Cerberus Capital Management LP said it raised $1.8 billion for its Cerberus Institutional Real Estate Partners IV LP fund.

The fund is focused on distressed or undervalued property transactions globally, with an emphasis on the U.S. and Western Europe.

The fund received commitments from more than 60 investors including sovereign wealth funds, public pension plans, insurance companies, endowments, foundations and high net worth individuals, the company said in a release.