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Real Estate

Carmel Partners closes realty fund at $1.28 billion

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.