Lone Star holds final close for real estate fund

Lone Star Real Estate Fund IV had its first and final close on April 20, confirmed a source close to the fund. The fund, which launched in January 2015, raised $5.5 billion from institutional investors, in addition to capital the fund received from internal investors, for a total of $5.9 billion.

The megafund, managed by Lone Star Funds, will invest in debt and distressed properties and has received investments from the $44.7 billion Teachers’ Retirement System of the State Illinois, the $8.5 billion Rhode Island Employees’ Retirement System, and the $14.6 billion Arkansas Teacher Retir