CBRE Global Investors, CBRE Group Inc.’s investment management business, is expected to end a $700 million real estate debt fund following the departure of key executives.
Institutional investors in the CBRE Global Investors Capital Partners debt fund decided they wanted to wind down the fund after its chief investment officer, Jenna Gerstenlauer, and some of other executives left the company, according to reports in the Wall Street Journal and Reuters.
Gerstenlauer, who left in August and has opened her own investment firm in New York, is expected to bid for some of the properties in the portfolio, the reports said.
Los Angeles-based CBRE has not publicly announced the dismantling of the fund, but a spokeswoman said a “keyman” clause restricts the fund from making new investment decisions in the event of the departure of certain top executives.
CBRE Global Investors had about $88 billion in assets under management as of June 30.
CBRE shares on Tuesday closed up 48 cents, or 2 percent, to $23.61 on the New York Stock Exchange.