Our Team

Liz Tennican joined Carmel Partners in 2016 and is a Managing Partner. She is Head of Investor Relations and oversees Research, ESG+R and IT. Ms. Tennican is a member of and Secretary of the Executive Committee and Vice Chair of the Management Committee. She is also a member of the Investment and Portfolio Management Committees.

Prior to Carmel, Ms. Tennican was a Managing Director and Head of Investor Relations and Business Development for Watershed Asset Management, a credit-oriented hedge fund. Previous to Watershed, she spent seven years with Barclays Global Investors, which was acquired and became part of BlackRock. She headed the Institutional Consultant Relations Group and then spent five years as Head of U.S. Institutional Sales for the iShares division where she built the U.S. Marketing Strategy and Sales Team. Prior to that, Ms. Tennican was with a hedge fund where she held various leadership roles including CFO and COO. She spent seven years at Robertson Stephens, where she was in investment banking and institutional sales and helped found its capital markets desk.

Ms. Tennican is a member of the Board of Directors of Four Corners Property Trust, a publicly traded REIT.

Ms. Tennican received both a Bachelor of Arts degree in economics and a Master of Business Administration degree from Stanford University.

Paul Morgan joined Carmel in 2023 as a Senior Vice President, Head of Data Science & Research, and a voting member of the Investment Committee. He leads a department that combines innovative techniques in data science and proprietary research to drive differentiated insights for Carmel’s investment strategy.

Mr. Morgan was previously at Essex Property Trust (ESS) where he spent six years, most recently as a Senior Vice President and Head of Portfolio Strategy & Analytics. At Essex, he built a department responsible for portfolio strategy leveraging advanced predictive analytics, and previously created and led the company’s Data Science division and its Analytics Academy. Paul brings a deep background in real estate research and data analytics and has held senior research roles over two decades on Wall Street including Morgan Stanley where he served as the company’s U.S. Real Estate Strategist. Mr. Morgan began his career conducting economic research at the Federal Reserve Board of Governors in Washington, D.C.

Mr. Morgan holds a Master of Arts in economics from Princeton University, where he was a Research Fellow of the National Science Foundation and the Mellon Foundation.

Grace Kang joined Carmel Partners in 2023 as Head of Investor Relations, Asia. She brings over 15 years of real estate experience covering a wide range of areas that include real estate operations, direct and indirect investments, and investor relations. Ms. Kang will lead Carmel’s efforts in the Asia / Pacific region managing key investor relationships.

Prior to joining Carmel, Ms. Kang was Director, Overseas Management Investment for Mastern Investment Management where she was responsible for underwriting and closing on direct investments in Europe as well as committing Korean investor capital into commingled funds managed by global private equity real estate firms. Before Mastern, she was a Vice President, Asset Management at Vogo Fund Asset Management and structured and acquired direct real estate in Europe and committed capital to funds across real estate strategies. Prior to Vogo, Ms. Kang held asset management positions at Hanwha Asset Management and Ascendas Asset Management as well as other global firms.

Ms. Kang holds a Master of Science in Integrated Facility Management from Georgia Institute of Technology and a Bachelor of Science in architectural engineering from Hanyang University in South Korea.

Gabi Papesh joined Carmel Partners in 2017 and as VP, Investor Relations she brings more than 10 years of experience in the private fund space. Until July of 2023 she was the VP, Compliance working diligently with all departments to ensure Carmel’s compliance program operated at the highest level.

Prior to joining Carmel, Ms. Papesh was a Senior Compliance Consultant at Greyline Partners, a boutique provider of regulatory compliance consulting services representing private fund managers, traditional investment advisers, mutual funds, CTAs and CPOs, and broker-dealers. Before Greyline, she served as the Chief Compliance Officer of a small San Francisco-based hedge fund that also managed SMAs for high-net worth individuals. Prior to the CCO position, Ms. Papesh was a Director at Telsey Advisory Group working as a sell-side equities and options trader.

Ms. Papesh received her Bachelor of Science with an emphasis on corporate finance from San Francisco State University, graduating cum laude, and a Master of Business Administration degree from University of California, Berkeley. While obtaining her MBA she obtained an IGCRE Certificate (Interdisciplinary Graduate Certificate in Real Estate) and participated as a lead presenter in the 2022 University of Texas, Austin Case Competition where her team placed second.

Christine Schadlich joined Carmel Partners in 2018 and as Head of Investor Services & ESG she brings over 28 years of experience in real estate along with extensive investor relations and investment experience at national and international companies.

Prior to Carmel, Ms. Schadlich was a Senior Vice President at Stockbridge Capital Group, where she had hybrid responsibilities including the execution of large transactions and investor relations. Prior to Stockbridge, she was responsible for executing the U.S. investment plan for Alecta Real Estate, a Swedish pension plan, and was one of three executives that sat on the Investment Committee. Ms. Schadlich also spent 12 years with Prologis as a Portfolio Manager and Vice President of Investor Relations.

She received her Bachelor of Arts in political economy from the University of California, Berkeley.