Starwood Capital Group raises $7.6bn

The Miami Beach-headquartered firm holds the largest-ever final close.

Starwood Capital Group held a final close for its Starwood Global Opportunity Fund XI at $7.6 billion, surpassing its original target of $6 billion. The firm began fundraising for Fund XI in May 2016.

Investors of the fund include Illinois Municipal Retirement Fund, Houston Municipal Employees’ Pension System, New Mexico Public Employees Retirement Association, Teachers’ Retirement System of the State of Illinois, University of Vermont, Teacher Retirement System of Texas, South Dakota Investment Council, State Oil Fund of the Republic of AzerbaijanFlorida State Board of Administration, Texas County and District Retirement System, Connecticut Retirement Plans and Trust Funds and Oklahoma Teachers’ Retirement System.

The firm will use the capital to make opportunistic investments in a diverse number of sectors in North America, Western Europe, and Latin America.