Starwood Capital Group has finalised the fundraising for its latest opportunistic real estate fund, Starwood Distressed Opportunity Fund XIII (SOF XIII), securing capital commitments worth more than $10.2 billion. The global private investment firm announced the final closing on July 1 from Miami, bringing its total assets under management to roughly $130 billion when combined with its other investment vehicles.

The new fund will target global real assets, offering the investment team the flexibility to shift between different geographies, asset classes and positions in the capital stack. Geographically, SOF XIII is set to focus primarily on transactions across the United States and Europe, alongside selective opportunities in the Asia Pacific region. Structurally, the vehicle will focus on a strategic mix of data center, residential, industrial and hospitality assets.

More than 300 investors from approximately 20 countries backed the fundraising effort, including a diverse group of pensions, sovereign wealth funds, wealth managers, foundations, endowments, family offices and high net worth individuals. Starwood Capital Group and related parties also contributed $100 million of their own capital to the fund.

“We are very grateful for our investors’ continued strong support. This is a testament to the strength of our team and the trust our LPs place in us,” said Barry Sternlicht, Chairman and CEO of Starwood Capital. “We are excited about the opportunities we have already sourced for this fund and are proud of our track record of delivering results for our investors through market cycles. With our scale, resources and breadth of talent, we are well-positioned to execute on opportunities in this compelling environment for real estate.”

SOF XIII has already committed more than $3 billion of equity across 20 closed or committed transactions. This initial activity covers significant property investments in industrial, housing and data centers located across the United States, Europe and Asia.

“We could not be more proud of our brand, our strategy and our team’s capabilities, and of the results we have consistently delivered for our investors,” said Jonathan Pollack, President of Starwood Capital. “With a growing team of more than 350 investment professionals and an expanding global footprint, we have the talent, scale and conviction to continue delivering great performance. We are seeing strong tailwinds driven by slowing supply in traditional real estate asset classes and tremendous growth in technology and manufacturing – this is an exciting time to be investing in real estate.”