IPE RA magazine July/August 2020
By IPE staff2017-01-24T15:21:00+00:00
Cerberus Capital Management has raised $1.8bn for its fourth global opportunistic real estate fund.
The Cerberus Institutional Real Estate Partners IV fund (CIREP IV) is focused on distressed or undervalued real estate in the US and western Europe.
The fund was backed by 60 investors, including sovereign wealth funds, public pension plans, corporate plans, insurance companies, endowments, foundations, and high net worth individuals.
Ronald Kravit, senior managing director at Cerberus, said: “We look forward to deploying CIREP IV and generating attractive returns to our investors.”
The Texas Permanent School Fund last year hired Cerberus Capital Management for the first time.
The US pension made a $75m commitment to the IV fund, according to a statement made by the investor during its board meeting.
Texas Permanent’s real estate consultant, Courtland Partners, which recommended the commitment, expects at least 50% of CIREP IV to be invested in Europe, taking advantage of investment opportunities arising after the UK’s decision to leave the European Union.
Northern Rock loan book sold by UK bad bank to US private equity firm
NORTH AMERICA – Main focus of distressed investments to be Europe, US.
Part of the investment plan involves the continued expansion of New Mexico SIC’s portfolio in Europe
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