Funds Get Noticed in Bay Area Finance World

Silicon Valley is at the forefront of the most dynamic US markets (credit: sanjoseca.gov).

SAN JOSE—A variety of fund consolidations, expansions and closings have hit the Bay Area recently, some of which will have an impact on local development or advance technology platforms and others will transfer valuations elsewhere. This roundup of fund announcements provides a glimpse into the latest activity for some of the Bay Area’s most active participants.

Carmel Partners reports the final close of its US multifamily real estate value creation fund, Carmel Partners Investment Fund VI. The fund closed at $1.025 billion, exceeding its target of $1 billion. With the closing of Fund VI, Carmel Partners has successfully raised $4.2 billion since inception of the fund series in 2004. More than 35 existing and new investors participated in Fund VI, including several European investors. Carmel Partners focuses on multifamily investments, including property development and construction in supply-constrained high barrier-to-entry US markets. Fund VI has already made its first investment in Oakland. Carmel will develop a full block-sized site located in the center of the evolving downtown area, convenient to jobs and public transportation.