Jonathan Roth has left Canyon Partners Real Estate LLC after 17 years. Roth, who was the firm’s president, is pursuing other unspecified opportunities, said a person familiar with the company. He spent the last two years integrating the real estate business with Canyon’s overall investment team. Canyon Partners Real Estate is part of Los Angeles-based Canyon Partners, a hedge fund managing $24 billion. The firm declined comment.
Robin Potts and Maria Stamolis took over Roth’s place as co-heads of real estate investments. The two will continue to focus on debt and equity investments, said a person familiar with the company. Potts will continue to be the director of acquisitions, and Stamolis will remain the director of asset management. Over the last two years, the real estate firm has invested $1.5 billion and done over 45 deals.
Roth, a former attorney and partner at Loeb & Loeb, joined Canyon in 1997 and was promoted from principal to president in 2013. He took chairman Bobby Turner’s place, after the former chief executive was “removed,” according to a letter sent to investors. Two other Canyon executives then joined Turner at his new firm, Turner Impact Capital, shortly after he left the company.
Other departing executives have opened their own shops as well: Managing directors Quincy Allen and Neville Rhone left in 2013 to start Los Angeles-based Arc Capital, and managing director David Ridini co-founded Center Court Partners in New York last year.
Canyon invests across all asset classes, according to its website, including its flagship fund series with former NBA star Earvin “Magic” Johnson. The nearly $2 billion Canyon-Johnson Urban Funds held its final close in 2007. Canyon also has partnered with CalPERS to fund emerging managers investing in California commercial real estate. Other investors have included the University of Michigan and multiple New York pension funds.