Lone Star Funds held a final close of Lone Star Fund XI at $8.2 billion, which surpassed its initial target of $6 billion.
The fund will make investments in distressed companies across multiple sectors, including multifamily residential debt.
LSF XI’s predecessor, Lone Star Fund X, closed at $5.5 billion in November 2016.
Institutional investors in the fund include Chicago Policemen’s Annuity & Benefits Fund, Teachers’ Retirement System of Louisiana, Teacher Retirement System of Texas, Los Angeles Fire & Police Pension System and New York State Teachers’ Retirement System (NYSTRS).