After only a handful of months in market, Dallas-based Lone Star Funds has closed its ninth vehicle on $7.4 billion, according to SEC filings. Filings indicate that funds were raised across a US fund and two Bermuda funds.
Sources familiar with the fund say that the firm did meet its target for Fund IX. The firm held a first close in April, PEI reported at the time.
Lone Star declined to comment on fundraising.
Fund IX was just launched in February, less than a year after the firm closed its eight fund on the $5 billion hard-cap. Limited partners in Fund IX include the Dallas Fire and Police Pension and the Teacher Retirement System of Texas, according to Private Equity International’s Research and Analytics division. The New Mexico Educational Retirement Board is also listed in SEC documents as another investor in the fund.
Lone Star targets distressed investments in loans and securities, including single family residential, corporate and consumer debt products and financially oriented and asset-rich operating companies in the US, Western Europe and Japan.
In July, the firm started looking for buyers for its Meguro Gajoen office park in Tokyo after exclusive talks with Singapore's sovereign wealth fund GIC Pte Ltd unraveled. That deal was believed to be valued at approximately $1.3 billion, according to a Reuters report.