San Mateo Employees commits $30m to Cerberus real estate fund
The San Mateo County (Calif.) Employees’ Retirement Association (SanCERA) has committed $30 million to Cerberus Institutional Real Estate Partners VI (CIREP VI).
Managed by Cerberus Capital Management, CIREP VI is seeking $3 billion and will invest opportunistically in undervalued and/or distressed real estate and real estate-related investments in markets globally.
CIREP V, CIREP VI’s predecessor fund, closed in March 2021 with $2.8 billion of capital commitments. CIREP V invests in direct assets; real estate companies; entities with significant real estate exposure; and real estate-related debt, including nonperforming loan portfolios.
The commitment falls under the private real assets sector of SanCERA’s portfolio. Private real assets investments account for 5.4 percent ($326.8 million) of SanCERA’s $6.28 billion of assets under management.