Fundraising - OCTOBER 18, 2016

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Cerberus raises $599m for fourth fund

by Andrea Waitrovich

Cerberus Real Estate Capital Management has raised more than $599 million for its Cerberus Institutional Real Estate Partners IV, according to a filing with the SEC. The fund has a $2 billion fundraising target.

The closed-end, opportunistic fund will make distressed debt investments in nonperforming loans, commercial mortgage–backed securities and residential mortgage–backed securities, splitting its investments between the United States and Western Europe.

Cerberus Institutional Real Estate Partners III closed in 2013 with $1.4 billion in equity commitments, exceeding its $1 billion target.

Thus far this year, six global real estate debt mega-funds (defined as a fund targeting equity commitments of more than $1 billion) have closed, raising more $16.9 billion in equity commitments, according to IREI’s Fundtra

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