The production of hyperpolarized Xe via spin exchange with optically pumped Rb atoms was studied at 47 000 G under high-pressure conditions. From variable pressure and temperature studies, the spin exchange efficiency was found to be pressure dependent and lower than comparable low-field measurements. Spin exchange due to short binary collisions is expected to be pressure independent, and the cross section was measured to be [sigmanu](SE)=6.0 (+/-0.1)x10(-17) cm(3) s(-1). The pressure dependent component was attributed to the formation of Rb-Xe van der Waals (vdW) complexes. The rate constant for spin exchange in Rb-Xe vdW complexes was measured to be kappa=1400 (+/-100) s(-1) in He buffer gas. This value is comparable, though somewhat smaller than vdW rates measured previously for other buffer gases. While it is well known that spin exchange occurs readily in vdW complexes when B-0<200 G, vdW spin exchange at fields >10 000 G is not accounted for in current theories. Modulation of the hyperfine interaction during the vdW complex lifetime is proposed to account for these observations. Finally, relaxation by the walls of the pumping cell was found to increase with buffer gas pressure. These factors impact the equilibrium Xe polarization obtainable with high-field optical pumping.