Starwood Capital Group held a final close on its 11th opportunistic real estate fund at $7.56 billion, the largest capital raise in the Connecticut-based firm’s history.
Backed by an international roster of over 100 LPs, Starwood Global Opportunity Fund XI (SOF XI) will continue to target real estate assets “with stable and growing cash yields in the U.S. and Europe,” according to the firm’s press release. Starwood has already closed 17 transactions through Fund XI, amounting to over $5 billion in invested capital.
Commitments made in the fund include $100 million from the New York State Teachers’ Retirement System (NYSTRS), $75 million each from the Florida State Board of Administration and the New Mexico Public Employees Retirement Association (NMPERA), and $60 million from the Oklahoma Teachers’ Retirement System, among others.
Starwood’s previous opportunistic vehicle, Starwood Global Opportunity Fund X, raised $5.6 billion in 2015.