The Alameda County Employees' Retirement Association (ACERA) has agreed to invest $50 million in Starwood Distressed Opportunity Fund XII Global, according to a recent board packet.
The investment will be made on behalf of ACERA’s opportunistic real estate portfolio, pending completion of legal and investment due diligence and successful contract negotiations.
Fund XII will invest primarily in the United States and Europe and is believed to be targeting $7.5 billion in fundraising.
The list of U.S. pension investors backing Starwood’s latest fund includes the South Dakota Investment Council, the Oklahoma Police Pension & Retirement System, the Houston Police Officers Pension System, the Oklahoma Teachers Retirement System, the Teacher Retirement System (TRS) of Texas and the Texas County & District Retirement System.
