Lone Star secures $5.7bn for latest distressed debt fund

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texas cattleTexas-based private equity firm Lone Star Funds has reportedly secured $5.7bn for its latest distressed debt vehicle.

Dow Jones reported the news, citing a person with knowledge of the matter, while regulatory filings showed that Lone Star Fund IX has secured just over $5.3bn via two vehicles.

The fund was launched in February this year with a $7bn target.

The new fund is significantly larger than its previous general distressed asset-focused fund, Lone Star Fund VIII, which was closed on $5.1bn last May.

Lone Star’s general distressed vehicles are focused on distressed loans and securities and investments in financially oriented and real estate-rich operating companies.

Last October the firm closed its third real estate fund on $7bn, exceeding its $6bn target.

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