Cerberus Capital Management closed its $1.8 billion Cerberus Institutional Real Estate Partners IV, a global opportunistic real estate fund, according to a news release.
The fund will invest in distressed or otherwise undervalued real estate mainly in the U.S. and Western Europe. The fund’s original target was $1.5 billion, sources close to the firm said. Cerberus executives began marketing it in the second quarter of 2015.
About 60 investors, including sovereign wealth funds, public pension funds, corporate pension funds, insurance companies, endowments, foundations and high-net-worth individuals, have committed to the fund. Among the investors are the $180.6 billion Florida State Board of Administration, Tallahassee; $30.2 billion Texas Permanent School Fund, Austin, $15 billion Hawaii Employees’ Retirement System, Honolulu; and the $2.2 billion Oklahoma Police Pension & Retirement System, Oklahoma City.
A Cerberus spokeswoman declined to comment beyond the news release.
