[masadaman]

The real estate advisor to the deal was Victor Macfarlane. IIRC, he is a former employee and/or Calpers Board Member. “Advisor” is a euphemism for gatekeeper which is how Calpers has operated for decades until recently. If you took care of the gatekeeper in any number of ways, often just for advice, you got to Calpers and got your money. Macfarlane made millions off of such deals and if you Google him, you'll get the picture, bro.

[fifedom]

Wow, you're right. I did not realize how this deal stinks to high heaven.

Here is a 2006 Washington Business Journal story about MacFarlane.

http://www.bizjournals.com/washington/stories/2006/12/25/story12.html MacFarlane Partners took off in 1995 when MacFarlane pressed his longtime client, the California Public Employees Retirement System (Calpers) to invest $50 million in South Central Los Angeles, ... The institutional investor (CALPERS) was under pressure to rebuild sections of the city

Under pressure from whom, inquiring minds ask? This is community banking, Fannie Mae and Freddie Mac all over again.