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Laxman Pai, Opalesque Asia: Cerberus Capital Management has raised $2.8bn for its flagship global distressed real estate strategy fund, Cerberus Institutional Real Estate Partners V (CIREP V).
The global alternative investment manager with approximately $53 billion in assets across various strategies said in a press note that the opportunist global real estate fund has exceeded the initial fundraising target of $2.0 billion.
CIREP V raised $2.5 billion and the other vehicle raised $300 million. The new fund is 64% larger than its 2017 predecessor, the $1.8 billion Cerberus Institutional Real Estate Partners IV.
The fund received broad support from existing and new limited partners. Investors in the fund include the Florida State Board of Administration, Tallahassee, which oversees a total of $235 billion, including the $182.6 billion Florida Retirement System, and the $15.3 billion Los Angeles Water & Power Employees' Retirement Plan. In November last year, the Orange County Employees' Retirement System had approved a $75m commitment to CIREP V.
Grant Berlin, Global Head of Real Estate Fundraising, added: "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."
According to the release, the strategy will leverage Cerbe...................... To view our full article Click here
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