Caruso Teams with TPG Capital

TPG Capital and Caruso Capital Partners LLC, an affiliate of Caruso Affiliated, have formed a joint venture to invest up to $750 million of debt and equity into retail centers and mixed-use properties in the western United States. Rick Caruso, president and CEO of Caruso Affiliated, will serve as CEO and Stephen Rader, president of Caruso Capital, will serve as president of the newly formed entity, Caruso-TPG Partners. Caruso and TPG will have equal representation on the company’s board of directors. Caruso Affiliated developed mixed use landmarks such as Americana at Brand in Glendale and The Grove in Los Angeles. The existing Caruso portfolio of retail centers will remain privately held by Caruso. Caruso-TPG Partners plan to target underperforming retail and mixed-use properties in mature markets in the western U.S. In addition, TPG’s portfolio encompasses thousands of retail locations, such as Neiman Marcus anchor sites.