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Cerberus Capital Management raises $2.61bn for new fund

2 May 2013

dollar boxPrivate equity firm Cerberus Capital Management has reportedly raised a $2.61bn private equity fund, taking its fundraising total for the past two years to $11bn.

The new fund, Cerberus Institutional Partners V, will target distressed assets, according to Reuters. The fund follows the CIP IV fund, which raised $7.5bn in 2006 and had an IRR of 7.3 per cent as of the end of June 2012.

Cerberus initially aimed to raise $3.75bn for the fund, but later reduced the target to between $3bn and $3.5bn.

The report noted that it is the first fund raised by the firm since it said it would sell its stake in Freedom Group, the maker of the Bushmaster rifle that was used in the shootings at Sandy Hook Elementary School in Connecticut.

However, one of the source said there is no evidence that the Freedom Group controversy has had any negative impact on the fundraise.

Last month it was reported that Cerberus chief executive Stephen Feinberg and other partners could bid for the business to ensure that it is not sold at an unfairly low price.

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