Cerberus Capital Management closed on about $2.8 billion for its fifth global opportunistic real estate fund and a separate vehicle investing in the same strategy, surpassing its $2 billion fundraising target, spokesman Akash Lodh said in an email.
Cerberus Institutional Real Estate Partners V raised $2.5 billion and the other vehicle raised $300 million. The new fund is 64% larger than its 2017 predecessor, the $1.8 billion Cerberus Institutional Real Estate Partners IV.
Investors in the fund include Florida State Board of Administration, Tallahassee, which oversees a total of $235 billion, including the $182.6 billion Florida Retirement System, and the $15.3 billion Los Angeles Water & Power Employees' Retirement Plan.
