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Lone Star Said to Increase Real Estate Fund Target by 10%
The $6.6 billion is a hard cap, or maximum that the firm will accept. Jed Repko, a spokesman for Dallas-based Lone Star at public-relations firm Joele Frank, Wilkinson Brimmer Katcher, declined to comment on the fundraising. Lone Stars new fund is the biggest being raised for real estate private equity, according to Preqin, a London-based research firm for alternative assets. Graykens firm has produced returns exceeding 20 percent over two decades and has never had a losing fund, attracting repeat investments from investors, or limited partners, such as pension funds. The fundraising environment for real estate private-equity funds in general remains tough, particularly for first-time managers, said Forena Akthar, manager of real estate at Preqin. LPs are now placing more importance on previous track records than ever before, Akthar said.
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How Real Estate Changed 5 Years After Lehman Bros.
Lehman had been holding on to large positions in subprime mortgage securitizations, and became the last guy left holding the bag online when that market collapsed. The shock waves of this collapse were felt for several years throughout Wall Street. And since then, the real estate market has gone through numerous and profound changes. A New World for Mortgages For three years after Lehman Brothers collapsed, the mortgage market tightened up and made borrowing more difficult. For instance Conventional 30-year mortgages, which had formerly required no down payment, were suddenly requiring as much as 10% down even 20% down on properties in declining markets. Credit score requirements ballooned from 560 to 640, and have only recently pulled back to 620 on owner-occupied property.
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