Starwood Capital Group Closes $10B Opportunity Fund
It's the firm's largest such fund to date.
Starwood Capital Group has closed its largest opportunistic real estate fund, raising more than $10.2 billion in capital commitments, the company announced Wednesday. The fund is known as Starwood Distressed Opportunity Fund XIII.
With the addition of SOF XIII, Starwood Capital now has approximately $130 billion in assets under management across its investment vehicles.
The fund attracted capital from more than 300 new and existing investors across approximately 20 countries, including pension funds, sovereign wealth funds, foundations, endowments, wealth managers, family offices and high-net-worth investors. Starwood Capital and its affiliates also committed $100 million to the fund.
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This fund will be focusing on global transactions across the residential, data center, industrial and hospitality sectors, with a primary focus on the U.S. and Europe, as well as selective opportunities in the Asia Pacific region. The firm has already deployed $3 billion in equity from the fund across 20 transactions.
The company’s last fund, Starwood Distressed Opportunity Fund XII, closed in 2021 with a total of $10 billion in capital commitments, which was a major increase from Fund XI’s closing of $7.6 billion. Fund XII had deployed $3.5 billion in equity ahead of its closing.
Starwood has remained active across commercial real estate. Last November, the firm sold 1250 S. Capital of Texas Highway, a 286,000-square-foot office property in West Lake Hills, Texas, to a joint venture between AQUILA Commercial and Serpa Partners.
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