University of Vermont commits $5m to Starwood fund
The $436 million University of Vermont and State Agricultural College has committed $5 million to Starwood Global Opportunity Fund XI, a real estate fund managed by Starwood Capital Group Global, according to the minutes of the July 27 investment subcommittee meeting. The endowment’s investment subcommittee voted unanimously in favor of the commitment.
The closed-end value-add fund focuses its investments in U.S. and European properties. Starwood is looking to raise $6 billion in equity commitments for the fund. 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. The fund held its first close in July 2014, raising $2 billion.
Starwood’s Fund XI received a $50 million commitment from the South Dakota Inv