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• RETAIL PARTNERS: Caruso Capital Partners LLC, an arm of lifestyle shopping center specialist Caruso Affiliated, and TPG Capital have formed a venture to target underperforming mixed-use and retail properties for investment. The new entity, Caruso-TPG Partners, plans to put up to $750 million into opportunistic investments in select mature markets in the western U.S. Rick Caruso, president and chief executive officer of Caruso Affiliated, will be ceo of Caruso-TPG Partners, and Stephen Rader, president of Caruso Capital, will be president. TPG owns Neiman Marcus Inc. with Warburg Pincus LLC and has about $48 billion of assets under management. Caruso Affiliated is the Los Angeles-based shopping center development company known for creating The Grove and The Americana at Brand.
