San Francisco-based investment firm, MacFarlane Partners, has resigned as CalPERS real estate adviser, Bloomberg reports. MacFarlane Partners, on its own initiative, chose to resign as manager of California Urban Investment Partners.
MacFarlane Partners had brokered a $970 million CalPERS’ deal to buy 62 percent of LandSource Communities Development from homebuilder, Lennar, in January 2007. The development filed for Chapter 11 bankruptcy protection in June 2008. The fund’s board altered its asset allocation in June, cutting its real estate holdings to 10 percent of its funds under management from 12 percent.
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