A Dallas-based real estate and investment firm has closed a $1 billion fund.
Stonelake Capital Partners announced Tuesday that it closed its eighth real estate fund, Stonelake Opportunity Partners VIII, LP. The fund closed at its hard cap with $1 billion in total equity capital commitments. The firm exceeded its $900 million target, and the latest fund is the largest since Stonelake’s founding in 2007.
The new fund is aimed at acquiring real estate investments across 13 high-growth markets, focusing primarily on warehouses, distribution centers and other logistics developments. Stonelake’s new fund is 20% committed. Over the past year, the firm used $200 million of investor capital to acquire 16 logistics properties totaling 2.3 million square feet.
Investors in the fund include college endowments, hospital systems, foundations, public pension funds and registered investment advisers. Stonelake has raised $2.3 billion over the past five years for its flagship fund series across three opportunity funds, the firm said.
The new fund represents a 34% increase over Stonelake’s prior fund, Stonelake Opportunity Partners VII LP, which closed in 2023 with $746 million in total equity capital commitments.
“The support and continued partnership from our institutional investors demonstrates the confidence they have in Stonelake,” Kenneth E. Aboussie Jr., co-founder and managing partner for Stonelake, said in a statement. “The raise of Stonelake VIII at our $1 billion hard cap is a reflection on our team, the strength of our strategy, and the consistency of our investment returns.”
Goodwin Procter LLP served as Stonelake’s fund formation counsel. The subscription-secured credit facility for Stonelake VIII was co-led by Bank of America and J.P. Morgan. Stonelake’s fundraising efforts were led by its investor coverage team including Ben Harper, Cal Spangler and John Bryant.
Stonelake is also behind a 17-story, more than 180,000-square-foot Class AA office high-rise at 2626 McKinney Ave. Work on the project began earlier this summer. Construction is expected to take 19 months and will include the use of two cranes. The tower will be finished in early 2028, with the first tenants occupying the building near the end of that year, the firm said.
Stonelake was founded in Austin. The firm has offices in Dallas, Houston and Austin.
