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Cerberus debt fund raises $4b

by Jody Barhanovich

Cerberus Capital Management has held its final close for Cerberus Institutional Partners VI, raising $4 billion of commitments for its sixth flagship multi-strategy fund.

CIP VI reached its hard cap with commitments from more than 150 investors globally, including public and corporate pension plans, endowments and foundations, insurance companies, sovereign wealth funds, family offices, and high-net-worth individuals. CIP VI has the flexibility to invest opportunistically across private equity, nonperforming loans, corporate credit and distressed debt, and mortgage securities and assets.

This is the third fund Cerberus has closed in 2017. In January, the firm announced the $1.8 billion close of its fourth global opportunistic real estate fund, Cerberus Institutional Real Estate Partners IV. In addition, Cerberus Business Finance, an affiliate of the firm, announced in March the $2.05 billion fundraise of its latest middle-market direct lending fund, Cerberus Levered Loan Opportunities Fund III.

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