Carmel Partners has closed its sixth real estate-focused investment fund, called Carmel Partners Investment Fund VI. The fund attracted 35 existing and new investors, including several from Europe, and it is valued at $1.025 fund.
“We are pleased to announce the successful closing of Fund VI, which we believe confirms our investors’ confidence in the Carmel value creation strategy,” says Carmel CEO Ron Zeff. Fund VI has made its first investment in Oakland, California.
San Francisco-based Carmel invests in U.S. multifamily development and construction properties. The firm has bought $10 billion worth of apartment of units since it was founded in 1996. Carmel has offices in New York, Los Angeles, Seattle, Denver and Washington, D.C.
In other real estate related deals, GI Partners bought data center Komo Plaza; SunBridge Capital Management LLC has bought a stake in commercial property investment company Peaceable Street Capital; and Verizon Communications Inc. (NYSE: VZ) agreed to sell its data centers business to Equinix Inc. (Nasdaq: EQIX).
Private equity firms had an eventful year of fundraising in 2016. Recent fund raises include: Kainos Capital’s raising a $895 million credit fund; Jaguar Growth Partners’ $350 million fundraise for the firm’s first real estate fund; the Carlyle’s Group LP (Nasdaq: CG) $2.8 billion credit fund for energy deals; and Carousel Capital’s $400 million buyout fund.