Carmel Partners has held a final close of its fifth US multifamily value creation fund, Carmel Partners Investment Fund V, at its hard cap of USD1.025 billion.
With the closing of Fund V less than nine months after launch, Carmel Partners has raised USD3.160 billion since inception of the fund series in 2003 of which more than half, or USD1.845 billion, has been raised post-global financial crisis through Funds IV and V.
More than two-thirds of Carmel's investors participate in multiple funds. The capital raised for Fund V represents over 50 equity commitments from a mix of existing and strategically-targeted new investors.
Ron Zeff, founder and CEO of Carmel, says: “Consistent with our prior funds, Fund V will seek the best risk-adjusted opportunities across multifamily renovation, development and debt investments in relatively supply-constrained, high barrier-to-entry markets in the US. In the current market cycle, we are continuing to see more development opportunities where we believe our vertical integration enables us to mitigate the risks in execution and construction. Therefore, similar to Fund IV, we expect Fund V to have a high percentage of investments in ground-up development.”