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Lone Star Launches 11th Global Distressed Investment Fund

Fund XI Sets $6 Billion Fundraising Target
July 11, 2018
Fresh from buying about $15 billion in real estate loans and assets in Spain, Dallas-based Lone Star Funds is launching its 11th distressed asset fund, aiming to raise total capital of $6 billion.

The launch, described in a filing at the Securities & Exchange Commission, comes as Lone Star Funds has raised more than $48 billion to invest in distressed real estate assets globally since the onset of the Great Recession in 2007.

It had completed its most recent fundraisings in 2016, pulling in $5.8 billion for Fund V and $5.5 billion for Fund X.

Those two funds teamed up late last month to purchase 80 percent of the real estate business of CaixaBank in Spain. Lone Star is purchasing a portfolio of assets with a gross value $15 billion and a carrying value of $7.87 billion. The sale price of 80 percent of the company will be 80 percent of the final valuation of the Real Estate Business at the closing date of the transaction.

Lone Star Fund XI is expected to use the investment strategy of its Fund X.

Lone Star Fund X targeted investments in North America, Europe, Asia Pacific and Latin America in financial and other opportunistic investment assets, including single family residential debt and corporate and consumer debt products as well as investments in financially oriented and other operating companies.

Fund V targeted investments solely in commercial real estate debt and equity products globally.

Lone Star officials declined to comment.

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