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Report: Cerberus launches 1st dedicated PE fund with $3B target

Cerberus Capital Management LP is looking to raise about $3 billion for its first fund dedicated to the private equity asset class, Bloomberg Markets reported, citing people familiar with the matter.

The New York City-based investor has already received some capital commitments for the fund, the sources told the news outlet.

The move comes amid increased investor interest in private equity and represents a change in strategy for Cerberus, which has historically invested in the asset class through multistrategy funds, Bloomberg noted.

A representative for Cerberus did not comment on the matter, according to the report.