>From 2010: http://www.carolinajournal.com/exclusives/display_exclusive.html?id=6216
One of North Carolina’s real estate investments that has tanked is a commitment to invest $100 million in Cherokee Investment Partners IV, a fund run by a Raleigh company. The state had invested less than $7 million in the fund by the end of 2008 but had paid out close to $1.5 million in management fees. Cherokee Investment Partners, the parent company of the fund and another company North Carolina has invested in, is the subject of a federal probe in connection with failed golf and housing projects in New Jersey. The New Jersey inspector general issued a report in 2008 finding that a company backed by one of the limited partnerships in North Carolina’s pension fund had mismanaged a project on a landfill site in Bergen County. Thomas Darden, the CEO of Cherokee Investment Partners, contributed $1,000 to Moore in 2004. Darden did not respond to an e-mail seeking comment.
