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Cerberus raises $1.8bn

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Cerberus Capital Management closed its latest global opportunistic real estate fund at $1.8 billion.

The fund, Cerberus Institutional Real Estate Partners IV (CIREP IV), had a $1.5 billion target and $2 billion hard-cap. It seeks opportunities in distressed real estate equity and debt transactions in the US and Western Europe.

CIREP IV attracted more than 60 investors, including SWFs, pensions, corporates, insurers, endowments, foundations and high-net-worth individuals.