Lone Star Halves Size Of Next Real Estate Fund As The Best Deals Dry Up
February 4, 2019

Lone Star Halves Size Of Next Real Estate Fund As The Best Deals Dry Up

Lone Star has been one of the savviest investors of the post-Lehman era, snapping up distressed assets and listed companies across the globe and making big profits for its investors. But now it is betting that real estate has reached a point in the cycle where the most profitable deals are gone, and risk is starting to outweigh reward.

In late December the Dallas-based company filed a regulatory notice indicating it was launching its latest global fund, Lone Star Real Estate VI. The filing said the fund's target would be $3B of equity. That is about half the amount raised for its last fund, which closed in May 2016 with $5.9B of equity.

Lone Star is bucking the trend of its big private equity peers, where the fashion is for ever larger funds even at what is regarded as the tail end of the cycle. Blackstone is reported to be about to raise…

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