Cerberus raises $2.8b for flagship global opportunistic fund

Cerberus Capital Management has secured $2.8 billion of commitments for its flagship global opportunistic real estate strategy, Cerberus Institutional Real Estate Partners V (CIREP V).

The fund closed with more than $2.5 billion in commitments, with an additional $300 million committed to a dedicated investor fund for the strategy. New and existing limited partners committed to the vehicle, which had an initial fundraising target of $2 billion and surpassed its original hard cap of $2.35 billion.

CIREP V will invest in direct assets, real estate companies, entities with significant real estate exposure and real estate–related debt, including nonperforming loan portfolios. The fund will invest primarily in the United States and Europe, as well as Australia — with Asia occupying a lesser part of the fund.

CIREP V has already invested or committed 35 percent of its capital. Some of it has been deployed as part of joint ventures to build platforms in sectors tha