Cerberus Capital Management raises $4bn

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Cerberus Capital Management has raised $4 billion for its Cerberus Institutional Partners VI. The New York-headquartered firm began fundraising in 2015 with a $3.5 billion target.

Its previous fund raised $2.61 billion in 2013.

Investors that committed to Cerberus Institutional Partners VI include the Pennsylvania Public School Employees' Retirement System, University of Louisville Foundation and the Louisiana State Employees Retirement System.

The fund will target mezzanine debt opportunities in a diverse number of sectors globally.