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Cerberus Capital Management closes multistrategy fund at $4 billion

Cerberus Capital Management closed the $4 billion Cerberus Institutional Partners VI, a multistrategy fund, spokesman Andrew Johnson said in an email.

The fund, which reached its hard cap and exceeded its $3.5 billion fundraising target, invests opportunistically in corporate credit and distressed debt, mortgage securities and assets, non-performing loans and private equity, Cerberus said in a news release.

Investors include the $51.3 billion Pennsylvania Public School Employees' Retirement System, Harrisburg; $10.7 billion Louisiana State Employees' Retirement System, Baton Rouge; and University of Louisville Foundation on behalf of the university's $646 million endowment.