Bloomberg reported that Cerberus Capital Management has raised $1.32 billion for a middle-market loan fund that will seek to take advantage of a pullback in lending.

The article said one of Cerberus Levered Loan Opportunities Fund II LP’s first investments is expected to be a group of loans issued by a company that the firm has invested in through another fund, citing a private-placement memorandum, a copy of which was obtained by Bloomberg.

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