LeBlanc, Stacy form CapRidge Partners

Steve LeBlanc, the former senior managing director of private markets at the $110 billion Teacher Retirement System of Texas, and a Texas real estate entrepreneur have formed a company to invest in office properties across the state.

Steve LeBlanc, one of the best-known real estate investors in the US, and Tom Stacy, a Texas property entrepreneur, have formed their own company, CapRidge Partners. The Austin-based firm has been launched to invest in the value office sector throughout Texas, including the key markets of Austin, Dallas, Houston and San Antonio.

LeBlanc, former senior managing director of private markets for Teacher Retirement System (TRS) of Texas, and Stacy of T. Stacy & Associates said their new enterprise would concentrate on value-added office investments, which includes refurbishing and otherwise improving assets.
“The timing for this partnership is perfect given the opportunity for growth and investment in the major markets in Texas,” Stacy said. “Steve and I have proven, long-term track records. This partnership will take what we have been doing independently for the past several years, combine it and expand it.”

CapRidge Partners has secured an initial institutional commitment of $30 million of equity with a major, public institutional investor, the identity of which could not be determined. It also has agreed to its first investment, which currently is under contract and expected to close within the next 45 days. “CapRidge Partners will continue to aggressively pursue further acquisition opportunities throughout the state,” the statement added.

LeBlanc said: “This partnership is the marriage of disciplined investment experience, operational excellence and exceptional customer service, along with a track record of success and respect from institutional investors. I am excited about this partnership with Tom.”

While at TRS, LeBlanc led a team responsible for managing the pension plan's more than $45 billion real estate and private equity portfolio. His team made 116 investments and commitments totaling nearly $30 billion in equity around the globe between 2008 and 2012. LeBlanc left earlier this year, saying at the time he would pursue his own investing activities.