The $5.6 billion Houston Police Officers Pension System has committed $35 million to Starwood Distressed Opportunity Fund XII Global, an opportunistic real estate fund managed by Starwood Capital Group.
In 2013, Starwood Distressed Opportunity Fund IX, a similar fund managed by Starwood Capital Group that focused on distressed debt (loan-to-own), value-add income assets (inflation hedge), corporate transactions and land/development opportunities, closed with $4.2 billion in capital commitments.
The latest vehicle, Fund XII, will invest primarily in the United States and Europe and is believed to be targeting $7.5 billion.
Houston Police joins Oklahoma Teachers Retirement System, the Teacher Retirement System of Texas, and the Texas County & District Retirement System as investors in the fund. The Houston retirement system could not be reached to comment on the investment at the time of publication.
