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Investors - NOVEMBER 17, 2017

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HIERS commits $50m to Starwood opportunity fund

by Jody Barhanovich

The Employees’ Retirement System of the State of Hawaii has committed up to $50 million to Starwood Global Opportunity Fund XI, according to Vijoy Paul Chattergy, CIO of the pension fund. The approval of the commitment is subject to final business and legal due diligence by ERS staff and legal counsel, including negotiation of a side letter acceptable to the ERS.

The closed-end opportunistic fund managed by Starwood Capital Group invests in U.S. and European properties and has a $6 billion equity fundraising target.

The fund has received commitments from a number of institutional investors, including Texas County & District Retirement System, University of Vermont and South Dakota Investment Council.

The fund’s predecessor, Starwood Global Opportunity Fund X, held its final close of $5.6 billion in March 2015, exceeding its $5 billion fundraising target.

HIERS has a target allocation to real estate of 7 percent.

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