CBRE winding down Capital Partners debt fund - source

Reuters

Sept 30 (Reuters) - CBRE Global Investors, the investmentmanagement business of CBRE Group Inc, will wind down a$700 million real estate debt fund following the departure ofcertain key executives, a source familiar with the matter toldReuters.

Jenna Gerstenlauer, who served as chief investment officerof the CBRE Global Investors Capital Partners debt fund, leftthe firm in early August to form a competing enterprise, saidPam Barnett, a spokeswoman for CBRE Global Investors.

Capital Partners President Frank Scavone has also announcedplans to leave at the end of the year, she said.

The Wall Street Journal, citing people familiar with thematter, reported that Gerstenlauer and others in her team hadbecome disgruntled over compensation.

Barnett declined to discuss the details of the Journalstory. ()

"These departures triggered a 'keyman' event in thepartnership agreement," she said.

The company has not announced the winding down of the fund.But a 'keyman' clause prohibits a fund from making any newinvestment decisions if certain top executives leave.

CBRE Global Investors had about $88 billion in assets undermanagement as of June 30.

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