Cerberus raises nearly $3B for new real estate fund

Cerberus Capital Management has raised about $2.8 billion for a new real estate fund — exceeding its target of $2 billion. The fund, known as Cerberus Institutional Real Estate Partners, will focus on investing “opportunistically,” according to a release. That means looking at direct assets as well as entities with significant real estate exposure and debt, including non-performing or defaulted loans. The company did not give much detail about how it will invest this money