ALTERNATIVES

Carmel Partners closes $1 billion multifamily real estate fund

Carmel Partners closed its latest real estate fund, Carmel Partners Investment Fund VI, at $1.03 billion, exceeding its $1 billion target, confirmed spokeswoman Lisa Baker.

Carmel Partners' sixth fund is a domestic multifamily value fund. Its multifamily investments include property development and construction in U.S. markets in which it is difficult to build new multifamily buildings.

Carmel Partners fifth fund closed with the same amount of capital in 2014.

Investors in the latest fund include the $25.6 billion Texas County & District Retirement System, Austin, and $20.9 billion San Francisco City & County Employees' Retirement System.