Daily News: April 7, 2017

Cerberus Capital Raises $4B for Cerberus Institutional Partners VI


Cerberus Capital Management held its final close for Cerberus Institutional Partners VI, raising $4 billion of commitments for its sixth flagship multi-strategy fund.

CIP VI reached its hard cap with commitments from more than 150 investors globally, including public and corporate pension plans, endowments and foundations, insurance companies, sovereign wealth funds, family offices and high net worth individuals. CIP VI has the flexibility to invest opportunistically across private equity, non-performing loans, corporate credit and distressed debt, and mortgage securities and assets.

Seth P. Plattus, chief administrative officer of Cerberus, said, “We are pleased to mark the close of CIP VI, which exceeded the initial fundraising target of $3.5 billion and reached the hard cap of $4 billion. We appreciate the support from both our longstanding existing investor base and the many new investors to the firm. This successful fundraise demonstrates the confidence these investors have in Cerberus’ experienced team and our multi-strategy approach of pursuing unique and compelling risk-adjusted opportunities.”

This is the third fund that Cerberus has closed in 2017. In January, it announced the $1.8 billion close of its fourth global opportunistic real estate fund, Cerberus Institutional Real Estate Partners IV. In addition, last month Cerberus Business Finance, an affiliate of the firm, announced that its latest middle-market direct lending fund, Cerberus Levered Loan Opportunities Fund III, raised $2.05 billion.

Cerberus Capital Management is a private investment firm with more than $30 billion under management invested in three complementary strategies: global credit opportunities, which includes non-performing loans, corporate credit and distressed debt, mortgage securities and assets, and direct lending, private equity and real estate.