Los Angeles Department of Water & Power invests in Cerberus Institutional Real Estate Partners VI
Cerberus Institutional Real Estate Partners VI (CIREP VI), an opportunistic fund managed by Cerberus Capital Management, has added a new commitment from the Los Angeles Department of Water & Power Employees Retirement Plan.
A recent board meeting document from Los Angeles notes that $60 million of the commitment came from the Retirement Fund and $15 million came from the Retiree Health Benefits Fund.
CIREP VI is a closed-end fund focused on undervalued and/or distressed real estate and real estate-related investments. The fund will seek to invest globally, using a multi-strategy investment approach to capitalize on prevailing market conditions and opportunities.
The fund’s direct predecessor, Cerberus Institutional Real Estate Partners V (CIREP V), closed in Ma