Lone Star Funds

Lone Star Americas Acquisitions, Inc. (Lone Star) advises the Lone Star Funds and related co‑investment and parallel vehicles, providing origination, strategic oversight and investment advice to pooled investment vehicles rather than to underlying retail clients. Its clients are predominantly institutional and accredited/qualified‑purchaser investors (pension funds, sovereign wealth funds, endowments, funds of funds and high‑net‑worth investors), and as of December 31, 2025 Lone Star reported discretionary advisory assets of about $35.7 billion.

The firm pursues opportunistic and value‑oriented investments across private equity, credit and real estate globally, with fund‑specific investment committees and a formal underwriting and valuation process supported by Hudson, an affiliated adviser that provides asset management, underwriting and administrative services. Management fee constructs vary by fund (based on committed capital, outstanding contributions, or invested capital) and the firm commonly uses non‑standard fee bases and contractual offsets rather than a single percentage‑of‑AUM model.

Compared with many peers, Lone Star has several atypical features: its adviser group includes entities registered with the CFTC (LSGA as a commodity pool operator and HAL/Hudson as a commodity trading adviser), and the firm relies extensively on affiliated service providers and placement‑agent relationships to underwrite, manage and service fund investments. Lone Star has also disclosed a regulatory enforcement matter (a 2022 SEC consent order resolving disclosure deficiencies related to ancillary and underwriting fees, which resulted in an $11.2 million civil penalty and prior reimbursement to affected funds), and its related‑party arrangements and complex fee/allocation practices can create conflicts and allocation issues that differ from more conventional pooled‑vehicle managers.