2007, Angelides was a trustee of the California Public Employees Retirement System and the California State Teachers Retirement System and promoted inner-city and environmental technology investments. Both plans invested in Canyon funds, says Canyon Capital managing partner Bobby Turner. In the 1980s, Angelidess real estate firm, River West Developments, built a community near Sacramento based on the principles of New Urbanism, which stresses walkable neighborhoods of mixed-income residents. This is a big leap for me, says Angelides.