Carmel Partners

Carmel Management III, LLC, operating as Carmel Partners, was established in 2004 and specializes in providing investment advisory services to real estate private equity funds. The firm's principal owner is Carmel Partners Group, LLC, controlled by Ron Zeff, with day-to-day management by senior managers. Carmel Partners focuses on real estate investments primarily within the U.S., employing a value-added strategy focusing on multi-family residential properties in supply-constrained markets. The firm manages approximately $7.5 billion of client assets on a discretionary basis. Clients must be accredited investors and qualified purchasers, with a minimum commitment of $5 million. The firm charges management fees based on the Fund's Partnership Agreement and Management Agreement. Additionally, affiliates of the Adviser receive carried interest from the Funds' profits. The Adviser does not engage in soft dollar arrangements and aims for best execution when selecting broker-dealers. The firm has custody of the Funds' assets and has discretion to recommend investments. The Adviser abstains from voting proxies unless in the Fund's best interest. The firm has no financial commitments impairing its ability to meet its obligations. For more detailed information, refer to the SEC's website at www.adviserinfo.sec.gov.