"The initial commitment is $250 million, but we all feelconfident that we will have the capacity and the capital to be asfar-reaching as we choose," Angelides tells GlobeSt.com. He saysthat the new venture will have "a fairly broad mandate," bothgeographically and in terms of the types of investments it willmake.

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The venture will be looking at land in regions like the PacificNorthwest, California, the Southwest and the Southeast, focusing on"markets across the US where we see projected job growth andpopulation growth." It will acquire land directly, invest withexisting land owners and "possibly make investments in companiesthat own land," Angelides says.

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The former state treasurer, who ran unsuccessfully forCalifornia governor last year, says that the new JV will be lookingat sites that can accommodate residential and a mix of other uses"in urban regions that are in the path of growth." The residentialcomponent will most likely include single-family and multifamilyuses, and the mixed-use will likely include retail and officecomponents.

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The River Canyon venture will include two Canyon Capitalentities, Canyon Capital Realty Advisors and Canyon CapitalAdvisors, which together have more than $16.5 billion in assetsunder management. The other partners in the venture are both firmsassociated with Angelides.

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One of the other two is Riverview Capital Investments, owned andheaded by Angelides, who formed the firm this year after returningto private life. The other is River West Investments, owned andheaded by Brian Vail, who was a partner with Angelides in thecompany before Angelides exited River West to take stateoffice.

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Angelides comments that the emphasis on smart growth will bepart of the new venture's intent to "do projects that make sensefrom an environmental standpoint." The JV will consider bothentitled and unentitled property, but will consider an unentitledsite "only if it makes sense from a planning perspective," hesays.

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