Cerberus Capital Management has raised $2.8 billion for its global opportunistic real estate fund, Cerberus Institutional Real Estate Partners V, L.P. (CIREP V), exceeding the initial fundraising target of $2.0 billion.
CIREP V closed with more than $2.5 billion in commitments with an additional $300 million committed to a dedicated investor fund for the strategy, said Cerberus.
The strategy will leverage Cerberus’ integrated investment platform and proprietary operating expertise to invest in direct assets, real estate companies, entities with significant real estate exposure, and real estate-related debt, including non-performing loan (NPL) portfolios.
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“The investment landscape plays to the strengths of our global real estate franchise,” said Lee Millstein, President of Cerberus Global Investments and Global Head of Real Estate.
“There are market dislocations and macrotrends that are driving compelling opportunities across our broad platform. Our team will continue our disciplined approach to investing opportunistically, establishing innovative partnerships, and applying our operating capabilities and experience to solve complex problems,” he added.
Grant Berlin, Global Head of Real Estate Fundraising, added: “We are grateful for the backing of our longstanding limited partners and the trust of many new investors. The ongoing support for our flagship real estate strategy is a testament to our experienced, long-tenured team and the confidence investors have in our platform’s track record of success.”