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Starwood Surpasses Equity Goal with $6B Fund Raise
Greenwich, CT-based Starwood Capital Group closed on $5.6 billion out of an upper target of $6 billion for Starwood Opportunity Fund XI Global, according to a SEC filing. Starwood has reportedly secured more than $6 billion of approved commitments for the fund.
The vehicle was launched in 2016 and targeted raising between $5 billion and $6 billion. The private alternative investment firm received $2.7 billion last October in an initial closing, and subsequently attracted an additional $681 million by the close of 2016, and collected $3.38 billion as of February.
The fund is expected to hold a final close by early 2018, in what already is Starwood’s largest to date. Investment commitments have included the California State Teachers’ Retirement System ($300 million), the Teachers’ Retirement System of the State of Illinois ($300 million), the Teacher Retirement System of Texas ($200 million) and South Dakota Investment Council ($150 million).
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- ◦Financing
