US private investment firm Starwood Capital Group has raised billions of dollars for its latest fund.

The company this week announced the successful final closing of its latest opportunistic real estate fund, Starwood Distressed Opportunity Fund XIII (SOF XIII), with capital commitments in excess of $10.2 billion.

The fund will focus on real assets globally, primarily targeting residential, data center, industrial and hospitality assets across the US and Europe.

SOF XIII was supported by more than 300 new and existing investors across approximately 20 countries, including pensions, sovereign wealth funds, foundations, endowments, wealth managers, family offices and high net worth investors. In addition, Starwood Capital Group and related parties committed $100 million to SOF XIII.

“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.”

Starwood Capital has already closed or committed to 20 transactions to date in SOF XIII, committing more than $3bn of equity.

News that Starwood was preparing a new fund first surfaced in August 2023. Previous reports suggest up to 30 percent of the fund could be allocated to data centers.

Starwood is developing a range of data centers in the US market and holds a 50 percent stake in leading European data center operator Echelon Data Centres. The firm has also partnered with cryptominer and data center firm MARA.

Across all its investment vehicles, Starwood’s assets under management now total approximately $130bn.