Cerberus Capital Management has raised $2.8bn (€2.4bn) for its opportunist global real estate fund.
The manager said its flagship Cerberus Institutional Real Estate Partners V (CIREP V) fund closed with more than $2.5bn in commitments with an additional $300m committed to a dedicated investor fund for the strategy.
The fund, which received capital commitments from existing and new limited partners, exceeded its initial $2bn fundraising target.
In November last year, IPE Real Assets reported that the Orange County Employees’ Retirement System had approved a $75m commitment to CIREP V, a fund which had at the time received s $1.9bn in capital commitments.
Half of the CIREP V’s assets is expected to be in Europe with the US accounting for 40% of the assets. The remaining is expected to be made up of assets in Brazil, China and other Asian markets.
Lee Millstein, president of Cerberus Global Investments and global head of real estate, said: “The investment landscape plays to the strengths of our global real estate franchise.
“There are market dislocations and macrotrends that are driving compelling opportunities across our broad platform. Our team will continue our disciplined approach to investing opportunistically, establishing innovative partnerships, and applying our operating capabilities and experience to solve complex problems.”
Grant Berlin, the global head of real estate fundraising at Cerberus Capital Management, said: “We are grateful for the backing of our longstanding limited partners and the trust of many new investors.
“The ongoing support for our flagship real estate strategy is a testament to our experienced, long-tenured team and the confidence investors have in our platform’s track record of success.”
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