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Starwood Capital Global Fund Raises $4.2 Billion

APR 18, 2013 12:15pm ET
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Private investment firm Starwood Capital Group successfully closed its latest global fund, Starwood Distressed Opportunity Fund IX.

The fund reached its cap with $4.2 billion of commitments from more than 75 investors around the world.

Jerome Silvey, executive vice president and chief financial officer of Starwood Capital Group, said that the fund is diversified by product type and geography and includes interests in several bank loan pools, distressed debt, more than 3 million square feet of office, 1 million square feet of retail, 15,000 multifamily units and more than 150 hotel properties.

“We have been actively investing this new fund since the end of last year, and have completed more than 20 investments both here and in Europe in the past months. We have already invested or committed approximately $2 billion of equity capital in the United States and Europe,” Silvey added.

With this new fund now closing, Starwood manages over $23 billion in assets on behalf of clients across six main product lines.

After reducing its acquisitions between 2006 and 2008, the Greenwich, Conn-based firm has since steadily increased its investment activity over the last four years. For example, in January 2012, Starwood Capital Group purchased a $312 million nonperforming commercial loan portfolio from a Southwestern regional bank.

Another transaction took place at the beginning of this year when Starwood agreed to buy LNR Property LLC, the biggest manager of distressed U.S. commercial real estate loans, for $1.05 billion.

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