Caruso and TPG Capital form JV for acquisitions

Los Angeles 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 in opportunistic investments in retail centers and mixed-use properties in select markets 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-TPG Partners said it will target underperforming retail and mixed-use properties in mature markets for acquisitions opportunities.