Cerberus Seeks $3 Billion for Opportunistic Real Estate Fund

Cerberus Capital Management LP is seeking $3 billion from investors for its latest real estate fund in strategies including non-performing loans, according to people familiar with the matter.

The Cerberus Institutional Real Estate Partners VII is targeting a net internal rate of return of between 13% and 16%, said the people, who asked not to be identified because the matter is private. The New York-based firm expects to carry out the initial close of the fund in the first half of 2026, they added.

The fund’s largest allocation is expected to be in so-called asset aggregation strategies, which would include ...