The Los Angeles City Employees’ Retirement System (LACERS) has approved a commitment of up to $40 million to Cerberus Institutional Real Estate Partners V, an opportunistic fund managed by Cerberus Capital Management.
The investment is believed to have closed last week, according to recently released board meeting minutes.
The global opportunistic fund series pursues an investment strategy focused on distressed or otherwise undervalued real estate transactions globally, with a focus on the United States and Western Europe.
The fund’s predecessor, Cerberus Institutional Real Estate Partners IV, closed in 2017 with $1.8 billion in equity commitments.
The fund opened to investors in January but did not disclose an equity fundraising target in its SEC filing.
