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Real Estate

Starwood Capital raises $7.6 billion for opportunistic real estate fund

Starwood Capital Group closed its latest opportunistic real estate fund, Starwood Global Opportunity Fund XI, at $7.56 billion, according to a news release on Wednesday.

Starwood's latest real estate fund had invested 66% of its capital in 17 transactions, totaling $5 billion of exposure, as of March 30.

The firm's prior opportunistic real estate fund, Starwood Global Opportunity Fund X, closed in March 2015 at $5.6 billion.

Investors in the latest fund include the $209.7 billion Florida State Board of Administration, Tallahassee; $51.3 billion Illinois Teachers' Retirement System, Springfield; $34.2 billion Connecticut Retirement Plans & Trust Funds, Hartford; $29.7 billion Texas County & District Retirement System, Austin; $16.3 billion Hawaii Employees' Retirement System, Honolulu; $16.9 billion Oklahoma Teachers' Retirement System, Oklahoma City; $15.9 billion New Mexico Public Employees Retirement Association, Santa Fe; South Dakota Investment Council, Pierre, which oversees investment management of the $10.8 billion South Dakota Retirement System; the $2.3 billion Houston Municipal Employees Pension System; and the $472 million University of Vermont and State Agricultural College endowment, Burlington.

Starwood manages more than $55 billion in assets.

Tom Johnson, a Starwood spokesman, could not immediately give the fundraising target and hard cap.