Fundraising - APRIL 15, 2013

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Starwood Capital closes opportunity fund with $4.2 billion

by Sara Kassabian

Greenwich, Conn.–based firm Starwood Capital Group has closed its Starwood Distressed Opportunity Fund IX (SOF IX) with $4.2 billion in commitments from more than 75 global investors. SOF IX launched in July 2011 with a target fundraising goal of between $2 billion and $3 billion.

Institutional investors in the fund include the Teacher Retirement System of Texas, which recently announced a commitment of $200 million to SOF IX.

Starwood has started to deploy its capital, investing nearly $2 billion in 20 investments in the United States and Europe since the end of 2012. SOF IX invests opportunistically across property types globally, including bank loan pools, distressed debt, and retail, office, multifamily and hotel properties.

SOF IX’s predecessor, Starwood Global Opportunity Fund VIII, raised $2.8 billion and is fully invested.

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