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Money Management

Cerberus closes global non-performing loan fund at $4.1 billion

Cerberus Capital Management closed its Cerberus Global NPL Fund, a global real asset non-performing loan fund, at $4.1 billion, exceeding its $3.5 billion fundraising target, and raised another $1 billion in separately managed accounts for its global non-performing loan strategy, a Cerberus spokeswoman confirmed in an email.

Cerberus executives expect to invest in Europe as well as in other parts of the world, including China, India, and Brazil, according to a news release.

Investors include the $25.1 billion San Francisco City & County Employees' Retirement System.