Shamrock, CalPERS Form Development Partnership

Shamrock Holdings Inc., a Burbank investment vehicle for the family of Roy E. Disney and other investors, has formed a partnership with the California Public Employees Retirement System (CalPERS) to finance residential-land development throughout the state.

Olympic Realty Advisors, a real estate management firm established by Los Angeles-based investment banker Goodtab Corp., is also a partner.

The partnership will have initial capital of $66 million. As California’s housing needs grow, it may borrow to increase the capital level to more than $125 million.

The partnership was formed as part a program CalPERS launched in June 1994 to develop residential lots in California. So far the program has allocated $420 million through seven partnerships. Among the projects it has invested in is the large-scale Ritter Ranch in Palmdale.

The CalPERS-Shamrock-Olympic partnership has yet to identify residential areas for its investment. But it plans to target undeveloped land, where it will finance infrastructure, such as roads and sewers.

Roy E. Disney is a vice chairman of Walt Disney Co. and a nephew of the late Walt Disney.