Cerberus racks up $1.8 bln for fourth real estate fund

Cerberus Capital Management closed $1.8 billion for its fourth global opportunistic real estate fund.

Cerberus Institutional Real Estate Partners IV LP targets distressed or undervalued real estate deals with a focus in the U.S. and Western Europe.

The fund’s limited partners include sovereign-wealth funds, public-pension plans, corporate plans, insurers, endowments, foundations and high-net-worth individuals.

Hodes Weill Securities was the placement agent for CIREP IV.

In October 2013, Cerberus closed its third real estate fund at $1.43 billion. Greenhill served as placement agent for CIREP III. No information was available on the fund’s performance.

Founded in 1992, Cerberus currently has more than $30 billion under management.

John Snow, chairman of Cerberus Capital Management, addresses the Detroit Economic Club about “The New Face of Private Investment” in Rochester, Michigan, on July 11, 2007.  Photo courtesy Reuters/Rebecca Cook