Carmel Partners has closed its latest U.S. multifamily real estate fund, Carmel Partners Investment Fund VII, at its $1.28 billion hard cap, according to a news release.
The fund had a $1 billion fundraising target, said sources with knowledge of the situation. The latest fund is 25% larger than its predecessor fund, the $1.025 Carmel Partners Investment Fund VI that closed in 2017.
The fund will invest in multifamily development, renovation and debt.
Investors in the fund include the $30 billion Texas County & District Retirement System, Austin, and $821 million Merced County (Calif.) Employees' Retirement Association.