Lone Star Funds announced Tuesday the closing of its fifth commercial real estate fund, Lone Star Real Estate Fund V, at approximately $5.9 billion, exceeding its $5 billion fundraising target and its $5.5 billion hard cap.
The fund, which launched in January, will target investments in commercial real estate debt and equity products in the Americas, Europe and Asia-Pacific, said a news release from Lone Star Funds.
Predecessor fund Lone Star Real Estate Fund IV closed in April 2015 at approximately $5.8 billion.
Investors in Lone Star Real Estate Fund V include the Oregon Investment Council, Tigard, which runs the $68.1 billion Oregon Public Employees Retirement Fund; the $42.3 billion Illinois Teachers' Retirement System, Springfield; the $12 billion South Dakota Investment Council, Pierre; and the $3.6 billion Houston Firefighters’ Relief & Retirement Fund.
A spokesman declined to comment beyond the release.