Carmel Partners has raised $1.28bn (€1.12bn) for its seventh US multifamily property value creation fund.
The manager said Carmel Partners Investment Fund 7, which had its first close in August 2018, achieved its hard cap and was oversubscribed at its final close in December 2018.
The amount raised is Carmel’s largest fund to date. The previous Carmel Partners Investment Fund VI fund was closed in January 2017 with $1.03bn of capital.
Carmel said more than 40 existing and new investors participated in Fund 7, including investors from Asia and Europe as well as the US.
As previously reported, Texas County & District Retirement System and San Francisco Employees’ Retirement System (SFERS) committed to Fund 7.
Ron Zeff, the founder and CEO of Carmel Partners, said: “We greatly appreciate the support of our investors as we announce the successful closing of Fund 7.
“Through our vertically integrated platform, we will continue to pursue a multifamily value-creation strategy in our target markets.”