New York & Tri-State + Finance | March 30, 2021

Cerberus Closes Opportunistic RE Fund with $2.8B of Commitments

Cerberus Capital Management said Monday it had $2.8 billion of commitments for its flagship global opportunistic real estate strategy. Cerberus Institutional Real Estate Partners V, L.P. (CIREP V) closed with more than $2.5 billion in commitments with an additional $300 million committed to a dedicated investor fund.

CIREP V received broad support from existing and new limited partners, surpassing its initial target of $2.0 billion. The strategy will invest in direct assets, real estate companies, entities with significant real estate exposure, and real estate-related debt.

“The investment landscape plays to the strengths of our global real estate franchise,” said Lee Millstein, global head of real estate at New York City-based Cerberus. “There are market dislocations and macrotrends that are driving compelling opportunities across our broad platform. Our team will continue our disciplined approach to investing opportunistically, establishing innovative partnerships, and applying our operating capabilities and experience to solve complex problems.”

Pictured: Cerberus headquarters in Midtown Manhattan.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).