Investor Bounces Back After Costing Calif. a Billion
(New York Times) — Victor B. MacFarlane was a winner. Then he was a loser. Now, like many others brought low by the financial crisis, he is intent on being a winner again, though on a much humbler scale. For 18 years, Mr. MacFarlane’s real estate development and asset-management firm in San Francisco invested huge sums for theCalifornia Public Employees’ Retirement System, the nation’s largest pension fund, and other institutional investors. His early dedication to urban real estate produced healthy returns and management fees. With his long friendship with the power broker Willie L. Brown Jr. and onetime partnership with the former basketball star Magic Johnson, Mr. MacFarlane became the most-prominent black financier in San Francisco.