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Carmel Partners wraps up sixth real estate fund at $1.025 bln

San Francisco-based Carmel Partners, a real estate investment management firm, has closed its sixth multifamily real-estate fund at $1.025 billion, beating its $1 billion target.

Fund VI’s investors, which included European backers, numbered more than 35.

So far, the fund has deployed its first investment in a development project in Oakland, California. No financial terms were disclosed.

In July 2014, the firm closed its oversubscribed fifth fund at a hard cap of $1.025 billion. No data was available on Fund V’s performance.

Since launching its debut fund in 2004, Carmel has raised $4.2 billion, according to the firm.

Debevoise & Plimpton LLP provided legal counsel on Fund VI.

Photo: A home for sale is seen next to a vacant lot in East Palo Alto, California December 16, 2015. Reuters/Stephen Lam