Lone Star Funds News
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Lone Star Funds, the biggest buyer of delinquent mortgages, is leading the fundraising pack for real estate private equity with a $6 billion target for a pool to buy distressed commercial-property debt and equity.
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Carlyle Group LP, the world’s second-biggest manager of alternative assets, is seeking to raise $4 billion for its seventh real estate fund, said a person with knowledge of the plans.
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The U.S. mortgage bonds that were exported around the globe and triggered the worst financial crisis since the Great Depression are now helping Europe’s banks and governments repair balance sheets after jumping in value.
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John Grayken, founder of Lone Star Funds, has a record of generating more than 20 percent returns over two decades as the world’s biggest buyer of delinquent mortgages. What he doesn’t have is a designated successor.
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Lone Star Funds, the Dallas-based firm that invests in non-performing mortgages and other real estate-related assets, is set to finish raising a $5 billion fund today, a person with knowledge of the situation said.
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Commerzbank AG, Germany’s second- biggest bank, is seeking 2.5 billion euros ($3.25 billion) in the fifth capital increase in four years to repay debt from a government rescue. The shares fell to a record low.
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Credit Suisse Group AG and Texas- based Lone Star Funds will pay 6.7 billion euros ($8.7 billion) for the assets of Royal Park Investments SA, a vehicle set up to manage toxic assets of failed Belgian bank Fortis.
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Oregon’s state pension plan decided against increasing its investment in two real estate funds being raised by Lone Star Funds, the Dallas-based investment firm specializing in distressed mortgages and other property assets.
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Lone Star Funds plans to sell its 51 percent stake in Korea Exchange Bank to Hana Financial Group Inc., the Wall Street Journal reported, citing an unidentified person close to the deal.
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Commerzbank AG, Germany’s second- biggest bank, is in talks to sell its Eurohypo U.K. real estate lending unit to Wells Fargo & Co. and Lone Star Funds, three people with knowledge of the matter said.
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