After just six months formally in market, Dallas-based Lone Star Funds has closed its ninth vehicle on $7.4 billion, according to SEC filings. Those filings indicate the funds were raised across a US vehicle and two registered in Bermuda.
Lone Star met its target for the fund, according to sources close to the process, having held a first close in April. Lone Star declined to comment on fundraising.
Fund IX 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 PDI’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.