Carmel Closes 4th Real Estate Fund With $820M In Assets

Law360, New York (October 2, 2012, 6:19 PM EDT) -- California real estate private equity firm Carmel Partners Inc. has closed its fourth real estate fund with $820 million in capital under management, well in excess of its $700 million fundraising target, Carmel said Monday.

The firm said it closed the fund, known as Carmel Partners Investment Fund IV, after reaching an $820 million hard cap. The fund will follow Carmel's overall investment strategy of value-added investing in multifamily properties in the U.S. The closing exceeded Carmel's fundraising target by 17.1 percent.

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