Cerberus wraps up sixth flagship fund at $4 bln

Cerberus Capital Management LP closed its sixth flagship fund at a hard cap of $4 billion.

Cerberus Institutional Partners VI’s limited partners include public and corporate pension plans, endowments and foundations, insurance companies, sovereign wealth funds, family offices, and high net worth individuals.

The fund will invest in private equity, non-performing loans, corporate credit and distressed debt and mortgage securities and assets.

In May 2013, CIP V raised $2.61 billion, falling short of its $3.75 billion target, reported Reuters at the time of the fund-closing. The fund generated a net IRR of 18.8 percent and an investment multiple of 1.5x, as of June 30, 2016, according to data provided from California Public Employees Retirement System.

Headquartered in New York City, the 25-year-old Cerberus manages more than $30 billion in assets.

Businessman with a briefcase full of money on gray background. Photo ©iStock/Staras