Lone Star funds raise over £5bn

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Lone Star today raised two funds totalling $10 billion (£5.04 billion), significantly more than its $6.5 billion target, according to insiders.

Some $7.5 billion will be channelled to one of the funds for general investments with the remainder going to a property investment fund.

Texas-based Lone Star's last fund, Fund V, raised $5 billion in September 2004 to target financial and property assets.

Lone Star will spread investments round the world but may start by extending loans for property deals in Japan where it already holds assets such as golf courses and hotels.

Investors with ready funds are preparing for an expected rush of property to be put on the block by developers.

Lone Star is also understood to be branching out into providing mezzanine loans to property buyers who are having trouble sourcing funds.