Maryland commits $143m to two real estate funds

The $50 billion Maryland State Retirement and Pension System has committed a total of roughly $143 million to two real estate funds, according to Michael Golden, director of external affairs for the pension system.

The two commitments include $75 million to Carmel Partners Investment Fund VII and €60 million ($68 million) to Tristan European Property Investors Special Opportunities 5.

Carmel Partners Investment Fund VII invests in multifamily development, renovation and debt funds. It is managed by Carmel Partners and is the firm’s largest fund to date after holding its final close last year at $1.28 billion. Carmel is a San Francisco–based real estate investment manager that focuses exclusively on multifamily investments, including development, renovation and debt in relatively supply-constrained, high barrier-to-entry U.S. markets, including the metro areas