Starwood Capital Group Management, L.L.C. (“SCGM”), in business since 1993 (as a successor
to Starwood Capital Group I, L.P.), provides investment advisory services primarily to real estate
investment vehicles and related entities (e.g., real estate investment trusts (“REITs”)). The
investment funds that SCGM advises through various affiliated general partners, member
managers and other managers (each referred to herein hereafter as a “Starwood affiliate”) invest
in general partnerships, limited partnerships, or limited liability companies that, in turn, hold real
estate-related assets or, to a limited extent, energy assets, as described below in greater detail. In
this Brochure, “investment funds” is used to designate the private real estate and other types of
investment vehicles advised by SCGM or a Starwood affiliate unless otherwise noted. Investment
funds principally focused on public securities investing may be referred to as pubic securities
investment funds.
SCGM is registered pursuant the U.S. Investment Advisers Act of 1940, as amended (“Advisers
Act”), with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser [SEC
File No.: 801-56403], and, because it has its principal place of business in Miami Beach, FL and
a local office in the State of Connecticut where some books and records are maintained, it makes
annual notice filings with the State of Florida and the State of Connecticut.
Barry S. Sternlicht is the Chairman and CEO of SCGM and is its ultimate controlling owner.
SCGM is part of Starwood Capital Group (“Starwood”). Starwood is a privately held private equity
firm founded by Mr. Sternlicht in 1991 that primarily specializes in real estate and real estate-
related investments.
Pursuant to an Investment Advisory Agreement with SPT Management, L.L.C. (“SPT
Management”), SCGM also advises, through SPT Management, Starwood Property Trust, Inc.
(“Starwood Property Trust”), a publicly traded finance company structured as a REIT, with respect
to the management of Starwood Property Trust’s investment portfolio. For Starwood Property
Trust, SCGM primarily advises with respect to certain types of investments in real estate interests,
including public and private mortgage debt instruments, triple-net leases, REIT equity securities,
and the equity or debt securities of public real estate companies. SCGM also provides advice
concerning real estate assets that do not involve securities.
Pursuant to an Investment Advisory Agreement with Starwood REIT Advisors, L.L.C. (“Starwood
REIT Advisors”), a relying adviser, Starwood REIT Advisors advises Starwood Real Estate
Income Trust, Inc. (“SREIT”), a public reporting, non-listed real estate investment trust formed to
invest primarily in
stabilized, income-oriented commercial real estate and debt secured by
commercial real estate. SREIT seeks to invest in properties, and debt secured by properties, located
in the United States but may also be diversified on a global basis through investments in properties
and debt secured by properties, outside of the United States, with a focus on Europe. To a lesser
extent, SREIT also invests in real estate-related securities to provide a source of liquidity for its
share repurchase plan, cash management and other purposes.
SCGM provides advisory services to its affiliate, Starwood European Finance Partners Limited,
which, in turn, serves as the management company to Starwood European Real Estate Finance
Limited (“Starwood Europe”). Starwood Europe is a publicly-traded vehicle in the United
Kingdom that is offered to certain institutional investors in the United States pursuant to private
placements under Regulation D of the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder (“Securities Act”) and operated in the U.S. pursuant to an
exemption from registration under the Investment Company Act of 1940, as amended, and the
rules and regulations promulgated thereunder (the “1940 Act”). There is no public market for
shares of Starwood Europe in the United States. Starwood Europe focuses on making real estate
debt investments (including debt instruments) in the United Kingdom and Continental Europe.
On a more limited basis, SCGM provides advisory services to certain private funds that invest in
non-real estate opportunities, such as investments in energy assets, including oil and gas
investments. SCGM provides investment advisory services to such funds via investment advisory
agreements.
As of December 31, 2022, SCGM managed $71,329,946,037 of regulatory assets under
management, as calculated for and reported in Item 5F of Part 1A of Form ADV, on a discretionary
basis. For purposes of calculating Regulatory Assets Under Management in Item 5F, Starwood
Capital Group Management, L.L.C. does not include CMBS trusts that are consolidated by LNR,
a subsidiary of Starwood Property Trust, but all other related assets are included.
For certain disclosure purposes or in cases where the Advisers Act requires a look through of an
investment fund, the firm may look through the fund structure to the investor as if the investor
were a client. For example, in assessing carried interest, SCGM and its affiliates may be required
comply with Rule 205-3 under the Advisers Act, which requires each investor in a private
investment fund to be a “qualified client.” The firm also discloses in its Part 1A and below the
types of investors that invest in Starwood-sponsored investment funds advised by SCGM.